- Petroteq’s patented closed-loop “clean” technology mines tar sand source material from land surfaces, minimizing financial and environmental risk
- Global demand for oil is outpacing supply, with geopolitical forces and expected higher oil prices contributing to increased drilling activity in the U.S.
- Petroteq’s patented technology efficiently captures heavy oil that wasn’t previously accessible
- The company began delivering oil to its regional market in November 2018 and expects to increase production to 1,000 bpd
Recent short-term energy outlook reports issued by the U.S. Energy Information Agency (“EIA”) illustrate the volatility of the world’s crude oil supply as geopolitical forces affect production and predicted demand outpaces supply. Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) and its environmentally-friendly oil extraction technology has the potential to revolutionize America’s energy independence by releasing heavy oil resources hidden in oil sands and oil shale deposits without harming the environment.
Petroteq’s patented closed-loop, clean technology is currently in production at the company’s Asphalt Ridge pilot facility in northeastern Utah and has proven to be commercially viable. Petroteq began delivering oil to its regional market in November 2018 and recently reported consistent production of over 500 barrels per day (bpd) (http://ibn.fm/dSRuS). Petroteq’s environmentally safe and sustainable approach for the extraction of heavy oil and bitumen from oil sands, shale and shallow oil deposits produces zero greenhouse emissions or waste and does not necessitate the use of high temperatures.
Petroteq’s technology comes at a fortuitous time, as political unrest continues to shake the world’s oil-rich nations. EIA’s May 7, 2019, short-term energy outlook report issues several forecasts, including concerns that tighter than expected global oil market balances in mid-2019 and increasing supply disruption risks globally – notably from Venezuela and Iran – will affect oil inventories and prices (http://ibn.fm/cHry7).
Unlike fracking, or hydraulic fracturing, in which high pressure water and chemicals are injected into drilled wells to force open rock fractures, releasing trapped oil and creating polluting tail ponds, Petroteq’s patented closed-loop “clean” technology mines tar sand source material from land surfaces without harming the environment. As the oil sands are mixed with a solvent solution and crushed to wring out the oil, the sand is shaken and removed for storage through a heat distillation process. The original sand material is then returned to the desert floor, cleaner than when it was taken for processing.
“In fact 100 percent cleaner than it was when we took it out,” Petroteq President R. Gerald Bailey said in an interview last year (http://ibn.fm/O0gsF). “There’s no emissions, nothing to the air and nothing to the soil… So, you could put plants on it and grow it after we get finished. So, there’s no environmental issues in this stuff and it’s very amenable to easy expansion.”
Utah’s vast oil sands deposits represent 15 billion barrels of recoverable oil and potentially more, according to the Utah Geological Survey. Petroteq’s Asphalt Ridge mineral lease alone features a large contingent oil sands resource base with an estimated 87 million barrels of oil equivalent.
The company is strategically expanding its oil sands resource in Utah under U.S. federal oil and gas leases that encompass approximately 8,480 gross acres (4,240 net acres), according to a news release (http://ibn.fm/lAsHJ). This acquisition, as well as the previous one carried out by Petroteq for 50 percent of the operating rights and interests under the same lease, will give the company 100 percent of the operating rights for oil sands development.
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