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.