- Petroteq set to begin production in weeks, reaching 1,000 barrels per day in Utah in the third quarter of this year
- Utah mineral lease expected to yield about 86 million barrels of oil equivalent over its lifetime
- Company president foresees significant profit pathway as oil costs approach $80 per barrel
Oil and gas industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is fueling rising expectations regarding its resource potential as its oil sands extraction project in Utah continues to evolve.
Petroteq announced at the beginning of the month that it is on track to initiate operations prior to the end of the second quarter of 2018, and the full financial benefit of 1000 bbl/d production is on track to be realized in the second half of 2018. The company has been testing its extraction process to increase North American production on a 3,000-acre bituminous mineral lease that’s expected to yield about 86 million barrels of oil equivalent.
“Petroteq’s project is going exceedingly well, notwithstanding minor logistical issues have created a slight schedule push the facility should be in full commissioning and start-up operations in the second and third week of June,” Petroteq CEO David Sealock stated in a news release about the process (http://ibn.fm/f8J62). “This is a momentous event in the evolution of Petroteq as a Company. I am also extremely pleased with the vendor partnerships Petroteq has with the oil field construction and service companies we have on site, and their efforts are greatly appreciated. The pre-operations site inspection by the Utah Division of Oil, Gas & Mining was extremely helpful, and the knowledge and acumen of the inspection team provided some tangible benefits to our current and future operations.”
Petroteq has been developing its United States and Canada-patented technology at the Asphalt Ridge site with the aim of finalizing a process that boosts North American oil production through the distillation of oil-rich sands. The emphasis on environmental impact has created a process that is cost effective, produces no greenhouse gases and leaves no waste once the “cleaned up” sands are returned to the ground and the proprietary solvent solution involved in the extraction is recycled. Utah contains about 55 percent of the total oil sands deposits in America, and Petroteq plans to add to its Asphalt Ridge operation with construction of a new plant on its Temple Mountain lease next year.
While commercial production will initially begin with 1,000 barrels of oil per day, the company has a goal of 3,000 barrels per day by 2020. President R. Gerald Bailey told Fox Business that he anticipates the current trend in rising petroleum prices could lead to $80 per barrel figures this year and perhaps reach $100 per barrel in the near future, allowing the company to deliver a significant profit from its $25 – $30 per barrel reclamation process (http://ibn.fm/MLKsF). “It’ll make money and it’s good for the country,” Bailey said in the inteview.
Petroteq is completing the final stages of facility construction activities at Asphalt Ridge, and it is completing the final topography survey and mining plan for the mining site operations. It is also preparing its operations and mining teams to receive all required certifications and training, as the handoff of equipment processes to the commissioning and start-up team takes place.
The company also has a joint venture with Recruiter.com and Oilprice.com to provide job placement and industry career services that focus on the increasingly specialized needs of the energy sector, and the company has a minority stake in exploration for heavy oil reserves in southwest Texas through Accord GR Energy Inc.
For more information, visit the company’s website at www.Petroteq.energy
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