Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully
integrated surface oil sands mining oil company with proprietary technology,
today announced the ending of the 30-day comment period for its 3,000 barrel
per day expansion permit, indicating that the State of Utah, Department of Oil,
Gas, and Mining Division (“UDOGM”) did not receive any comments on the
company’s Significant Revision Notice of Intent (“NOI”). Based on the July 23,
2019 tentative approval letter and since no comments were received, the UDOGM
has indicated that it can now formally approve Petroteq’s proposed expansion
NOI, contingent on final modification of the reclamation contract and a surety
bond increase to meet the modified reclamation contract requirements. “The
expansion development of our Asphalt Ridge property is another important step
in our long-term growth strategy,” Petroteq Chief Executive Officer David
Sealock said in the news release. “Building on our current production base is
expected to offer several advantages: we know the area geology well, our CORT
allows us to minimize potential environmental impacts, and it is relatively
straightforward to link the expansion project into existing facility
infrastructure. Dr. Donald Clark, our Chief Geologist, did an excellent job
regarding the environmental and engineering studies and in the preparation for
filing of the regulatory application. We believe this work and permit approval
demonstrates both the scalability of the technology and economic feasibility.”
To view the full press release, visit http://ibn.fm/yznW6
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 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.
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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