Company

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 PetroBLOQ.com.

Petroteq by way of its wholly owned subsidiary has a breakthrough, environmentally-friendly, proprietary oil sands extraction technology which is suitable for all hydrocarbon deposits. The closed-loop technology may also be applied for remedial project such as tailings ponds. After the launch of its first extraction plant in Utah, the Company is now intends on scaling up its capacity with several additional, higher capacity extraction units within the state, which has over 30 billion barrels of undeveloped but recoverable oil. (DOE Estimate.) Asphalt Ridge, the location of Petroteq’s first plant, is one of Utah’s 8 major oil sands deposits with over 50 million barrels of undeveloped oil sands deposits. (DOE Estimate.)

The Company’s Board of Directors, the Management Team and Officers form an impressive group of very talented individuals with a diverse range of valuable experience ranging from chemical engineering and solvent research, business development, international project management, entrepreneurial achievements and senior management for global energy companies in North America and the Middle East. They have extensive knowledge of both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.

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Key Investment Highlights

The Company is pleased to be the subject of a featured front-page article released by a publication based in Vernal, Utah the Vernal Express earlier this week. The article titled “Petroteq Looks to Change the Game in Oil Extraction” discusses the Company’s recent accomplishments in the commissioning of its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah.

Petroteq has reached an agreement with Mareton Alliance LP with a view to acquiring leases and resources within the Utah Oil Sands Region. These assets meet all of the criteria set by Petroteq’s Management and Board.

Application to the Alternative Energy Development Initiative (AEDI). The Alternative Energy Development Initiative, part of Utah’s Energy Action Plan, is designed to spur the growth of state revenues and job growth in the Utah Energy Market. The incentive represents a 75% tax reduction of new revenues including Corporate, Sales, and withholding taxes for 20 years or the life of the project, whichever is less.

Submitted its formal application to list the Company’s common stock in the U.S. on the NASDAQ Capital Market. “We believe up-listing in the U.S. from the OTC Market to the NASDAQ Capital Market will increase awareness of Petroteq in the financial community,” said David Sealock, the CEO of Petroteq. “We believe that a NASDAQ listing will help unlock some of the shareholder value we are trying to create for our stakeholders. A NASDAQ listing should provide us with more liquidity and a larger pool of investors that use the NASDAQ Stock Market as a requirement for assembling a portfolio.”

“With the recent acquisition of a major oil producer in the unconventional oil extraction industry, as well as the planned expansions announced by Nexen Energy, we believe projected growth and sentiment within the unconventional oil and oil sands market is increasing,” stated David Sealock, CEO of Petroteq. “As we implement our technology to draw on oil resources in an environmentally friendly way, producing no greenhouse gases or waste, the belief in our system is reinforced. The oil industry is beginning to shift towards more environmentally friendly processes and we take pride at being at the forefront of that movement.”

The agreement between Petroteq and CTi will seek to generate a modification of non-conventional oil, in the form of bitumen, obtained through oil sands. CTi’s Nano Reactor System™ utilizes proprietary technology that is capable of influencing and altering the chemical and physical composition of certain crude oils and hydrocarbon substances in a manner that may enhance the yield and economic value of refined or processed oils and related hydrocarbon products.

Second quarter activities secured the completion of construction at the Asphalt Ridge facility, which is designed to produce 1,000 barrels per day (bod). The Company’s recent news for the first half of 2018 has been very exciting:

  • new capital of approximately US$3.86 million to date in 2018
  • the placement of key technical advisors to Petroteq’s advisory board
  • initial production.

The company is on track to initiate “full on” operations at the end of July and ramp up our production to what we expect will be 1,000 bod.

“The Asphalt Ridge project has surpassed expectations. The facility process trains are coming fully online safely, the production ramp-up plan is on schedule, and the commissioning and start-up activities are set to produce a high-quality heavy oil. We are especially appreciative of the dedication and careful planning and execution that our team and partners have demonstrated in achieving this remarkable result,” said David Sealock, Chief Executive Officer. “Our investors and stakeholders can be proud of advances being made initiating the ramp-up of our production.”

The company is pleased to announce that it has acquired additional acreage in the resource rich Uintah Basin.The Company has finalized the acquisition at auction of a 100% interest in two leases for 1,312 acres of land within the Asphalt.

The contract from Petroteq, 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, enables First Bitcoin Capital to create a platform that will serve as a one-stop shop to provide oil and gas companies the ability to customize their own distributed ledger modules to enhance their business operations.

“Blockchain technology has the potential to change not only the oil and gas sector but also other areas of the global business world, leading to improved and optimized efficiency of the end-to-end business transaction processes,” said First Bitcoin CEO Greg Rubin.

First Bitcoin Capital has chosen the Hyperledger blockchain, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for the platform for Petroteq to be used for real-time supply chain management. The Company will also build for Petroteq a smart contract system prototype on a blockchain to improve the efficiency of oil and gas supply chain management interactions. Taking advantage of distributed ledgers, the two companies will be exploring ways to optimize and monitor the supply chain logistics on the blockchain to automate oil and gas industry transactions.

“We have begun a journey with First Bitcoin Capital to exploit the potential of this new technology. We are very pleased with the cooperation with the team and will begin to develop a first blockchain proof-of-concept. We look forward to seeing these blockchain applications applied to our business,” stated Alex Blyumkin, CEO of Petroteq.

According to a report by www.OilPrice.com, blockchain technology shows great potential, as it can be used to execute energy supply transactions, as well as create the basis for clearing processes, metering and billing applications in the documentation of ownership, the state of asset, renewable energy and white certificates, guarantees of origin and emission allowances.

Press Releases

Leadership

Dr. R. Gerald Bailey, P.E.

Chief Executive Officer, Petroteq Energy, Inc. (OTC: PQEFF)

Since 2008, Mr. Schneider is currently employed as Manager of Corporate Affairs for AgriMarine Holdings Inc., an aquaculture production and technology company which trades on the Toronto Stock Exchange – Venture. The company was recently acquired by the Dundee Corporation. His responsibilities include management of legal and regulatory affairs and business development. Previously, Mr. Schneider was a self-employed consultant to various junior public companies focusing on communications and regulatory capacities, and has also spent 15 years as an information technology consultant with a focus on health care.

Dr. Bailey has over 50 years of experience in the international petroleum industry in all aspects, both upstream and downstream with specific Middle East skills and U.S. onshore/offshore sectors. Along with being the CEO of Petroteq Energy, Inc., he is currently the Chairman of Bailey Petroleum, LLC, a consulting firm for major oil and gas exploration/development corporations. In addition, Bailey is Chief Operating Officer of Indoklanicsa, Nicaragua, Vice Chairman, Trinity Energy Group, Inc., Chairman of American Impact Energy and CEO of American Dakota Refinery, LLC. Dr. Bailey is retired from Exxon, lastly as President, Arabian Gulf. During his Exxon career, he also served as the Assistant General Manager, Administration & Commercial, Abu Dhabi Onshore Oil Company; Operations Manager, Qatar General Petroleum Corp., Dukhan Operations and the Operations Manager, Qatar General Petroleum Corp., Umm Said Operations. He was also the Operations Superintendent, Exxon Lago Oil, Aruba and has spent time in Libya as Operations Superintendent for Esso Standard, Libya, Brega, with experience in LNG and oil field production. His earlier career included service with Texaco where he gained skills in oil additives and petrochemicals manufacturing.

Dr. Bailey holds a BS Degree in Chemical Engineering from the University of Houston, an MS Degree in Chemical Engineering from the New Jersey Institute of Technology, Newark, New Jersey, a PhD Degree from Columbia Pacific University, San Rafael, CA and is a graduate of Engineering Doctoral Studies from Lamar University, Beaumont, TX. He has written many articles, papers and studies on the oil industry, and has been a keynote speaker of many international industry conferences including the Money Show conference with his address, “The Future of Oil & Gas Developments,” and FreedomFest Conference, “Investing In Oil,” and also has appeared recently on national Chinese television discussing the “World Energy Outlook.” He is a member of the Middle East Policy Council, Society of Petroleum Engineers and the American Institute of Chemical Engineers.

Aleksandr Blyumkin

Chairman of the Board, Petroteq Energy, Inc. (OTC: PQEFF)

Aleksandr Blyumkin, Co-Founder and Chairman of Petroteq Energy, Inc., has a wide range of experience in the energy industry. After achieving significant success in downstream operationson several energy projects in Azerbaijan, Ukraine and the U.S., he recognized a worldwide need for a safe, environmentally-friendly oil sands extraction technology. After many years of technology research, Alex and his team discovered the origins of what is now Petroteq’s groundbreaking extraction technology. With his vision in seeing the tremendous potential of a safe oil sands extraction technology, he was the key figure in providing significant funding to further develop Petroteq’s extraction technology. After four years of improvements and enhancements to create today’s version of Petroteq extraction technology it is now being deployed on the Company’s lease location in Asphalt Ridge, Utah. He has now focused his interests in oil sands lease development opportunities in the U.S.

Based at the Company’s offices in Century City, California, Mr. Blyumkin is currently involved in acquiring additional oil sands leases in Utah for the Company’s resource portfolio, with a keen interest in lease development with long term revenue stream potential. He will play an instrumental role in deploying Petroteq’s proprietary oil sands technology for licensing and joint venture opportunities, as well as devising an operational plan for Petroteq’s oil production. He will act as a liaison between Petroteq’s operational personnel, its geologic team and its environmental consultants through the various permit stages prior to coming on-stream with the Company’s growing Utah oil production in the years to come.

Mark Korb

Chief Financial Officer

With a high level of experience in taking start-up companies to the next level, Mark Korb has over 20 years experience with high growth companies. He serves as the CFO or Financial Consultant for several companies, including Caldera Pharmaceuticals, a drug discovery and services company. Other represented companies include Fluid Spirit Holdings, LLC, a brand development and events coordinating company; First South Africa Management Corp., a small cap private equity and financial consulting firm. Mr. Korb also serves as the financial consultant to Propel Technologies, an oil and gas services company.

From 2007 to 2009, he was the Group Chief Financial Officer and Director of Foodcorp, a multi-million dollar consumer goods company based in South Africa. He delivered operational and strategic leadership during a period of change including mergers, acquisitions and organic growth. As a Board Director, Mr. Korb cultivated relationships with shareholders, bond holders, financial institutions and auditors. He was also responsible for leading this group’s IT strategies. From 2001 to 2007, Mr. Korb was the Group Chief Financial Officer of First Lifestyle, initially a public company trading on the Johannesburg Stock Exchange which was purchased by his management group. Mr. Korb eventually led to process of merging the two companies, whereby First Lifestyle was sold to Foodcorp.

Vladimir Podlipskiy, PhD

Chief Technology Officer

Mr. Podlipskiy has extensive experiences as a researcher in many senior science disciplines, involved in oil extraction technologies, car care, household consumer and cosmetic products and research into mould remediation products, all with a focus on the utilization of benign solvents/solutions. Previously, he held research appointments in new product development for EMD Biosciences, Inc., (Merck KgaA, Darnstadt, Germany), and worked as Chief Chemist in Research & Development for Nanotech, Inc., Los Angeles, CA, and as Chief Chemist for Premier Chemical, Compton, CA. He is a former Premier Chemical Scientist at UCLA’s Department of Chemistry. Mr. Podlipskiy owns patents for innovative fuel additives and car care products and has authored several papers involving fuel re-formulator products and mould remediation. He is currently involved in research and development of new petroleum industry products, systems and technologies.

Mr. Podlipskiy is the principal research scientist responsible for the development of Petroteq Energy, Inc.’s technologies used in its various oil extraction programs in Utah, and has recently finalized all fabrication/assembly details for the company’s first oil sands extraction plant to be installed at Asphalt Ridge, Utah. He has worked extensively with a variety of suppliers from the U.S. and Eastern Europe in the planning and design stages of the extraction unit’s systems. He holds a PhD Degree in Bio-Organic Chemistry from the Institute of Bio-Organic Chemistry & Petroleum Chemistry, Kiev, Ukraine, and a Degree in MS-Organic Chemistry from the Department of Chemistry, Kiev State University, Kiev, Ukraine.

Donald Clark, Ph.D.

Chief Geologist

Donald Clark will utilize his knowledge of geological resource assessments to assist Petroteq in its oil sands leases and future resource property acquisitions. He also provides counsel on reviewing hydrocarbon reserves and resource reports, feasibility studies and NI 43-101 reports. Dr. Clark develops financial models and analyzes commodity price fluctuations, as well as operational and transportation costs of oil and natural gas leases.

Dr. Clark has extensive experience in the geological sciences which includes teaching both graduate and undergraduate courses in geology; consulting; publishing and research. Dr. Clark has made many professional conference presentations to a wide variety of organizations including the Geological Society of America, the American Association of Petroleum Geologists and the Geological Society of London. He is recognized among his peers for authoring or co-authoring a variety of resource topics in many professional publications, including “Hydrocarbon Potential of the Mesozoic Carbonates of the Bahamas,” and “Searching for Natural Gas in the Beekmantown Group Carbonates of Eastern New York State” Dr. Clark holds a Ph.D. in Earth and Environmental Science (City University of New York), a Master of Arts in Environmental Science (City University of New York College of Staten Island), and A Bachelor of Science in Geology (State University of New York at Brockport).

Dr. Clark is a member of the American Association of Petroleum Geologists (AAPG) and the Society for Sedimentary Geology (SEPM).

Robert Dennewald

Director, Petroteq Energy, Inc. (OTC: PQEFF)

Robert Dennewald was born in Luxembourg in 1953. After secondary school in Luxembourg he obtained a degree in civil engineering at the University of Liège (B).

In 1979 he joined the Luxembourg-based steel producer ARBED in its Technical Assistance Department. From 1983 until 1986, he took on the responsibility of promoting steel solutions for high-rise buildings in the New York office of ARBED. From 1986 until 1993 he took over the export sales of carbon steel long products in ARBED’s headquarter in Luxembourg.

In 1993 he joined the cement group Ciments Luxembourgeois (Dyckerhoff A.G., Wiesbaden) as a director and took the responsibility of the prefabricated concrete business unit. In 1996 he was appointed President and CEO of Eurobeton S.A., and developed his company’s activities in the North-East of France.

In 2006, together with 4 financial partners, he initiated a MBO/LBO takeover of the Eurobeton Group. Beginning of 2010, through a secondary buy-out, he took a controlling interest in Eurobeton, which is a main supplier of building materials in Luxembourg with its subsidiary Chaux de Contern.

He is a director of ING Luxembourg S.A. and of Redline Capital Partners, the President of investment fund EUREFI S.A. and the angel investor of cleantech company APATEQ and IT company e-Kenz.

Robert Dennewald is chairman of FEDIL – Business Federation Luxembourg since 2006 and a Vice-President of the Luxembourg Chamber of Commerce. He is also a member of the board of directors of the Jean-Pierre Pescatore Charity Foundation. He is married and the father of 4 children.

Travis S. Schneider

Manager, Corporate Affairs, AgriMarine Holdings Inc., Vancouver, B.C. Canada

Since 2008, Mr. Schneider is currently employed as Manager of Corporate Affairs for AgriMarine Holdings Inc., an aquaculture production and technology company which trades on the Toronto Stock Exchange – Venture. The company was recently acquired by the Dundee Corporation. His responsibilities include management of legal and regulatory affairs and business development. Previously, Mr. Schneider was a self-employed consultant to various junior public companies focusing on communications and regulatory capacities, and has also spent 15 years as an information technology consultant with a focus on health care.

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