Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Deploys Patented Oil Sands Extraction Technology to Expand Production Capacity

• Two patents received from the U.S. and Canada for oil sands extraction technology
• Proprietary technology is scalable, commercially proven and highly profitable
• Technology used to increase production at Petroteq’s Utah facility to 1,000 barrels per day

In early January 2018, Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) announced that it had received two patents from the U.S. Patent Office and the Canadian Intellectual Property Office for its oil sands extraction process. The company has developed a unique continuous-flow oil extraction process utilizing closed loop technology that is environmentally safe. This technology was developed over a five-year period by Petroteq’s research and engineering teams. It has been independently evaluated by a reputable petroleum and chemical engineering company, Chapman Engineering, that has concluded that Petroteq’s oil sands extraction technology is scalable, cost effective and commercially proven.

The company has already produced approximately 10,000 barrels of oil using the new technology and is expanding its heavy oil extraction plant in Asphalt Ridge, Utah, to further increase production. Petroteq plans to increase the oil plant’s production capacity to 1,000 barrels per day after modifications and the implementation of its innovative extraction technology (http://ibn.fm/eRwUn). Utah contains around 55 percent of America’s total oil sands deposits, with a total oil resource of more than 30 billion barrels. Petroteq’s mineral lease in the state covers over 3,000 acres and features a large oil sands resource estimated at 87 million barrels of oil equivalent. The company’s patented and cost effective extraction process is expected to make development of this resource highly profitable.

Petroteq’s extraction technology (http://ibn.fm/n1Lto) is versatile, enabling its application to both oil-wet deposits, such as its resource in Utah, and to its water-wet oil sands deposits in Alberta, Canada. This technology uses no water in the extraction process, requires no high temperature or pressure to affect extraction and produces no greenhouse gases. It extracts up to 99 percent of all hydrocarbons and recycles up to 99 percent of benign solvents used in the process. Being a closed loop, the system also reduces the company’s environmental footprint and requires no tailings pond. The only elements leaving the system are the product, crude oil, and a solitary by-product, clean sands, which can be sold or put back in the earth.

Petroteq’s extraction process is based on patent-pending liquid fluidized bed technology. This enables continuous mixing of ore particles and solvents, providing continuous production with optimal material, mass and energy balances as opposed to the reduced efficiency of a batch process. There are several stages in the company’s extraction process:

• Mined oil sands ore is crushed in preparation for processing;
• Crushed ore is fed into the fluidized bed extractor, where bitumen is extracted using a solvent at temperatures between 50°C and 60°C;
• Bitumen and solvent are pumped via an evaporator to a distillation column;
• Crude oil, in the form of bitumen and other hydrocarbons, is separated from the solvent in the distillation column and then pumped to a storage tank;
• The solvent is recycled and heated before being fed back into the extractor;
• Purified sands leave the extractor to be dried.

The entire system is energy efficient, with heat generated during the process being recycled. It also produces crude oil with a very low sulphur content, making downstream processing less costly. The oil extracted from the Asphalt Ridge facility has an average viscosity rating of 14 API, making it far easier to transport than other crude oils.

For more information, visit the company’s website at www.Petroteq.energy

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