- Petroteq Energy’s proprietary Clean Oil Recovery Technology (CORT) can extract up to 99 percent of crude oil and produces no waste or greenhouse emissions
- CORT licensing is seen as a future line of growth for Petroteq
- The company announced that it has received positive lab results regarding the recovery of oil from international ore samples
- The company recently sealed a major licensing agreement with Texas energy company Valkor
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is revolutionizing the heavy oil recovery process through its clean, closed-loop technology that’s capable of extracting fuel from sands and returning the cleaned sands back to the earth.
The proprietary mechanism is called Clean Oil Recovery Technology (CORT). The technology was developed for surface tar-sand extraction, and it is suitable for all hydrocarbon deposits. The patented 14-stage process can extract up to 99 percent of crude oil and recycle over 99 percent of the solvent used in the process. CORT can also be deployed for land remediation projects, either independently or integrated with other processes.
Several key advantages define the superiority of the CORT approach. The technology does not require any water; it does not emit greenhouse gas; and it does not require high temperatures. Additionally, the process leaves virtually no waste; the only product returned back after the completion of the extraction is clean sand.
An August 19, 2019, press release announced that the company has received positive lab results on the recovery of oil from international ore samples. Stage 1 laboratory testing with the oil sands samples provided by a separate Asian energy firm using Petroteq’s CORT on oil sands samples was completed on August 15, 2019. The testing was undertaken to determine the geophysical characteristics of the oil and demonstrated that Petroteq’s proprietary technology was able to recover a maximum oil content of approximately 20 percent saturation, with results approaching greater than 90 percent yield of heavy oil from the supplied surface minable heavy oil project samples.
In addition, Petroteq reported results from its stage 2 laboratory testing with oil shale samples provided by Queensland Energy Mining Limited (“QEM”) using Petroteq’s CORT on previously drilled QEM core samples. The preliminary stage 2 QEM test results demonstrated that Petroteq’s proprietary technology was able to recover up to 65 percent of the contained oil from Julia Creek project samples.
Petroteq is making the technology available to other organizations in the field, as well. On July 2, 2019, the company announced its entry into a non-exclusive technology licensing agreement with Valkor LLC, an eastern Texas energy services company (http://ibn.fm/re0Zh). This licensing agreement for Petroteq’s CORT grants Valkor non-exclusive rights to the use of the patented extraction solution.
This is the first licensing agreement that demonstrates the potential of CORT. Petroteq currently envisions opportunities to license the extraction technology in more than 20 countries that have oil sand resources.
CORT roll-out discussions are ongoing in parts of the world like Canada, the Middle East, Africa and South America. The proprietary nature of the technology, its enhanced extraction capabilities and its remediation opportunities give Petroteq significant growth potential upon which it intends to capitalize in the future.
“The licensing model is an important component of the Petroteq business model allowing Petroteq to leverage its proprietary technologies and operating techniques to participate in value created through investment by other companies and strategic investors,” an official corporate announcement reads.
According to Valkor CEO Steve Byle, prior cooperation with Petroteq shows that the CORT platform is unique and highly effective. It is a great match to Valkor’s long-term strategy, Byle concluded in a news release.
Petroteq Energy is a Canadian-registered publicly traded company that focuses on the development and implementation of proprietary solutions for the sustainable extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits.
The company has currently concentrated its oil sand exploration and production efforts on Utah and, more specifically, its Asphalt Ridge project. The Asphalt Ridge mineral lease spans 2,500-plus acres and features a large contingent oil sands resource base with an estimated 87 million barrels of oil equivalent.
For more information, visit the company’s website at www.Petroteq.energy
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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