- Petroteq
Energy’s proprietary Clean Oil Recovery Technology (CORT) can extract up
to 99 percent of crude oil and produces no waste or greenhouse emissions
- CORT
licensing is seen as a future line of growth for Petroteq
- The
company announced that it has received positive lab results regarding the
recovery of oil from international ore samples
- The
company recently sealed a major licensing agreement with Texas energy
company Valkor
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is
revolutionizing the heavy oil recovery process through its clean, closed-loop
technology that’s capable of extracting fuel from sands and returning the
cleaned sands back to the earth.
The proprietary mechanism is called Clean Oil Recovery
Technology (CORT). The technology was developed for surface tar-sand
extraction, and it is suitable for all hydrocarbon deposits. The patented
14-stage process can extract up to 99 percent of crude oil and recycle over 99
percent of the solvent used in the process. CORT can also be deployed for land
remediation projects, either independently or integrated with other processes.
Several key advantages define the superiority of the CORT approach.
The technology does not require any water; it does not emit greenhouse gas; and
it does not require high temperatures. Additionally, the process leaves
virtually no waste; the only product returned back after the completion of the
extraction is clean sand.
An August 19, 2019, press release announced that the company
has received positive lab results on the recovery of oil from international ore
samples. Stage 1 laboratory testing with the oil sands samples provided by a
separate Asian energy firm using Petroteq’s CORT on oil sands samples was
completed on August 15, 2019. The testing was undertaken to determine the
geophysical characteristics of the oil and demonstrated that Petroteq’s
proprietary technology was able to recover a maximum oil content of
approximately 20 percent saturation, with results approaching greater than 90
percent yield of heavy oil from the supplied surface minable heavy oil project
samples.
In addition, Petroteq reported results from its stage 2
laboratory testing with oil shale samples provided by Queensland Energy Mining
Limited (“QEM”) using Petroteq’s CORT on previously drilled QEM core samples.
The preliminary stage 2 QEM test results demonstrated that Petroteq’s
proprietary technology was able to recover up to 65 percent of the contained
oil from Julia Creek project samples.
Petroteq is making the technology available to other
organizations in the field, as well. On July 2, 2019, the company announced its
entry into a non-exclusive technology licensing agreement with Valkor LLC, an
eastern Texas energy services company (http://ibn.fm/re0Zh). This licensing agreement for
Petroteq’s CORT grants Valkor non-exclusive rights to the use of the patented
extraction solution.
This is the first licensing agreement that demonstrates the
potential of CORT. Petroteq currently envisions opportunities to license the
extraction technology in more than 20 countries that have oil sand resources.
CORT roll-out discussions are ongoing in parts of the world
like Canada, the Middle East, Africa and South America. The proprietary nature
of the technology, its enhanced extraction capabilities and its remediation
opportunities give Petroteq significant growth potential upon which it intends
to capitalize in the future.
“The licensing model is an important component of the
Petroteq business model allowing Petroteq to leverage its proprietary
technologies and operating techniques to participate in value created through
investment by other companies and strategic investors,” an official corporate
announcement reads.
According to Valkor CEO Steve Byle, prior cooperation with
Petroteq shows that the CORT platform is unique and highly effective. It is a
great match to Valkor’s long-term strategy, Byle concluded in a news release.
Petroteq Energy is a Canadian-registered publicly traded
company that focuses on the development and implementation of proprietary
solutions for the sustainable extraction of heavy oils from oil sands, oil
shale deposits and shallow oil deposits.
The company has currently concentrated its oil sand
exploration and production efforts on Utah and, more specifically, its Asphalt
Ridge project. The Asphalt Ridge mineral lease spans 2,500-plus acres and
features a large contingent oil sands resource base with an estimated 87
million barrels of oil equivalent.
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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