Fully integrated oil and gas company Petroteq Energy (TSX.V:
PQE) (OTCQX: PQEFF) today announced that it has applied to the Alternative
Energy Development Initiative (“AEDI”). As part of Utah’s Energy Action Plan,
the AEDI is intended to surge the growth of jobs and state revenues in the Utah
energy market. A major incentive of the initiative is a 75% tax reduction of
new revenues including corporate, sales, and withholding taxes for 20 years or
the life of the project, whichever is less. “We have known Utah to be extremely
collaborative and committed to its ‘energy action plan’ and this is just more
positive evidence in support of that,” Petroteq CEO David Sealock stated in the
news release. “We have spent millions on developing our project, and we will
look for opportunities to strategically achieve targeted projects for our
technology to spend many millions more in business development, rural job
creation and workforce development in the energy mining sector as we expand our
footprint in what we believe will become the fastest growing energy market in
the US. This tax benefit will allow us to generate even more cash that will be
directly be redeployed here in Utah to grow our Company and will provide
opportunities for jobs and economic development in Utah. The Governor’s
ten-year Strategic Energy Plan and State Energy Policy program will deliver
tangible results for Utah.”
To view the full press release, visit http://ibn.fm/mFtuS
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. Petroteq’s 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 www.PetroBLOQ.com
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