Oil and gas industry technology developer Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) recently
announced that it is strategically expanding its oil sands resource through the
execution of a definitive agreement to acquire an extra 50% of the operating
rights and interests concerning oil sands in the state of Utah, under U.S.
federal oil and gas leases. An article discussing the agreement reads, “The
U.S. federal oil and gas leases encompass approximately 8,480 gross acres
(4,240 net acres), the company said in a news release (http://ibn.fm/1YaWA). This
acquisition, as well as the previous one carried out by Petroteq for 50% of the
operating rights and interests under the same lease, will give the company 100%
of the operating rights for oil sands development. . . . As per the acquisition
terms and conditions, Petroteq’s wholly owned subsidiary, TMC Capital LLC, will
acquire Petrollo LP Corp. – a Nevada corporation with an undivided 50% interest
in the operating rights under a federal oil and gas lease located in P.R.
Springs and five federal and oil gas leases located in the Tar Sands Triangle.”
To view the full article, visit http://ibn.fm/KFV0E
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. The company’s proprietary process produces zero greenhouse gas
and 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 and processing facility located near Vernal,
Utah. For more information, visit the company’s website at www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates
relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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