Company Welcomes Mr. David Kahn, Senior Energy
Veteran from Weatherford, Baker Hughes and Texaco to its Advisory
Board
Reaffirms Confidence in its Property on Asphalt
Ridge, Utah Following Two Major Industry
Events
Studio City, CA -- July 11, 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, is pleased to announce the appointment
of experienced energy technology investor Mr. David Kahn to
its Advisory Board.
Mr. Kahn has served as an executive in some of the largest
companies in the energy industry including, Weatherford, Baker
Hughes and Texaco. He also has entrepreneurial experience gained
during stints at smaller players including Ensyn Petroleum and Blue
Top Energy, where he was Chief Executive Officer since 2003.
Serving on Petroteq’s Advisory Board, Mr. Kahn will be tasked with
due diligence responsibilities for the numerous technologies that
Petroteq routinely considers adding to its IP portfolio. Mr. Kahn
holds a Masters and PhD in Chemical/Petroleum
Engineering.
“As operations ramp up at our Asphalt Ridge Facility, our
footprint in the energy industry is growing. Based on our
successful deployment of the revolutionary extraction technology we
have deployed, inventors are coming out of the woodwork to offer us
their technology for evaluation,” stated Alex Blyumkin, Executive
Chairman of Petroteq Energy. “Having Mr. Kahn available to us will
be invaluable.”
In addition, Petroteq has highlighted two major recent
developments within the oil industry, notably, Baytex Energy Corp’s
$1.2 billion acquisition of rival Raging River Exploration Inc.
and Nexen Energy’s announcement of a $400-million expansion of
its oil sands project in Alberta. Management of Petroteq
believes that these recent events are positive industry
developments and reaffirm Petroteq’s outlook on its own extraction
process.
“With the recent acquisition of a major oil producer in the
unconventional oil extraction industry, as well as the planned
expansions announced by Nexen Energy, we believe projected growth
and sentiment within the unconventional oil and oil sands market is
increasing,” stated David Sealock, CEO of Petroteq. “As we
implement our technology to draw on oil resources in an
environmentally friendly way, producing no greenhouse gases or
waste, the belief in our system is reinforced. The oil industry is
beginning to shift towards more environmentally friendly processes
and we take pride at being at the forefront of that movement.”
Pursuant to a new independent resource evaluation report titled
“Evaluation of Contingent Resources” dated May 31, 2018 prepared by
Chapman Petroleum Engineering Ltd. in accordance with the Canadian
Oil and Gas Evaluation Handbook (“COGEH”), Chapman estimated that
the Company’s leases contain approximately 87 million barrels of
contingent resource which would, under favorable circumstances,
support very positive mining economics. These 87 million barrels
would be classified as a contingent resource under current NI
51-101 and COGEH guidelines. Readers are cautioned that there is no
certainty that it will be commercially viable to produce any
portion of the resources. Currently Petroteq is in Phase 2 of its
plant capacity expansion and expects to reach 1,000 bod.
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.energyand 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 production
capacity of the plant and when it may be achieved, and the Company
successfully developing block chain technology for the oil and gas
industry, are intended to identify forward-looking information.
Readers are cautioned that there is no certainty that it will be
commercially viable to produce any portion of the resources. 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 plant producing as expected by the Company and the
Company having the funds (through cash flow or financing) to fund
the expansion of its plant as projected, 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: uncertainties inherent
in the estimation of resources including whether any reserves will
ever be attributed to the Company’s properties; 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 GR
Energy Inc., 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 GR Energy Inc. 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.
Attachment
CONTACT INFORMATION Petroteq Energy Inc.Alex BlyumkinExecutive ChairmanTel: (800) 979-1897
Petroteq Energy (CE) (USOTC:PQEFF)
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