Growth Stock Reports

Petroteq Energy Inc. (PQEFF)

Category: Uncategorized (page 1 of 2)

Petroteq Signals Intent to Significantly Increase Acreage and Resource

SHERMAN OAKS, CA, July 24, 2018 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (PQE.V) (PQEFF) (PQCF.F) (“Petroteq” or the “Company”), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce that it has signed a Letter of Intent to pursue additional acreage and resources in 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.

The Company believes that growing its asset base is crucial at this juncture. It is in the process of bringing its new facility in Asphalt Ridge up to its nameplate production capacity of 1000 bod.

David Sealock, Chief Executive Officer stated, “Growing our asset base is a key initiative that I have been pushing since my arrival at Petroteq this year. I know that our valuation will be driven by our production and technology, as well as our assets in the ground. The discussions with Mareton Alliance have the potential to significantly increase the resource assets on our balance sheet.”

The pricing and structure of the transaction have yet to be finalized, but Petroteq Management is confident that an attractive transaction can be structured. The Letter of Intent is non-binding and the transaction contemplated is subject to board and exchange approval.

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 PetroBLOQ.com.

Petroteq Announces Application for Tax Credit Initiative

Studio City, California–(Newsfile Corp. – July 18, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTC Pink: PQEFF)  (FSE: PQCF) (“Petroteq” or the “Company”), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce its 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.

“We have known Utah to be extremely collaborative and committed to its ‘energy action plan’ and this is just more positive evidence in support of that,” stated David Sealock, CEO of Petroteq. “We have spent millions on developing our project, and we will look for opportunities to strategically achieve targeted projects for our technology to spend many millions more in business development, rural job creation and workforce development in the energy mining sector as we expand our footprint in what we believe will become the fastest growing energy market in the US. This tax benefit will allow us to generate even more cash that will be directly be redeployed here in Utah to grow our Company and will provide opportunities for jobs and economic development in Utah. The Governor’s ten-year Strategic Energy Plan and State Energy Policy program will deliver tangible results for Utah.”
Petroteq intends on scaling up its capacity with several higher-capacity extraction units at its Asphalt Ridge site in Utah. Currently, Petroteq is in Phase 2 of its plant capacity expansion and expects to reach 1,000 bod.

To view an enhanced version of this graphic, please visit:
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Information about the Alternative Energy Development Initiative can be found here:https://energy.utah.gov/alternativeincentive

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 PetroBLOQ.com.

Petroteq Energy Submits Application For NASDAQ Capital Market Up-Listing

Studio City, California–(Newsfile Corp. – July 12, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTC Pink: PQEFF) (FSE: PQCF) (“Petroteq” or the “Company”), a company focused on the development and implementation of proprietary technologies for the energy industry, has 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.”

“Being in a position to list our common stock on the NASDAQ Capital Market reflects significant progress that we have made in building our financial and liquidity standards, strengthening our corporate governance, and positioning the Company for future growth and profitability,” continued Mr. Sealock.

Acceptance for listing Company shares is subject to approval, in part, based on the Company’s ability to meet minimum listing requirements for the NASDAQ Capital Market. While the Company intends to satisfy all of the applicable listing criteria, no assurance can be given that its application will be approved. During the NASDAQ review process, the Company’s common stock will continue to trade in the U.S. on the OTC under its current symbol, PQEFF; in Canada on the TSX Venture Exchange under its symbol PQE; and in certain German markets in Frankfurt, Munich and Berlin under the symbol PQCF (WKN # A2DYWC).

About the NASDAQ

The NASDAQ Stock Market is global electronic marketplace for buying and selling securities. It was created by the National Association of Securities Dealers (“NASD”) to enable investors to trade securities on a computerized, speedy and transparent system. For more about the NASDAQ, go to www.nasdaq.com.

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 PetroBLOQ.com.

Petroteq Announces New Advisory Board Member and Highlights Recent Industry News

Company Welcomes Mr. David Kahn, Senior Energy Veteran from Weatherford, Baker Hughes and Texaco to Its Advisory Board; Reaffirms Confidence in Its Property on Asphalt Ridge, Utah Following Two Major Industry Events

Studio City, California–(Newsfile Corp. – July 11, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTC Pink: PQEFF) (FSE: PQCF) (“Petroteq” or the “Company”), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce the appointment of experienced energy technology investor Mr. David Kahn to its Advisory Board.

Mr. Kahn has served as an executive in some of the largest companies in the energy industry including, Weatherford, Baker Hughes and Texaco. He also has entrepreneurial experience gained during stints at smaller players including Ensyn Petroleum and Blue Top Energy, where he was Chief Executive Officer since 2003. Serving on Petroteq’s Advisory Board, Mr. Kahn will be tasked with due diligence responsibilities for the numerous technologies that Petroteq routinely considers adding to its IP portfolio. Mr. Kahn holds a Masters and PhD in Chemical/Petroleum Engineering.

“As operations ramp up at our Asphalt Ridge Facility, our footprint in the energy industry is growing. Based on our successful deployment of the revolutionary extraction technology we have deployed, inventors are coming out of the woodwork to offer us their technology for evaluation,” stated Alex Blyumkin, Executive Chairman of Petroteq Energy. “Having Mr. Kahn available to us will be invaluable.”

In addition, Petroteq has highlighted two major recent developments within the oil industry, notably, Baytex Energy Corp’s $1.2 billion acquisition of rival Raging River Exploration Inc. and Nexen Energy’s announcement of a $400-million expansion of its oil sands project in Alberta. Management of Petroteq believes that these recent events are positive industry developments and reaffirm Petroteq’s outlook on its own extraction process.

“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.”

Pursuant to a new independent resource evaluation report titled “Evaluation of Contingent Resources” dated May 31, 2018 prepared by Chapman Petroleum Engineering Ltd. in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”), Chapman estimated that the Company’s leases contain approximately 87 million barrels of contingent resource which would, under favorable circumstances, support very positive mining economics. These 87 million barrels would be classified as a contingent resource under current NI 51-101 and COGEH guidelines. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources. Currently Petroteq is in Phase 2 of its plant capacity expansion and expects to reach 1,000 bod.

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 PetroBLOQ.com.

Petroteq Partners with Cavitation Technologies Inc. to Test Equipment for Non-Conventional Oil Production

Studio City, California–(Newsfile Corp. – July 10, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTC Pink: PQEFF) (FSE: PQCF) (“Petroteq” or the “Licensee”), a company focused on the development and implementation of proprietary technologies for the energy industry, announced an agreement with Cavitation Technologies, Inc (“CTi” or the “Licensor”), a company providing highly scalable and cost-effective solutions to various fluids processing industries. The companies have entered into a licensing agreement to test its equipment during oil production for workflow efficiencies and to lower its cost of production obtained through Petroteq’s oil sands extraction process.

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.

“We are excited to be partnering with CTi. With our recent upgraded facility site, we are now exploring opportunities to make our products more cost-effective and efficient. We feel that it is important to engage on the innovation of our R&D with other compelling technologies that have the potential of generating scalable solutions within the industry,” commented David Sealock, Chief Executive Officer of Petroteq.

Additionally, CTi’s Founder and Global Technology Manager Roman Gordon stated, “Over the last decade we have introduced our proprietary technology in a number of different verticals while creating partnerships with industry leaders. This agreement provides our companies the opportunity to develop and implement technologically advanced processes that will greatly improve efficiencies over conventional methods while achieving increased margins and profitability.”

CTi’s Nano Reactor System™ will combine bitumen extracted by Petroteq with a catalyst to create a fluidic crude oil. The fluidic crude oil is pumped through a cavitation device at varying pressures to create cavitation features. Reacting with the fluidic crude oil, the process generates cavitation bubbles, which mix with adjacent layers of condensed fluidic crude oil. This mixture induces chemical reactions between components in the fluidic crude oil to promote molecular rearrangement to improve viscosity, API gravity, and heterogeneity.

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 PetroBLOQ.com

Petroteq Reaches Corporate Inflection Point

Studio City, California–(Newsfile Corp. – July 9, 2018) – Petroteq’s Asphalt Ridge Facility (TSXV: PQE) (OTC Pink: PQEFF) (FSE: PQCF) (“Petroteq” or the “Company”) a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to update investors on the progress at its Oil Extraction facility in Asphalt Ridge, Utah.

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.

News in July is what our current and future investors will be most interested in….we are 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.

On June 14th, Petroteq commenced its process train commissioning and start up with the successful completion of “first commissioning oil production” at our operations of the Phase 2 — expansion at the Asphalt Ridge heavy oil extraction facility located near Vernal, Utah, designed to produce 1,000 bod.

These operational developments have driven multiple initiatives at the Company that are anticipated to help the Company grow from its current position:
New research and development projects are underway which should further increase the efficiency and applicability of Petroteq’s patented extraction technology.
Petroteq has staffed up its internal team and advisory board to handle multiple business development initiatives related to domestic and international opportunities.

“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 successful completion of construction and commissioning at the Asphalt Ridge project is the direct result of a well-developed and executed strategy to complete construction and accelerate commissioning using synergies between our technical team and Asphalt Ridge operations staff,” said Alex Blyumkin, Founder and Executive Chairman, “the progressive hand off from construction to operations, is expected to  see a staged ramp-up of production over time. The project was built during a period of low oil prices and has come online just as oil prices have strengthened.”

Following the June 14, 2018 “first commissioning oil production” of Asphalt Ridge’s first train, Petroteq anticipates operating the plant at a “ramp up capacity” by the end of July, which would prove the design capacity of 1,000 bod. At this time, the Company will be completing a two-week reliability test of the plant running in excess of 80% capacity.

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 PetroBLOQ.com.

Petroteq Unveils Asphalt Ridge Oil Extraction Facility, Initiates Production

Studio City, California–(Newsfile Corp. – June 19, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTC Pink: PQEFF) (FSE: PQCF) (“Petroteq” or the “Company”), a company focused on the development and implementation of proprietary technologies for the energy industry, announced the successful unveiling of its environmentally friendly heavy oil processing and extraction plant located at the Asphalt Ridge in Uintah Basin, Utah.

Management of Petroteq took the opportunity of this media day to initiate production at the plant. Members of national and local press were treated to a complete explanation and demonstration of the production process.

Alex Blyumkin, Chairman of Petroteq commented, “This event at the plant was a culmination of two years of hard work by our entire team and getting back into production is a tremendous accomplishment for Petroteq technically and organizationally, as well as the harbinger of value creation to come. We have worked hard to demonstrate our commitment to shareholders, through the completion of our facility, we have received our permits to produce oil at the Asphalt Ridge, we have developed a comprehensive mining plan and demonstrated that our expanded plant can produce oil. Our dedication and focus on re-launching our facility demonstrates our commitment to our investors who have supported us throughout this journey. Further, we were able to raise capital and expand our plant to the point where we are now able to generate revenue at the facility which is being ramped up to what is expected to be 1,000 barrels per day in a cost effective and environmentally friendly way. We now have a plant that has the level of scale that allows us to be self sufficient and generate cash flow to add value to our shareholders.”

The new facility was part of the original vision of the Company, to relocate, reassemble and upgrade its plant to integrate facility improvements of all major process systems and increase its operational capacity to an expected 1,000 barrels per day (bod).

As part of the media day agenda, the Company provided exclusive access to the plant, held meetings with executives as well as geologists and hosted an evening reception for its guests. Petroteq plans to hold a formal grand opening of the plant in September of 2018.

Petroteq’s technology utilizes a modular and small footprint/capex, allowing the Company to extract over 99% of all hydrocarbons while using no water and generating no greenhouse gases, requiring no high temperatures or pressures. Petroteq has a patented clean oil recovery technology that is environmentally safe and sustainable for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The Company’s proprietary process produces zero greenhouse gas and zero waste.  Subject to having sufficient capital, Petroteq’s goal is for the plant to produce as much as 2,000 bod by year end 2019 and 5,000 bod by year end 2020.

Petroteq will continue commissioning and production as per its internal processes, and will report updates on production levels and commercial sales when appropriate.

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 PetroBLOQ.com.

Petroteq Energy Receives Notices on New Patents in the US and Canada Covering Oil Extraction Technology

Petroteq’s technology is highly energy efficient and environmentally sustainable

Los Angeles, California–(Newsfile Corp. – January 10, 2018) – Petroteq Energy Inc. (TSXV: PQE) (OTCQX: PQEFF) (FSE: A2DYWC) (“Petroteq” or the “Company”), is a company focused on the development of and implementation of proprietary technologies for the energy industry. Petroteq’s portfolio includes technology for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The Company has announced today that it has received a Notice of Allowance from the United States Patent and Trademark Office for U.S. Patent Application 13/627,518, “Oil From Oil Sands Extraction Process” and a Notice of Allowance from the Canadian Intellectual Property Office for Canadian Patent Application 2,754,355, “Oil Extraction Process.”

“We are very excited to receive the Notices of Allowance from the respective U.S. and Canadian patent offices,” said Alex Blyumkin, CEO and Chairman of Petroteq. The patents are part of Petroteq’s intellectual property portfolio that includes patent protection in Russia. The Company has applied for protection in all of the countries with significant Heavy Oil assets that it believes show promise for Petroteq technology. To learn more about Petroteq’s intellectual property protection team click here: www.nydegger.com.

The Company would like to remind investors that while the patent is new — the technology has been used by Petroteq in its heavy oil extraction facility:

Petroteq produced and sold 10,000 barrels of oil in 2015 using this technology at its first facility in Maeser, Utah.
The Company is assembling a facility with the potential for 400% of the initial capacity at its lease site at Asphalt Ridge, Utah (1,000 bpd).
The Company is building this expanded oil extraction facility in the U.S., where all industrial processes are expected to be on the Blockchain powered supply chain management PetroBLOQ, being developed in partnership with First Bitcoin Capital Corp. (BITCF) (“First Bitcoin”). The production and refining of oil has risen to unprecedented levels in the past few decades to meet global refined products consumption demand. As a result, there is a great deal of public scrutiny into oil refining practices, its environmental impact, and the sustainability of the oil supply chain.

“This is our first initiative to address the industry’s growing concerns by developing sustainability benchmarks. We believe this is good news for oil producers, regulators, and consumers. Emerging technologies like PetroBloq blockchain platform should have a transformative impact on the global oil industry — not only by creating transparency in the supply chain but also creating value for its stakeholders, upstream, midstream, and downstream,” stated Alex Blyumkin, CEO.

The two patent allowances cover the Company’s novel process for extracting bitumen — the heaviest, densest form of petroleum — from oil sands in a highly energy efficient, environmentally friendly manner. Petroteq’s technology utilizes no water in the extraction process, produces no greenhouse gases and requires no high temperatures or pressures. The system extracts up to 99% of all bitumen, heavy oil and other lighter hydrocarbons, while recycling up to 99% of the benign extraction solvents.

“Our technology development has been inspired in large part by witnessing the catastrophic devastation in so many of the world’s major oil sands projects. Petroteq’s driving philosophy has been that the extraction industry must be able to achieve efficiency without leaving a wake of destruction to the surrounding environment,” stated Mr. Blyumkin.

“The patents pave the way for significant potential commercial licensing opportunities,” said Dr. Jerry Bailey, President of Petroteq. “Concurrently we are making progress across a spectrum of development activity that can place Petroteq in a position as an industry technology leader. We have made significant progress on the assembly of our own extraction facility in Utah, home to most of the oil sands reserves in the United States. Meanwhile, our PetroBLOQ joint venture with First Bitcoin is seeking to develop the first supply chain management platform based on blockchain technology for the global transaction needs of the oil and gas industry.”

“Our goal is to create the first extraction facility in the U.S. in which all industrial processes will be powered by our blockchain-based supply chain management system,” continued Dr. Bailey. “We have an expansive vision to leverage technology to make a transformative impact on our industry, and we believe in the power of collaboration. We recently became members of Hyperledger, the open source collaboration to advance cross-industry blockchain technologies, and the American Petroleum Institute (API). We look forward to working with our colleagues across industries and borders to help create lasting improvements in efficiency while being mindful of our environment.”

Petroteq Energy, Inc., Pioneering Technologies in the Energy Industry

Los Angeles, California–(November 30, 2017) – Petroteq Energy, Inc. (the “Company”) (TSXV: PQE) (OTCQX: PQEFF) (FSE: MW4A).

Dear Shareholders:

In response to questions from many of you I wanted to talk about the strategic direction of Petroteq and explain how I believe all of our current efforts will work together to deliver long term shareholder value.

First and foremost, Petroteq is a technology company. Since we began operations we have moved away from commodity businesses to high margin businesses at the cutting edge of technology. That is our mission and we are striving for that goal at Petroteq. Currently, we happen to be a Technology company that is building a substantial production facility on site of an 87 million barrel oil equivalent resource.

The first technology we have brought to the market is our unique patented technology for extracting oil from Oil Sands, in a clean way. We have successfully extracted 10,000 barrels from our original plant and are in the process of expanding and upgrading that facility at our new location with a capacity of 1,000 barrels a day.

Of course we expect our Asphalt Ridge plant to be profitable, but that doesn’t make us “just” an Oil Production company. We had to build and operate the plant because most of our strategy is driven off of proving our technology and then distributing that technology and licensing it worldwide.

Our recent announcement regarding a Joint Venture with Deloro is proof that our technology is disruptive and helps generate rates of return that most other aspects of the energy industry cannot achieve.

I intend to continue to work diligently to bring additional partners into the fold for Petroteq to unlock value across dozens of locations worldwide and billions of barrels of oil that can be accessed in a clean, environmentally friendly way, by selling and licensing our TECHNOLOGY…

I am writing you today to explain the logic behind embarking on developing blockchain technology for the energy Industry — which we have named Petrobloq.

I have enjoyed a 50-year career in the Oil Patch, rising to the level of President of Exxon operations in the Arabian Gulf. Over that career, both domestically and overseas, both upstream and downstream, I have handled very large budgets and a considerable multi-national workforce, while managing multimillion dollar projects.

Few people outside of the energy industry understand the complexity of the transactions that need to happen between getting crude oil from the ground to ultimately ending up as gasoline in your automobile. There are land lease agreements, royalty agreements, taxes, revenue shares, profit shares, among other ways to slice up the revenues we receive. Further there of government and political relationships that govern the transition of product across borders and tax jurisdictions. It is an extremely complicated business as any group of auditors and accountants will attest, along with the many engineers and operators that handle the hardware.

The Blockchain holds the promise of unlocking billions of dollars in profits for the Energy Industry by reducing the friction inherent in the business processes we need to control.

Petroteq is uniquely positioned to participate in this tidal transition for the energy industry because we can work with and partner with all of the majors and juniors and not be seen as a threat. Further, our organizational structure is such that we are nimble. Our organization is designed and dedicated to be flexible and innovative, while challenged to create a new opportunity. Blockchain is poised to be the biggest gamechanger for the energy industry for the next several decades. I am not a blockchain expert, but I will become one, and I am pleased to lead this venture. We have the resources and access to work with the leaders in the industry from our headquarters in California.

We are working with the team at First Bitcoin Capital to begin this effort and develop tools that we feel will bring value to the industry. It might be through a ledger structured blockchain product or it could be through a coin, or maybe both. We intend to then package up that technology and deliver it to the majors, so they don’t have to do it themselves. We can create a network where all the players in the energy industry can send and receive crucial production, transportation, and accounting information in real time and save billions in costs. By developing these technologies and providing them as a service to the industry we feel we will be able to generate a new revenue stream for our company as well as benefit from the efficiencies of the platform ourselves.

So remember that we are a technology company — developing and monetizing all kinds of technologies for the benefit of the industry and everyone whose quality of life depends on oil and energy. Watch us as we progress in this mission. By the way, I am presenting at LD Micro’s conference in Bel Air in case you’re in California next week.

Sincerely,

Jerry Bailey, Director & President

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.

For more information about Petroteq Energy Inc. visit: https://petroteq.energy/.
For more on Petrobloq visit: https://petrobloq.com/.

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.

CONTACT INFORMATION

Petroteq Energy, Inc.
Alex Blyumkin
Chief Executive Officer
Tel: (800) 979-1897

Petroteq Energy Inc. Announces First Oil Sold from Wardlaw Field, Texas Interest

Petroteq Energy Inc. (the “Company“) (TSX VENTURE:PQE)(OTCQX:PQEFF), 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, is pleased to announce the first sale of oil produced from the Wardlaw field held by Accord GR Energy Inc. (“Accord“), an oil and gas exploration and production company.

Accord sold its first load of oil last Saturday, June 10, 2017. The second load to be picked up today June 14, 2017. The Company is excited with Accord’s accomplishment, and the signal that the project is in the next stage of development. The oil was produced from Accord’s Wardlaw field, a Permian basin asset, located in Edwards County, Texas.

In total Accord has 90 wells in the field, including the three newest wells that were drilled under Accord’s Phase-2 “Proof of Technology Concept” plan.

The oil was produced using a proprietary technology, a process known as S-BTF, which is owned by Galex Energy Corporation (“Galex“), a private company. The process was invented and calibrated specifically for Accord’s Wardlaw assets, and other Wardlaw-like shallow and extra shallow deposits of heavy oil and natural bitumen.

S-BTF is a combination of technologies licensed to Accord, including SWEPT, and S-BRPT, as well as others. Galex filed with the USPTA on June 9, 2017 for a patent for the S-BTF process.

In cooperation with Galex, Accord is continuing to adjust and optimize the technology in order to maximize its economics and oil recovery results.

Petroteq will continue to monitor the progress of Accord, and the development of Accord’s Wardlaw field assets, as well as the S-BTF process and the results of its optimization.

About Petroteq Energy Inc.

The Company’s primary focus is on business growth and the creation of shareholder value through the development and implementation of (1) proprietary, environmentally friendly heavy oil processing and extraction technologies in developing its oil sands resources and in expanding production capacity in its heavy oil project in the Asphalt Ridge Area of Utah, (2) oil and gas exploration and production through the development and recovery of heavy oil through the use and application of proprietary EOR technologies, currently being deployed by Accord (46% of which is owned by the Company), on mineral leases located in southwest Texas, (3) evaluation and development of other medium to heavy oil exploration, production and recovery projects on a global basis – whether through acquisitions, leasing or production sharing agreements, joint ventures or joint interest opportunities, or other arrangements with private and governmental entities – utilizing proprietary licensed technologies under scenarios that generate a substantial return on investment.

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