- Petroteq awaiting approval of bid to uplist to Nasdaq Capital Market
- Company expects to see 87 million barrels of bitumen-rich oil from Utah lease
- CEO applauds local media attention amid drive to boost “American Oil for America”
Oil and gas industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is operating in a global marketplace as it advances its proprietary ecological process for extracting crude fuels in a zero-harm closed-loop system and awaits word on its application to uplist to the Nasdaq stock exchange, but a recent headline in a small-town Utah newspaper gained its attention (http://nnw.fm/Ry62t), reflecting the company’s interest in being a good neighbor to those most closely affected by its operations.
“I was humbled when I was made aware that we were featured on the front page of the Vernal Express earlier this week,” Petroteq CEO David Sealock stated in a July 26 news release (http://nnw.fm/9AkbQ). “We are grateful to be making a positive impact in Vernal and the surrounding communities by bringing jobs and utilizing small local businesses as vendors in the process of our plants commissioning.”
Petroteq Energy has been running reliability tests in the final buildup to full capacity extraction of 1,000 barrels of oil per day at its Asphalt Ridge facility near Vernal, working in excess of 80 percent of its capacity in a rubber-meets-the-road effort to demonstrate the importance and value of its closed-loop technology toward reducing harm to the environment from the extraction of energy fuels.
Ukrainian chemist Vladimir Podlipskiy, the company’s chief technology officer, developed the system that Petroteq expects will make it the first industry player to successfully extract commercial amounts of crude oil from desert tar sand rock using solvents to extricate the crude from crushed rock in a way that produces zero greenhouse gas, zero waste and no high temperatures.
The process distills the solvent-oil mixture to obtain the crude, recycles the solvent for further use and returns the oil-cleansed sand and rock to the mining pit. It has the virtue of leaving the environment in a more sanitized state than it was originally.
Sealock stated that the company expects to boost its output within the next two years to the point that it will be producing 5,000 to 8,000 barrels per day by late 2020 or early 2021 (http://nnw.fm/jmX7i). Petroteq’s aim is to increase North American production of oil with a yield of about 87.5 million barrels over the lifespan of the project on the 2,541-acre bituminous mineral lease.
“The fact that some of our contractors are veterans of the United States Armed Forces goes to further expand on our Company slogan ‘American Oil for America’ while providing opportunities to those willing to make the ultimate sacrifice in protecting the freedom and opportunities enjoyed by individuals and entities in the United States,” President and Director Jerry Bailey added. “We are extremely pleased that we have their experience on our worksite.”
The production process will work hand-in-hand with the company’s wholly owned PetroBLOQ, LLC, subsidiary — the first blockchain-based platform (still in commercial application development) created exclusively to manage the oil and gas sector’s supply chain needs.
Petroteq also owns a minority stake in an oil exploration and production operation held by Accord GR Energy Inc. and based in southwest Texas.
For more information, visit the company’s website at www.Petroteq.energy
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