- Petroteq
in final-stage reliability tests prior to launching 1,000 barrels per day
production in Utah this month
- Company
fully funded for launch operations using proprietary environmentally
friendly process
- Company
expects to boost extraction to 8,000 barrels per day by 2020 or 2021
- Successful
production ramp up would make company the first to commercially produce
oil from tar sands
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FRANKFURT:
A2DYWC) is staying busy as it awaits news about its application to uplist from
the OTC Market to the Nasdaq Capital Market. The proprietary technology
developer for the oil and gas extraction industry is running final-stage
reliability tests of its own oil production operation at its Asphalt Ridge
facility in Utah, working in excess of 80 percent of its capacity under a
revolutionary ecological process as it prepares for full capacity extraction of
1,000 barrels per day by the end of July.
Petroteq Energy is banking on an environmentally friendly
process developed by its chief technology officer, Ukrainian chemist Vladimir
Podlipskiy, that the company expects to make it the first industry player to
successfully extract commercial amounts of crude oil from desert tar sand rock
in the Beehive State. Petroteq recently announced that its plans are fully
funded and cash flow ready, with $6 million raised since February (http://ibn.fm/Rv2TO).
The company’s technology uses solvents to produce zero
greenhouse gas, zero waste and no high temperatures during the extraction
process, which crushes the oil-saturated rocks to squeeze out the crude,
distills the solvent-oil mixture, recycles the solvent for further extraction
use and returns the essentially oil-less sands to the mining pit in a
closed-loop process.
Amid the excitement over ramping up the site’s production,
Petroteq announced in early July that it has submitted its formal application
to list its common stock in the United States on the Nasdaq Capital Market.
“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,”
CEO David Sealock stated in a news release about the application (http://ibn.fm/1Wegr). “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.”
During the review process, Petroteq’s common stock continues
to trade on the OTC market under the ‘PQEFF’ symbol, 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).
News of the Nasdaq application followed closely on the heels
of the announcement that experienced energy technology investor David Kahn had
joined the company’s advisory board (http://ibn.fm/KztGJ). Kahn has served as an executive in
some of the largest companies in the energy industry and will be responsible
for Petroteq’s due diligence efforts as the company reviews the numerous
technologies that it routinely considers adding to its IP portfolio.
Petroteq anticipates that successful production at the
Asphalt Ridge site will boost the gravitas of its environmentally safe
extraction process, and the company is already increasing its projections for
output and potential revenue. Sealock stated that the company initially
targeted an additional 1,000 barrels per day each year, but now expects to have
capital expenditures in place to add another 5,000 barrels per day by 2020 as
part of an aggressive growth curve that will bring it to 8,000 barrels per day
by the end of that year or by 2021 (http://ibn.fm/0EMmz). The company holds 2,541 leased acres
and 87.49 million barrels of mineable oil sands.
“The project was built during a period of low oil prices and
has come online just as oil prices have strengthened,” company founder and
Executive Chairman Alex Blyumkin stated (http://ibn.fm/PwyZp).
Company President R. Gerald Bailey told Fox Business News
earlier this year that he believes the trend in rising petroleum prices could
lead to $80 per barrel figures this year and perhaps reach $100 per barrel in
the near future (http://ibn.fm/3IovZ),
which would provide Petroteq a significant profit over its $25 to $30 per
barrel costs.
“It’ll make money and it’s good for the country,” Bailey
told the news agency.
For more information, visit the company’s website at www.Petroteq.energy
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