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.
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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.