Fully integrated oil and gas company Petroteq Energy (TSX.V:
PQE) (OTCQX: PQEFF) today announced that it has signed a non-binding Letter of
Intent (“LOI”) to pursue additional acreage and resources in Utah. The company
has reached an agreement with Mareton Alliance LP regarding the acquisition of
leases and resources in the Utah Oil Sands Region that meet all the criteria
set out by Petroteq’s management and board. Further details, including the
pricing and structure of the transaction, have yet to be finalized. “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,” Petroteq Energy CEO David Sealock stated in the
news release.
To view the full press release, visit http://ibn.fm/Wr5H5
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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