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.