Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) announced in early January 2018 that it had received two patents from the U.S. Patent Office and the Canadian Intellectual Property Office for its oil sands extraction process. Petroteq’s patented, cost-effective extraction process will be employed by the company in an effort to increase its Asphalt Ridge oil plant production capacity. An article discussing the company reads: “The company has already produced approximately 10,000 barrels of oil using the new technology and is expanding its heavy oil extraction plant in Asphalt Ridge, Utah, to further increase production. Petroteq plans to increase the oil plant’s production capacity to 1,000 barrels per day after modifications and the implementation of its innovative extraction technology (http://ibn.fm/qXLyk). Utah contains around 55 percent of America’s total oil sands deposits, with a total oil resource of more than 30 billion barrels. Petroteq’s mineral lease in the state covers over 3,000 acres and features a large oil sands resource estimated at 87 million barrels of oil equivalent. The company’s patented and cost effective extraction process is expected to make development of this resource highly profitable.”
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com
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