Studio City, CA -- November 15, 2017 -- InvestorsHub NewsWire
-- Petroteq Energy, Inc. (the
"Company") (TSX
VENTURE: PQE) (OTCQX: PQEFF) (Frankfurt: A2DYWC), a
company focused on the development and implementation of
proprietary technologies for the environmentally safe extraction of
heavy oils from oil sands, oil shale deposits and shallow oil
deposits, announced today the reconstruction of a new large-scale
oil extraction facility following its relocation to the TME mine
site. The construction will expand the Company's operations and
increase production capacity from 250 to 1,000 barrels per
day.
Background:
Notching a first for the Temple Mountain oil resource Petroteq
was the first by successfully producing 10,000 barrels of oil using
its proprietary technology. That production was hampered by the
inconvenient location of the pilot plant 10 miles from the Temple
Mountain Resource Site. As part of the recent corporate
restructuring -- the decision was made to relocate the plant and
expand the capacity of the facility to increase the prospective
revenues of the facility and demonstrate that the technology is
scalable.
Temple
Mountain Resource:
Temple Mountain has captured the imagination of petroleum
engineers for decades -- a massive heavy oil resource at ground
level. Petroteq's Temple Mountain Lease (TME) represents 3,000
acres and 87 million barrels of oil equivalent.
What the
future holds:
Petroteq is in the process of engineering the updated and
expanded facility. With the recent loans finalized that provide the
required capital for the current development operations, the
Company's CTO Vladimir Podlipsky is dedicated to working with our
engineering team to optimize the equipment. The project will go
through the phases of engineering, site preparation, construction,
permitting and operation. The defined timeline for a busy year end
includes:
- Receive all of the plant equipment at the Temple Mountain
location by November 10
- Complete earth works at the TME location by November 15
- Complete the sourcing of the remaining equipment by November
15
- Pouring of Concrete Works - complete by November 25
- Assembly of the plant is scheduled to be completed before
December 15
- Petroteq intends to have the plant producing in February
2018
The expansion, which will allow the Company to provide increased
production to 1,000 barrels per day, will utilize Petroteq's unique
hydrocarbon extraction technology:
- a proprietary, closed-loop system
- extracts over 99% of all hydrocarbons
- uses no water
- generates no greenhouse gases and
- requires no high temperatures or pressures.
The only two elements leaving the system are the cleaned sands
and the oil itself, with over 99% of the benign solvents being
recovered and recycled back into the system.
"With this new facility, we expect an increase in both
efficiency and production. There is a tremendous opportunity in the
development of our resources near Asphalt Ridge as we anticipate a
large contingent oil sands resource base of approximately 87
million barrels of oil equivalent within that region. Over the next
several weeks, we will continue to develop and respond to the needs
of the new facility," stated Alex Blyumkin, CEO of Petroteq.
"While the expansion to 1,000 bopd will be a significant
milestone, we want investors to know that our scalable technology
will allow us to add additional production capacity as cashflow
permits to bring us from a thousand to ten or twenty thousand
barrels a day from our resource. At the same time we can use
licensing opportunities to take the technology to the many
countries that have similar resources," Alex continued.
About Petroteq Energy, Inc.
The Company is engaged in the development and implementation of
its proprietary 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. Under a joint
venture agreement with Recruiter.com and Oilprice.com, we
anticipate that the website offering employment opportunities in
the Energy sector will be launched in the month of November 2017.
Petroteq is also developing technologies to optimize petrochemical
industry workflow processes and will bring a team of professionals
to expedite the process. For this purpose, Petroteq is developing
an advanced blockchain solution for the Energy industry, this
project is named PetroBloq.
The Company is also developing methods and technologies to
optimize petrochemical industry workflow processes.
Forward-Looking
Statements
Certain statements contained
in this press release contain forward-looking statements within the
meaning of the U.S. and Canadian securities laws. Words such as
"may," "would," "could," "should," "potential," "will," "seek,"
"intend," "plan," "anticipate," "believe," "estimate," "expect" and
similar expressions as they relate to the Company, and the Company
successfully increasing production capacity of its extraction plant
from 250 to 1,000 barrels per day, are intended to identify
forward-looking information. All statements other than statements
of historical fact may be forward-looking information. Such
statements reflect the Company's current views and intentions with
respect to future events, based on information available to the
Company, and are subject to certain risks, uncertainties and
assumptions. Material factors or assumptions were applied in
providing forward-looking information, including: the TSX Venture
Exchange providing final approval of the loan; Mr. Blyumkin
advancing the balance of the loan; and the Company having the funds
necessary to complete the expansion of the production capacity from
250 to 1,000 barrels per day. While forward-looking statements are
based on data, assumptions and analyses that the Company believes
are reasonable under the circumstances, whether actual results,
performance or developments will meet the Company's expectations
and predictions depends on a number of risks and uncertainties that
could cause the actual results, performance and financial condition
of the Company to differ materially from its
expectations.
Certain of the "risk
factors" that could cause actual results to differ materially from
the Company's forward-looking statements in this press release
include, without limitation: the TSX Venture Exchange not providing
final approval of the loan; Mr. Blyumkin not advancing the balance
of the loan; changes in laws or regulations; the ability to
implement business strategies or to pursue business opportunities,
whether for economic or other reasons; status of the world oil
markets, oil prices and price volatility; oil pricing; state of
capital markets and ability by the Company to raise capital;
litigation; the commercial and economic viability of the Company's
oil sands hydrocarbon extraction technology, the SWEPT technology,
the S-BRPT technology, and other proprietary technologies developed
or licensed by the Company or by Accord, which are of experimental
nature and have not been used at full capacity for an extended
period of time; reliance on suppliers, contractors, consultants and
key personnel; the ability of the Company and Accord to maintain
their respective mineral lease holdings; potential failure of the
Company's business plans or model; the nature of oil and gas
production and oil sands mining, extraction and production;
uncertainties in exploration and drilling for oil, gas and other
hydrocarbon-bearing substances; unanticipated costs and expenses,
availability of financing and other capital; potential damage to or
destruction of property, loss of life and environmental damage;
risks associated with compliance with environmental protection laws
and regulations; uninsurable or uninsured risks; potential
conflicts of interest of officers and directors; and other general
economic, market and business conditions and factors, including the
risk factors discussed or referred to in the Company's annual
Management's Discussion and Analysis for the year ending August 31,
2016, filed with the securities regulatory authorities in certain
provinces of Canada and available at www.sedar.com.
Should any factor affect the
Company in an unexpected manner, or should assumptions underlying
the forward-looking information prove incorrect, the actual results
or events may differ materially from the results or events
predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking information. The
forward-looking information included in this press release is made
as of the date of this press release, and the Company undertakes no
obligation to publicly update or revise any forward-looking
information, other than as required by applicable law.
Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The securities referred to
in this news release have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
news release does not constitute an offer for sale of securities,
nor a solicitation for offers to buy any securities. Any public
offering of securities in the United States must be made by means
of a prospectus containing detailed information about the company
and management, as well as financial statements.
