Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has completed a third-party economic evaluation. The evaluation looked at sands anticipated to be produced as byproducts of petroleum products from oil sands at the PQEFF’s Asphalt Ridge NW leases in Uintah County, Utah. The completed report, dated Feb. 10, 2022, was prepared by Broadlands Minerals Advisory Services Ltd., a U.S.-based, independent mineral advisory company; Q4 Impact Group LLC also provided input on markets and prices for the sand products. According to the company, the report is based on the completion by Petroteq of an extraction plant capable of producing 5,000 barrels of high-grade oil per day on the Indago lease. The Broadlands economic analysis in the report focused on the markets available for the sale of the three categories of byproduct sands: silica flour, fracking sand and bulk construction sands and aggregates. The economic forecast is based on 20 years of sales and included a cash-flow analysis run on a pre-income tax basis, at discount rates of 0.0%, 7.5% and 15%; the results show potential economic benefit in the base case of a net present value (“NPV”) of $1,285, $602, and $341 million, respectively. Broadlands notes the economic model and base case numbers may not be realized due to market factors. “Broadlands’ evaluation report provides the potential economic benefit from the sale of sands is significant and provides an attractive enhancement to the value of the extraction process further enhances the forecast value of the Petroteq extraction technology,” said Petroteq CTO and interim CEO Dr. Vladimir Podlipsky in the press release. “The Petroteq operation can produce ‘green’ energy with high-quality oil extraction while also remediating the oily sand and turning it into a useable, marketable resource.”
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About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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