Studio City, CA -- March 27, 2018-- InvestorsHub NewsWire
-- Petroteq Energy Inc. (“Petroteq” or
the “Company”) (TSXV: PQE; OTC:
PQEFF; Frankfurt: A2DYWC), a company focused on the
development and implementation of proprietary technologies for the
energy industry, announced today that its board of directors has
appointed David Sealock as the Company’s new Chief Executive
Officer. Alex Blyumkin will continue to serve as Chairman of
Petroteq’s board of directors.
Alex Blyumkin, Chairman of the board of directors of Petroteq,
commented, “We believe David’s aptitude and capabilities will allow
us to take Petroteq to the next level as we make significant
progress in our Utah facilities and also move forward on building
our PetroBloq consortium. He is a well-rounded leader that has been
known for initiating innovative technologies for cost efficiencies
and has successfully completed a US$150M equity financing and
US$200 million debt financing under his stewardship while he was
President and CEO with Sunshine Oilsands. He is an executive that
understands the depths of corporate governance and the regulatory
policies and procedures in running a publicly traded company. As a
technical professional, he has led large-scale transformation
efforts within complex organizations to establish a clear line of
sight to revenue growth goals and we believe he is the right person
to lead the Company into the next stage of growth.”
David Sealock is a highly accomplished, results driven senior
executive leader with over 26 years of strategic management and
business/digital transformation leadership. He has a track record
of building high-performing teams with a strong focus on setting
corporate strategy, executing for results, leading teams,
galvanizing relationships, connecting corporate activities and
translating ideas into action. Before March of 2018, Mr. Sealock
served as President of Autus Ventures, where he established equity
financing processes for startup and intermediate oil and gas
companies and managed strategic planning and portfolio
optimization. Prior to that, he was Vice President of Research
& Development at Petroleum Technology Alliance Canada (PTAC), a
Canadian hydrocarbon industry association that serves as a neutral
non-profit facilitator of collaborative R&D and technology
development. There he managed the coordination and services to
facilitate the implementation of specific methane related projects.
Between 2014 and 2015, Mr. Sealock served as President and COO of
Sulvaris. During his tenure at Sulvaris, he collaborated to deliver
equity financing and JV financing to recommence project
construction. From 2008 to 2014, Mr. Sealock was the EVP of
Sunshine Oilsands, and was promoted to President & CEO
(Interim) from 2013 to 2014, where he managed daily operations for
engineering, construction, technology, operations, regulatory,
human resources, investor relations, health, safety &
environment, marketing, supply chain management, IT & systems,
and corporate governance. From 2007-2008 he was VP of MegaWest
Energy Corp. (now Gravis Energy) and from 2006-2007 he was Senior
Manager of Total E&P (formerly Deer Creek Energy, Ltd.), where
he was charged with leading a large scale business & digital
transformation to integrate Deer Creek Energy’s technology
infrastructure into Total’s enterprise-wide global infrastructure.
Mr. Sealock holds a Bachelor’s Degree, Business Management and is a
Registered Engineering Technologist with ASET.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on
the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and
sustainable technology for the extraction of heavy oils from oil
sands, oil shale deposits and shallow oil deposits. Petroteq is
engaged in the development and implementation of its patented
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. The Company also owns a
minority stake in an exploration and production play located in
southwest Texas held by Accord GR Energy Inc. In addition, the
Company, through its wholly owned subsidiary PetroBLOQ, LLC, is
seeking to develop the first blockchain based platform created
exclusively for the supply chain needs of the oil & gas sector.
For more information, visit www.Petroteq.energy
and 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, 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. 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 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:
PetroBLOQ not having the expertise and/or funds necessary to
develop and implement a blockchain-based supply chain management
system; PetroBLOQ not being able to develop the blockchain
technology to completion; blockchain technology not being adopted
by the oil and gas industry; 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; 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 disclosure documents, 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.
CONTACT INFORMATION Petroteq Energy Inc. Alex Blyumkin Chairman Tel: (800) 979-1897