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Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce that it has begun delivering oil into its regional market.
“Our first sale of our product this week represents a critical milestone in Petroteq’s evolving history,” stated CEO David Sealock. “From a strong entrepreneurial spirit, Petroteq has developed into an oil sands mining producer and technological leader in the sector, and this is due to the hard work of everyone at the Company. Throughout 2018, we’ve continued to improve on four critical focus areas – focusing of health and safety, increasing production, reducing per barrel costs and working to maximize the value of every barrel we produce.”
The Company goal is to deliver oil on a regular basis while ramping production up to the stated nameplate production capacity of 1,000 barrels per day (bpd).
Additionally, the Company is working with several parties on identifying growth capital for the intended expansion of the Company’s Asphalt Ridge Plant. The predicted economies that come from a larger production capacity could include:
A report titled “Evaluation of Contingent Resources” from Chapman Petroleum Engineering, Ltd. dated May 31, 2018 (the “Chapman Report”) states that the Company’s leases contain 93.4 million barrels of contingent resource. Such contingencies are stated below.
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. 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.
CONTACT INFORMATION: Petroteq Energy Inc. Alex Blyumkin Executive Chairman & Founder (800) 979-1897