- Company has acquired 1,312 additional acres adjacent to its Asphalt Ridge heavy oil extraction facility in Utah
- Acquisition brings company’s total contingent resources to 2,541 leased acres and 87.49 million barrels of mineable oil sands
- Full production at Asphalt Ridge is slated for 2019
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) (FRANKFURT: A2DYWC), a fully integrated oil and gas company focused on developing and implementing a proprietary new oil extraction technology, has announced the acquisition of additional acreage in Utah’s resource-abundant Uintah Basin.
At auction, Petroteq finalized the acquisition of a 100 percent interest in two leases totaling 1,312 acres adjacent to its Asphalt Ridge heavy oil extraction facility, located near Vernal, Utah. According to a recent Chapman report dated April 30, 2018, titled ‘Evaluation of Contingent Resources’, the newly acquired leases contain 7.331 million barrels of contingent resource, greatly expanding the company’s total contingent resources and bringing its current total to 2,541 leased acres and 87.49 million barrels of mineable oil sands.
The acquisition of the additional acreage increases Petroteq’s operating footprint at Asphalt Ridge, providing the company with more mineable resources while also offering added flexibility regarding how Petroteq mines the acreage it already possesses. The company is making plans to apply its patented mining extraction technology process to the new resource.
Petroteq’s patented technology is a sustainable, environmentally safe and cost-effective method of extracting heavy oils from oil sands, oil shale deposits and shallow oil deposits. The process produces no greenhouse gases, results in zero waste and does not require high temperatures. This revolutionary method has the potential to wholly disrupt currently used oil extraction processes, which are hugely damaging to the environment and also require a significant capital investment.
More than half of America’s oil sands deposits are located in Utah, making Petroteq’s presence and property expansion in that state well justified. Production capacity is currently being increased at the Asphalt Ridge facility, with full production slated to commence there in 2019. Final engineering, procurement and construction processes are presently underway at the facility.
Petroteq is additionally developing, through wholly owned subsidiary PetroBLOQ, LLC, the very first blockchain-based platform specifically tailored to meet the supply chain needs of the oil and gas sector. This technology works in concert with the company’s production system to ensure optimum efficiency.
For more information, visit the company’s website at www.Petroteq.energy
