This Small Oil Producer Could be Near a Big Announcement (PXD, PQEFF, HES, OXY, CPE, PBF, OIH, XOP)

As investing icon Warren Buffett once said, the only oil companies and their shareholders benefit from high oil prices.

Perhaps that’s true, but it’s all the more reason for investors to gain exposure to the space now, as oil prices remain elevated even as futures exposure remains conservative and the powers that be are already doing everything they can to drive down prices at the pump.

The latest attempt to drive oil prices down comes in the form of another push from the Biden administration to use the US Strategic Petroleum Reserve as a lever to increase the immediate perception of oil supplies by planning to release as much as one million barrels per day for six months.

However, thus far, the announcement has had little effect on prices as traders look around the corner to a world where the structural global oil supply is even lower, and producers have had even less incentive to invest in new oil production capacity.

The last time the SPR was used in this manner was in early December 2021, just 5 months ago. What followed was a doubling of the price of oil from $65/bbl to as high as $130/bbl.

What comes next could benefit growing oil producers, including companies like Pioneer Natural Resources Co. PXD, Hess Corp. HES, Occidental Petroleum Corp. OXY, Callon Petroleum Co. CPE, and PBF Energy Inc. PBF, as well as holders of related ETFs like the VanEck Oil Services ETF OIH and the SPDR S&P Oil & Gas Exploration & Production ETF XOP.

However, one smaller player in the space may also be worth a closer look given that it hasn’t been run to the moon yet like other stocks in the space despite some very interesting recent headlines: Petroteq Energy Inc. PQEFF.

PQEFF is a clean technology company focused on the development, implementation, and licensing ‎of ‎patented, environmentally safe, and sustainable technology for the extraction and reclamation of ‎heavy oil and ‎bitumen from oil sands and mineable oil deposits. 

The company’s versatile technology can be ‎applied to both water-wet ‎deposits and oil-wet deposits, outputting high-quality oil and clean sand.‎

Petroteq Energy Inc. PQEFF is also right now possibly the subject of an acquisition narrative. According to its most recent press, one of Company’s largest shareholders, Cantone Asset Management, LLC and its affiliates, has tendered more than 100,000,000 shares in takeover-bid from Viston Swiss United, AG Offer; in addition the Company announced the issuance to Cantone Asset Management, LLC of (i) a US$300,000 principal amount convertible debenture of the Company, and (ii) 2,500,000 transferable common share purchase warrants, pursuant to an irrevocable subscription originally announced by the Company on July 13, 2021. 

According to the release, the delay in closing was as a result of the Company waiting for the required approval of the TSXV Venture Exchange, which included a condition that the dealer compensation of options to purchase 625,000 common shares of the Company does not proceed. This closing transaction will not change number of issued and outstanding shares of the Company on a fully diluted basis.

On an even more interesting note, the company’s founder and former CEO, Mr. Alex Blyumkin, has advised of his intention to donate half of his potential proceeds from the tender offer by Viston to purchase all of the issued and outstanding common shares of ‎Petroteq‎, to humanitarian aid to Ukraine. 

Mr. Blyumkin had the following message for Petroteq shareholders:

“As the founder and former CEO of Petroteq, I have decided to donate to donate half of my profits from the proposed tender offer by Viston to the humanitarian needs of the Ukrainian people. Being a native of Ukraine, born in Odessa, and now a U.S. citizen, I have a sincere desire to help the people of Ukraine in this hour of sadness and sorrow as they experience the horrors of war. I have spoken to so many friends and family within the country, and I can attest personally to the suffering and hardships they are dealing with. Petroteq is currently awaiting the outcome of the proposed tender offer by Viston to purchase a majority of Petroteq. If this offer is successful, I will donate half of my profits from the sale of my shares to Ukraine’s humanitarian causes.”

Petroteq Energy Inc. PQEFF shares have been running ahead of the broad market in recent action. Since the December 28, 2021 top in the S&P 500, PQEFF is up a bit over 100% while the broad average has fallen about 8%. This is partly due to rising oil prices. But it may also be about the market anticipating bottled up value that could be released through an acquisition deal if it goes through.

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