- Petroteq Energy is using its proprietary technology to revolutionize the domestic oil and gas industry through a “clean” closed-loop system that extracts fuel from sands and returns the cleaned sands to the earth
- Petroteq’s CEO narrates a new video tour of the company’s Utah extraction facility to explain the technology’s processes and its potential
Oil and gas industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is putting its revolutionary heavy oil recovery process on display with a seven-minute video tour of its facilities in Utah’s eastern desert to showcase what the company expects to be the best thing for domestic fuel production since fracking provided U.S. markets with a lower-cost alternative to conventional drilling operations.
The ‘Follow the Molecule’ video invites those interested in Petroteq’s closed-loop, environmentally “clean” surface oil extraction technology to consider the simplicity of the company’s flagship strategy for processing bituminous asphalt sands, turning the contaminated soil into “a clean dirt,” as PQEFF CEO David Sealock describes it (http://ibn.fm/R25eh).
“I am delighted to be able to show our investors the results of the company’s efforts over the last two years. We believe we have achieved commercial operations, both in terms of plant run time and quality of the crude oil produced,” Sealock stated in a news release (http://ibn.fm/xKzxt).
Petroteq’s current maintenance program will address key processes in the facility that have affected its operations, necessitating an amended production capacity timeline. However, when the maintenance program is completed, Petroteq intends to begin working toward phase 2 production rates of up to 4,000 barrels per day by the end of next year.
“These proactive equipment alterations are expected to decrease future maintenance costs and increase the efficiency of the facility in reaching its production goals, and is expected to ensure that the continued results of technology-driven efficiency improvements in the facilities performance meets the quality and high standards expected by the Company and its customers,” as Petroteq noted in a news release.
Petroteq has a total gross contingent resource of more than 130.5 million barrels of surface oil sands heavy oil in place at its Asphalt Ridge location. The company is contemplating a lease for two additional nearby sites, and an evaluation of contingent resources prepared by Chapman Petroleum Engineering Ltd. at the end of last year predicts that one of the new proposed leases contains gross contingent resources of 90 million barrels of mineable bitumen in place, with a net “arithmetic average after risk” estimate of 40.77 million barrels of mineable bitumen in place, while the other contains an estimated gross contingent of 41.3 million barrels of bitumen in place, with a net “arithmetic average after risk” estimate of 20.7 million barrels of bitumen in place.
While the company is focused on developing its oil sands resources and expanding production capacity at Asphalt Ridge, technology licensing opportunities are being reviewed to further the technological advancements that will benefit the industry.
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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