- Company
to work with Cavitation Technologies to raise efficiencies in oil
extraction process
- Collaboration
aimed at decreasing Petroteq’s production costs
- Petroteq
applies for uplisting to Nasdaq exchange
Oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC:
PQEFF) is partnering with a leading fluids processing company to test ways of
improving oil yields in Petroteq’s oil sands extraction process. Cavitation
Technologies, Inc. (OTCQB: CVAT) (“CTi”), which develops technologies used in
various industries, is to work with Petroteq to analyze the efficiency of its
workflow processes and ultimately decrease production costs, according to a
Petroteq news release (http://ibn.fm/A4rvr).
Petroteq is on the verge of beginning full scale extraction
of oil from oil sands in its facility at Asphalt Ridge, Utah. Using its
patented, environmentally-friendly technology, Petroteq expects to extract
1,000 barrels of oil per day when the facility hits full capacity in August.
Petroteq’s innovative methods will allow it to extract oil without leaving
behind waste or releasing greenhouse gases. The company has leased 2,541 acres
and 87.49 million barrels of mineable oil sands in Utah.
“We are excited to be partnering with CTi. With our recent
upgraded facility site, we are now exploring opportunities to make our products
more cost-effective and efficient. We feel that it is important to engage on
the innovation of our R&D with other compelling technologies that have the
potential of generating scalable solutions within the industry,” Petroteq CEO
David Sealock stated in a news release.
CTi Founder and Global Technology Manager Roman Gordon
explained that his company has introduced its proprietary technology in a
number of different verticals while creating partnerships with industry leaders
over the last decade. “This agreement provides our companies the opportunity to
develop and implement technologically advanced processes that will greatly
improve efficiencies over conventional methods while achieving increased
margins and profitability,” he added.
Under the agreement, Petroteq and CTi will use CTi’s
proprietary Nano Reactor System™ to raise the value and yield of oil extracted
from oil sands. According to the press release, the technology can influence
and alter the chemical and physical composition of certain crude oils and
hydrocarbon substances so as to enhance the economic value and yield of refined
oils and related hydrocarbon products.
In what has proved to be an eventful summer for Petroteq,
the company has applied to have its stock listed on the Nasdaq Capital
Market (http://ibn.fm/wlt37).
The company hopes that, if approved, listing on the Nasdaq will raise its
visibility with investors and increase awareness of Petroteq in the financial
community.
“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,”
Sealock said.
While the application is being processed, Petroteq stock
will continue to trade as usual on the OTC market in the U.S. and on Canada’s
TSX Venture Exchange, as well as markets in Frankfurt, Berlin, and Munich.
For more information, visit the company’s website at www.Petroteq.energy
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