- Petrotech ramping up oil extraction in Utah through proprietary technology that could put it in industry-leading position
- Company expects full extraction level to show tech’s capability to clean oil sands in zero-harm loop that boosts environment, industry profits
- Petroteq plans to begin proof of concept with 1,000 bpd production in Q3, boost to 8,000 bpd by 2020 in region with nation’s largest oil sand deposits
For oil and gas industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF), the proof of its new nature-loving extraction technology is in the oil sand “asphalt” that it is beginning to harvest in Utah. Petroteq Energy is gaining recognition as the developer of a proprietary process for extracting crude fuels from the abundant Utah desert tar sands in a green technology, closed-loop system that uses solvents to remove the crude and return cleansed sand to its extraction point without any incidental pollutants.
The company has applied to uplist to the Nasdaq stock exchange and has launched a project in the meantime to extract up to 1,000 barrels of oil per day at the Asphalt Ridge site, putting its revolutionary technology to the ultimate test in a development that’s being watched by industry. Petroteq announced the completion of continuity testing last month as part of its buildup to full extraction levels, and the company was even highlighted in a recent New York Times article (http://nnw.fm/fO9X4).
Petroteq expects to be at full extraction during the third quarter of this year and then to quickly increase its 1,000 bpd production to 8,000 bpd within the next three years (http://nnw.fm/8tg4Y). While these production volumes won’t be setting any industry records, the proof of Petroteq’s technology’s viability and ecological friendliness would establish it as the first company to successfully turn out commercially profitable crude in such a fashion, granting it an industry-leading position. The Times notes that other companies have tried for years and that U.S. Oil Sands was the latest to fail when it went bankrupt last year before beginning production.
Utah’s raw oil sand deposits are the largest in the nation and have the potential to produce up to 15 billion barrels of measured in-place oil, as well as an estimated additional 23 to 28 billion barrels, according to the Utah Geological Survey (http://nnw.fm/Yxr44), making it a place with prime potential for Petroteq’s plans.
“It’s certainly a new frontier. … It’s going to be a big effect,” company President Jerry Bailey, a former Exxon executive, told Fox Business last month (http://nnw.fm/Pox5s).
“America and the world needs energy, and oil is still a very and most cost-effective way to do it,” Bailey continued. “The process that we’re using in Utah with Petroteq Energy is totally different than Canada. Canada is water-wet sands, causes all kinds of problems environmentally. We’re talking about oil-wet sands in Utah, and we can do this for $30 a barrel and under. So when Utah is able to make oil, Canada is in real problems in the $50 or $55 range… It’s in a range that we can really do something.”
For more information, visit the company’s website at www.Petroteq.energy
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