Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully
integrated oil and gas company, this morning announced the commencement of
commercial production at its Asphalt Ridge plant in Vernal, Utah. Petroteq
intends to increase production at the Asphalt Ridge plant at a rate of an
additional 10% of total capacity each week until it reaches its target of 1,000
bpd. Transport of the oil off site is subject to the company receiving a
business permit, which is expected in the coming weeks.
Additionally, Petroteq published a statement from the
company’s CEO, David Sealock. “Our “Asphalt Ridge” asset has (from time to
time) caught the attention of major oil companies going back 70 years. But
nobody has been able to unlock its resources in a financially sound and
environmentally friendly manner until the Petroteq team and its proprietary
technology came along. I know our investors have been anxiously waiting for
updates about our production levels and they should know that I have been
taking a calculated approach in initiating production at our new plant in
Vernal, Utah,” Petroteq Energy CEO David Sealock stated in the news release. “I
know our partners and stakeholders will welcome the approach I’ve implemented;
small batch testing of our facility before running it at its intended full
capacity of 1,000 bpd. Petroteq is launching a “first” in the industry and
those types of projects require deliberate caution when getting started.”
To view the full press release, visit http://ibn.fm/jS1Q0
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. Our 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. 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 the
company’s website at www.Petroteq.energy
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