- New equipment, Cavitation Technologies agreement boosting efficiency as Petroteq launches environmentally friendly operations
- Company awaiting word on its application to uplist to Nasdaq Capital Market
- Petroteq expects to begin production at 1,000 barrels per day and ramp up to 8,000 barrels within about two years
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), a company actively proving its environmentally friendly, proprietary oil extraction technology, has announced the completion of continuity testing as it builds up to full capacity extraction of 1,000 barrels of oil per day utilizing the technology at its Asphalt Ridge facility in Utah’s desert tar sand-rich desert.
The company is now making final arrangements for continuous operations and marketing activities, refining its techniques for more efficient production in part through an agreement with Cavitation Technologies, Inc. (OTCQB: CVAT) that aims to keep Petroteq’s production costs at a minimum by establishing efficient workflow processes, as well as through ongoing analysis of how the company’s technology itself is working.
“The operational readiness of the facility coincides with the laboratory testing that we have been conducting. With multiple samples that have been taken from our mining operations, we have determined the proprietary solvent molecular and volumetric specifications to effectively and efficiently work with our proprietary extraction process,” Petroteq Chief Technology Officer Vladimir Podlipskiy stated in a news release this month (http://nnw.fm/KEz8H). “We are also looking at the many new and compelling products that will work with and integrate with our proprietary solvent process to improve the separation of oil from sand as well as stabilize and reduce asphaltenes in the oil to produce a better grade of heavy oil.”
Petroteq’s closed-loop extraction process uses no water, produces zero greenhouse gas, zero waste and requires no high temperatures. Its aim is to extract commercial amounts of crude oil from the desert tar sand rock through a crushing and recyclable solvent distilling operation.
“We continue to focus on becoming the first environmentally friendly oil sands mining facility,” company President Jerry Bailey stated. “I am extremely impressed with the work completed by our site operations team. As I review all 14 operating processes that comprise the ten stages of our facility, I have to mention the dedication and experience of our field team.”
CEO David Sealock reported that pricing of the extracted oil and the structure of the marketing strategy are still being finalized, but the company is confident that its costs and its discounts to buyers will be comparatively well positioned with Canada’s crude market.
“We believe that the market for Petroteq’s heavy oil product is attractive as our Asphalt Ridge facility is in close proximity to major refineries in Utah,” Sealock added. “We expect pricing to track West Texas Intermediate quite closely, as the refiners are already used to buying and using Utah Heavy Oil as part of their refining mix.”
Petroteq is awaiting word on its application to uplist on the Nasdaq stock exchange, where it hopes to attract a larger amount of investor interest as the promotion of its zero-harm extraction technology advances. The company expects to begin producing 1,000 barrels of oil per day as operations get up to full speed, and it is optimistic that it can increase its output to 8,000 barrels per day by late 2020 or early 2021 (http://nnw.fm/LIMu4).
The company aims to establish not only its technology, but a heightened domestic production market in North America. The Utah site is a 2,541-acre mineral lease with an expected yield of about 87.5 million barrels over the lifespan of the undertaking.
For more information, visit the company’s website at www.Petroteq.energy
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