- Asphalt Ridge processing and extraction facility debuts
- Cost-effective technology set to unlock 87 million BOE
- Formal application submitted to Nasdaq
There are oil and gas companies and there are tech companies, and, while Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) may be a bit of both, this is a corporation focused more on the high-margin commercialization of its licensing technology than its oil commodities business. The company has developed an environmentally safe, continuous flow, closed loop technology – the first in North America and probably the world – that is capable of extracting bitumen from oil sands. It recently commissioned a processing and extraction plant at Asphalt Ridge in the Uintah Basin of Utah that will, initially, have the capacity to produce 1,000 barrels per day of bitumen. Although it will generate cash flow from the endeavor, Petroteq expects to get the bulk of its future revenues from licensing its innovative oil sands technology.
The Petroteq technology is the result of almost five years of scholarship by the company’s research and engineering teams, led by its chief technology officer, Dr. Vladimir Podlipskiy. It’s technology that’s safe for the environment, depending on a patented solvent/surfactant that produces no greenhouse gases. It’s also safe to produce, since it requires no high temperatures or pressures. The technology can be effectively applied to both “water-wet” deposits, such as the oil sands projects in Alberta, Canada, and in the 20 or so countries around the globe with oil sands, as well as the “oil-wet” deposits found in Utah, where the company has its extraction facility.
Petroteq’s patented Liquid Extraction System is also cost-effective in the current oil market, producing a barrel of oil equivalent (BOE) at around $22.00. It is set to unlock an estimated 87 million BOE at Asphalt Ridge and could find application extracting Utah’s 32 billion BOE. The company plans to license the technology globally. Its proof-of-concept is the extraction plant at Asphalt Ridge.
Petroteq’s Temple Mountain Mine mineral lease at Asphalt Ridge covers over 2,500 acres in northeastern Utah, with an estimated 139.5 million gross barrels of bitumen, as disclosed in an independent resource evaluation report prepared by Chapman Petroleum Engineering Ltd. in 2015 in accordance with the Canadian Oil and Gas Evaluation Handbook (COGEH). Of this gross volume of bitumen in place, Chapman estimated that 87.8 million barrels would, under favorable circumstances, support very positive mining economics. These 87.8 million barrels would be classified as a “Contingent Resource” under current NI 51-101 and COGEH criteria.
Petroteq’s environmentally friendly heavy oil processing and extraction plant located at Asphalt Ridge debuted in June (http://ibn.fm/rPHAJ). The initial goal is to get up to a capacity of 1,000 barrels per day very soon. Thereafter, subject to having sufficient capital, Petroteq’s goal is for the plant to produce as much as 2,000 barrels of oil per day (BOD) by year-end 2019 and 5,000 BOD by year-end 2020.
In July, Petroteq announced that it had submitted an application to have the company listed on the Nasdaq Capital Market (http://ibn.fm/L07c7).
“We believe up-listing in the U.S. from the OTC Market to the NASDAQ Capital Market will increase awareness of Petroteq in the financial community,” David Sealock, CEO of Petroteq, stated in a news release. “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 portfolio.”
For more information, visit the company’s website at www.Petroteq.energy
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