- Company to work with Cavitation Technologies to raise efficiencies in oil extraction process
- Collaboration aimed at decreasing Petroteq’s production costs
- Petroteq applies for uplisting to Nasdaq exchange
Oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is partnering with a leading fluids processing company to test ways of improving oil yields in Petroteq’s oil sands extraction process. Cavitation Technologies, Inc. (OTCQB: CVAT) (“CTi”), which develops technologies used in various industries, is to work with Petroteq to analyze the efficiency of its workflow processes and ultimately decrease production costs, according to a Petroteq news release (http://nnw.fm/tGh6P).
Petroteq is on the verge of beginning full scale extraction of oil from oil sands in its facility at Asphalt Ridge, Utah. Using its patented, environmentally-friendly technology, Petroteq expects to extract 1,000 barrels of oil per day when the facility hits full capacity in August. Petroteq’s innovative methods will allow it to extract oil without leaving behind waste or releasing greenhouse gases. The company has leased 2,541 acres and 87.49 million barrels of mineable oil sands in Utah.
“We are excited to be partnering with CTi. With our recent upgraded facility site, we are now exploring opportunities to make our products more cost-effective and efficient. We feel that it is important to engage on the innovation of our R&D with other compelling technologies that have the potential of generating scalable solutions within the industry,” Petroteq CEO David Sealock stated in a news release.
CTi Founder and Global Technology Manager Roman Gordon explained that his company has introduced its proprietary technology in a number of different verticals while creating partnerships with industry leaders over the last decade. “This agreement provides our companies the opportunity to develop and implement technologically advanced processes that will greatly improve efficiencies over conventional methods while achieving increased margins and profitability,” he added.
Under the agreement, Petroteq and CTi will use CTi’s proprietary Nano Reactor System™ to raise the value and yield of oil extracted from oil sands. According to the press release, the technology can influence and alter the chemical and physical composition of certain crude oils and hydrocarbon substances so as to enhance the economic value and yield of refined oils and related hydrocarbon products.
In what has proved to be an eventful summer for Petroteq, the company has applied to have its stock listed on the Nasdaq Capital Market (http://nnw.fm/W6v0s). The company hopes that, if approved, listing on the Nasdaq will raise its visibility with investors and increase awareness of Petroteq in the financial community.
“We believe that a NASDAQ listing will help unlock some of the shareholder value we are trying to create for our stakeholders. A NASDAQ listing should provide us with more liquidity and a larger pool of investors that use the NASDAQ Stock Market as a requirement for assembling a portfolio,” Sealock said.
While the application is being processed, Petroteq stock will continue to trade as usual on the OTC market in the U.S. and on Canada’s TSX Venture Exchange, as well as markets in Frankfurt, Berlin, and Munich.
For more information, visit the company’s website at www.Petroteq.energy
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