LOS ANGELES, CA, Dec. 27, 2017 (NewMediaWire) -- Petroteq
Energy Inc. (the "Company") (TSX VENTURE: PQE)
(OTCQX: PQEFF) (FRANKFURT: A2DYWC), a Company focused on
the development and implementation of proprietary technologies
including environmentally safe extraction of heavy oils from oil
shale deposits and shallow oil deposits, and blockchain technology
named PetroBloq, released the following letter to
Shareholders:
Dear Shareholders,
As 2017 comes to a close I wanted to share with you some of my
thoughts on where we have been and where I believe we are as we
embark on 2018.
To put things in context, I should start by saying that Petroteq
started out as a fuel delivery company here in Southern California.
It is a highly competitive and low margin business, not necessarily
attractive for public market investment. When I took over as
Chairman I chose to reposition the Company as a player in the
Energy Technology as being a developer of new technology that
brings the opportunity of disruptive profits coming from new
revenue streams, and (hopefully) wide margins.
We identified and developed what is now our patented clean heavy
oil extraction technology as a means to seek those disruptive
returns and profits. We have been successful in proving that
technology and we are on the cusp of monetizing it within our Utah
resource that stands at 87 million barrels of contingent
resource.
We have moved our production equipment next to the mine site to
make our process even more efficient and for the first time in a
long time – the commodity market is providing some wind at our
backs. I am very excited that we have brought in additional
equipment which can bring our production capacity to 1000 bpd
(barrels per day). Additionally, our recently announced Joint
Venture should allow us to grow the capacity much further than that
level, but before I get ahead of myself, we’re excited to be
generating revenues again in the beginning of 2018.
Through discussions with my team, and especially President Jerry
Bailey, we have identified an aspect of the energy industry where
believe we can have further impact. It was Jerry’s experience as
head of Exxon in the Middle East that really confirmed the
opportunity for bringing the blockchain to the Energy Industry.
Through our recently created PetroBloq subsidiary, and a
working relationship with First Bitcoin Capital we intend
to help reduce the massive administrative costs in the Energy
Industry, as a developer and service provider of Blockchain enabled
technology products.
In conclusion, through a lot of heavy lifting we now have a lot
of things going our way – we are firmly positioned as an Energy
Technology Company with multiple verticals of technology on offer.
We look forward to reporting our progress on the Asphalt Ridge
Facility, and will also keep you updated on developments with
PetroBloq.
Best Regards,
Aleksandr Blyumkin, Chairman and Chief Executive Officer
About Petroteq Energy, Inc.
The Company is engaged in the development and implementation of
its proprietary environmentally friendly heavy oil processing and
extraction technologies. Our proprietary process produces zero
greenhouse gas, zero waste and requires no high temperatures.
Petroteq is currently focused on developing its oil sands resources
and expanding production capacity at its Asphalt Ridge heavy oil
extraction facility located near Vernal, Utah. Petroteq is also
developing technologies to optimize petrochemical industry workflow
processes and will bring a team of professionals to expedite the
process. For this purpose, Petroteq is developing an advanced
blockchain solution for the Energy industry, this project is named
PetroBloq.
For more information about Petroteq Energy Inc.
visit: https://petroteq.energy For more on PetroBloq
visit: https://petrobloq.com
Forward-Looking Statements
Certain statements contained in this press 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, and the Company
successfully increasing production capacity of its extraction plan
to 1,000 barrels per day, the recently announced Joint Venture
allowing us to grow the capacity much further than that
level, and reducing billions in administrative costs in the
Energy Industry, as a developer and service provider of Blockchain
enabled technology products. 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. Material factors or assumptions were applied in
providing forward-looking information, including: our ability to
increase production capacity of our extraction plant, our ability
to reduce billions in administrative costs in the Energy Industry,
as a developer and service provider of Blockchain enabled
technology products; and the Company having the funds necessary to
complete the expansion of the production capacity. 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 depends 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
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; oil pricing;
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.
The securities referred to in this news release have not
been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This news release does not
constitute an offer for sale of securities, nor a solicitation for
offers to buy any securities. Any public offering of securities in
the United States must be made by means of a prospectus containing
detailed information about the company and management, as well as
financial statements.
CONTACT INFORMATIONPetroteq Energy Inc.Alex BlyumkinChief Executive OfficerTel: (800) 979-1897
Petroteq Energy (CE) (USOTC:PQEFF)
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