Petroteq Energy Inc. Receives Construction Permits and Completes Concrete Work
December 18 2017 - 7:12AM
InvestorsHub NewsWire
Los Angeles, CA -- December 18, 2017 -- InvestorsHub Newswire
-- Petroteq Energy Inc. (the
“Company”) (TSXV:PQE; OTCQX:
PQEFF; Frankfurt:A2DYWC), a company focused on the development
and implementation of proprietary technologies for the
environmentally safe extraction of heavy oils from oil sands, oil
shale deposits and shallow oil deposits, announced today that it
has made significant progress at its heavy oil extraction facility
(the "Facility") located at Asphalt Ridge,
Utah.
The Company has received the Uintah County Building Permit
required for the construction of the Facility and the Company has
completed the required foundation work. The Company has previously
announced that it has successfully moved the equipment from its 250
bpd facility in Maeser, Utah to its lease site at Asphalt Ridge,
Utah, where it is constructing the Facility to an anticipated
production capacity of 1,000 bpd.
In preparation for discussions with oil refineries for the
purchase of heavy oil from the Company, the
Company completed an analysis of the end product of the
Company’s patented clean oil extraction process. The results of
this analysis indicate a high range of diesel organics as well as
low sulfur or other contaminants. These results indicate that there
should be high demand for the Company’s heavy oil as demand for low
sulfur diesel has been growing driven by the trucking and shipping
industries.
“With recent reports from Goldman Sachs and the American
Petroleum Institute indicating that 2018 will be a good year
for Oil in the US, we look forward to getting into production and
helping meet the expected demand for heavy crude in the Utah
market.” Stated Alex Blyumkin, Chief Executive Officer of the
Company.
About Petroteq Energy Inc.
The Company is engaged in the development and implementation of
its proprietary environmentally friendly heavy oil processing and
extraction technologies. The proprietary process produces zero
greenhouse gas, zero waste and requires no high temperatures. The
Company is currently focused on developing its oil sands resources
and expanding production capacity at its Facility at Asphalt Ridge,
Utah. The Company also (i) owns a minority stake in an exploration
and production play located in southwest Texas held by Accord GR
Energy Inc., (ii) has a joint venture with Recruiter.com and
Oilprice.com that provides internet based job placement and career
services to the increasingly skilled and specialized energy sector,
and (iii) is developing through PetroBloq an advanced
blockchain solution for the energy industry, with a goal of
optimizing petrochemical industry workflow processes.
For more about Petroteq Energy Inc.
visit: www.petroteq.energy.
For more on the joint venture with Recruiter.com and
Oilprice.com visit: jobs.oilprice.com.
For more on Petrobloq visit: www.petrobloq.com.
Forward-Looking Statements
Certain statements contained in this news release contain
forward-looking statements within the meaning of the U.S. and
Canadian securities laws. Words such as “may”, “would”, “could”,
“should”, “potential”, “will”, “seek”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions as they relate to the Company, including the expected
high demand for the Company’s heavy oil in the Utah Market,
successfully constructing the Facility, the Facility having
production capacity of 1,000 bpd., and successfully
developing an advanced blockchain solution for the energy
industry, are intended to identify forward-looking
information. All statements other than statements of historical
fact may be forward-looking information. Such statements reflect
the Company’s current views and intentions with respect to future
events, based on information available to the Company, and are
subject to certain risks, uncertainties and assumptions, including,
the Facility performing as expected by the Company and having
production capacity of 1,000 bpd., and the Company having the
working capital and access to labour and equipment necessary to
complete the work on its Facility. Material factors or assumptions
were applied in providing forward-looking information. While
forward-looking statements are based on data, assumptions and
analyses that the Company believes are reasonable under the
circumstances, whether actual results, performance or developments
will meet the Company’s expectations and predictions depend on a
number of risks and uncertainties that could cause the actual
results, performance and financial condition of the Company to
differ materially from its expectations.
Certain of the “risk factors” that could cause actual
results to differ materially from the Company’s forward-looking
statements in this press release include, without limitation: the
demand for heavy crude in the Utah Market; changes in laws or
regulations; the ability to implement business strategies or to
pursue business opportunities, whether for economic or other
reasons; status of the world oil markets, oil prices and price
volatility; state of capital markets and ability by the Company to
raise capital; litigation; the commercial and economic viability of
the Company’s oil sands hydrocarbon extraction technology, the
SWEPT technology, the S-BRPT technology, and other proprietary
technologies developed or licensed by the Company or by Accord
which are of experimental nature and have not been used at full
capacity for an extended period of time; reliance on suppliers,
contractors, consultants and key personnel; the ability of the
Company and Accord to maintain their respective mineral lease
holdings; potential failure of the Company’s business plans or
model; the nature of oil and gas production and oil sands mining,
extraction and production; uncertainties in exploration and
drilling for oil, gas and other hydrocarbon-bearing substances;
unanticipated costs and expenses, availability of financing and
other capital; potential damage to or destruction of property, loss
of life, and environmental damage; risks associated with compliance
with environmental protection laws and regulations; uninsurable or
uninsured risks; potential conflicts of interest of officers and
directors; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in the Company’s annual Management’s Discussion and
Analysis for the year ending August 31, 2016, filed with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com.
Should any factor affect the Company in an unexpected
manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may
differ materially from the results or events predicted. Any such
forward-looking information is expressly qualified in its entirety
by this cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and the Company undertakes no obligation to publicly
update or revise any forward-looking information, other than as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Petroteq Energy Inc. Alex BlyumkinChief Executive Officer Tel: (800) 979-189
Petroteq Energy (CE) (USOTC:PQEFF)
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