With the hiring of its new
CEO, David Sealock, Petroteq Energy has increased its focus on the
final engineering, procurement and construction processes to
prepare for the immediate commissioning and start-up procedures for
the commercial operations of Phase 2 - 1,000 BOD/day expansion of
the Asphalt Ridge heavy oil extraction facility located near
Vernal, Utah.
While the Company reported
in early March that all systems at the plant were operational, the
Company’s plan is for the final stages of engineering and
construction to integrate all of the operating functions to work in
simultaneous progression to achieve commercial production in
May.
Since March 26, 2018, the
Company:
- Is completing the final
stages of the construction activities on the Project with
operations personnel focused on critical path items;
Is completing the local downstream market contracts for
the Asphalt Ridge heavy oil production;
Is continuing to investigate and pursue business development
opportunities for the Company’s technology, to demonstrate the
technology’s favorable extraction processes; and
Is broadening its working relationships with leaseholders and
government agencies supporting the development of Utah Oil
Sands.
“Petroteq has taken major
strides in developing technology to transform Utah’s oil-rich
resources to energy,” stated David Sealock. “We expect the Phase 2
- 1,000 BOD/day expansion of the Asphalt Ridge heavy oil
extraction facility to demonstrate the multi-decade production
commercial viability of the Company’s patented and unique
technology. As the team finalizes our construction work packages
and implements a five-stage commissioning and startup process, we
are on target to transfer the facility to production operations in
May.”
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,
including the Company successfully developing blockchain technology
for the oil and gas 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. Material factors or assumptions were applied in
providing forward-looking information, including: the final stages
of engineering and construction integrating all of the operating
functions to work in simultaneous progression to achieve commercial
production in May, the Phase 2 - 1000 BOD/day expansion of the
Asphalt Ridge heavy oil extraction facility demonstrating the
multi-decade production commercial viability of the Company’s
patented and unique technology and PetroBLOQ successfully
developing and implementing a blockchain-based supply chain
management system. 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 Company’s ability to
successfully achieve commercial production in May, the Phase 2 -
1000 BOD/day expansion of the Asphalt Ridge heavy oil extraction
facility demonstrating multi-decade production commercial viability
of the Company’s patented and unique technology, 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.