Petroteq
Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil sands mining and production
company with proprietary technology that extracts hydrocarbons from oil sands
without the use of water, today announced that it has achieved sales of high
quality heavy oil from its Asphalt Ridge facility in Utah. According to the
update, the company has the ability at its facility, using oil sands ores mined
or extracted from Utah’s Asphalt Ridge area, to produce a crude oil that can
range between a heavier oil and a medium oil in its specific gravity (i.e. an
API gravity of 11 to 30 degrees), depending on refiner crude slate requirements
and planned refined products. In addition, though heavy oil and bitumen
contained in Asphalt Ridge oil sands deposits have a relatively low sulfur
content, oil produced at the company’s facility has an even lower sulfur
content when compared with WTI crude oil. Finally, oil produced from the
company’s facility now yields a BS&W content of approximately .003%, which
is nearly 40% lower than the BS&W specification required by many of Utah’s
refiners, pipelines and custody transfer operations. “We are entering an
exciting phase where we are making oil better and better every day,” Petroteq
CEO David Sealock said in the news release. “Everything that we have developed
over the last years we hope will now culminate in our streamlined designs for
our enlarged facility that is around the corner.”
To view the full press release, visit http://ibn.fm/49KWk
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 and bitumen 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. Its proprietary process produces nearly zero
greenhouse gas and 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. 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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