Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, has shared a corporate update and reiterated its focus on the development and extraction of U.S. oil sands reserves. The company noted that the global demand for energy is rising, with a need for oil, particularly heavy oil, playing a critical role in transportation, including vehicle and air travel. Calling oil the “primary building block for plastics of all kinds,” Petroteq observed that plastic is essential in a broad array of industries, including automotive, pharmaceuticals, cosmetics, pesticides, fertilizers, paint and more. Recently, the source of oil has become increasing important as energy independence has become an issue because of geopolitical circumstances. Petroteq has developed an exclusive technology designed to extract oil from its reserves in Utah. The company noted pilot projects have demonstrated the viability of the patented process to deliver a high-quality product and produce at an attractive economic level when compared to conventional oil reservoir production. Specifically, the company noted that it has designed a next-generation oil sands plant with 5,000 barrels capacity, compared to the current facility, which produced 500 barrels a day. A third party has confirmed the engineering aspects of the plant as commercially viable and technically sufficient to achieve the planned level of production. The company also noted that the plant design is unique to the patented Petroteq process, which uses no water, produces no emissions, and operates on a reduced land footprint. “Our management team is pleased that Petroteq has unlocked an economically feasible process that is ecofriendly, which I believe positions our company to contribute to solving the global energy crisis,” said Petroteq CEO and CTO Vladimir Podlipsky, PhD, in the press release. “Our intentions are to continue evolving toward future expansion and revenue growth, regardless of the ongoing takeover bid from Viston United Swiss AG. Management of Petroteq continues to manage the business of Petroteq, while making utmost effort to maximize shareholder value.”
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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 at Asphalt Ridge 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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