- Petroteq Energy is a technology developer for the oil and gas industry, concentrating on the ability of its flagship Clean Oil Recovery Technology (CORT) to draw and distill heavy oil from surface oil sands
- The company recently resumed operations at its eastern Utah facility following a period of maintenance to improve its equipment’s ability to separate coarse sands, extract fluids and then return the cleaned sands to the ground
Oil and gas industry technology pioneer Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) has resumed production at its eastern Utah Asphalt Ridge facility, where the company’s disruptive Clean Oil Recovery Technology (CORT) was developed for extracting heavy oils from ground surface oil sands in an environmentally safe manner.
Using CORT, Petroteq began scaling production last year and selling oil to regional markets as evidence of its technology’s effectiveness. The company was producing heavy oil with the closed loop system, but it curtailed the operation in May to begin a maintenance program that improves the processes of separating the resource sands, extracting fluids from them with a solvent emulsifier and cleansing the sands through distillation.
“The technology enhancements completed in the last several months are expected to provide the company the foundation to consistently increase production to its productive capacity in a step wise approach, and potentially enhance cash flow in what is currently a much more favorable pricing environment,” CEO David Sealock stated in a recent news release (http://ibn.fm/FhU52). “The strengthening of our balance sheet, consistent production and cash flow remains our top priority.”
The recent modifications help the company to overcome difficulties posed by the desert sands’ coarseness on the Asphalt Ridge facility’s operations, allowing the company to potentially process more oil sands ore per day with a quality that’s more suitable to the local refineries.
“Petroteq and our strategic partners are very excited about the potential future of this technology as the first in Utah and the USA to commercially produce surface oil sands reserves”, Executive Chairman Alex Blyumkin stated in the news release. “The work that has been completed to evolve Petroteq’s environmentally friendly… technology, from a batch process to semi-continuous production process, is the basis of many valuable design lessons learned through the improvement process. The Operations and Engineering staff should be commended for the advances made and implementation in a difficult operating environment.”
The company plans a conference call in December to review its operating results and will provide the date and time, as well as the North American toll-free number and international call number, next month.
The company also continues to improve its financial bottom line by reducing its debt, issuing shares subscriptions and pursuing private placement funding (http://ibn.fm/i1nHh).
Petroteq approved its first non-exclusive licensing agreement in July, granting eastern Texas energy services company Valkor LLC the right to use CORT to engineer, construct, operate and finance oil sands extraction and distillation at Valkor’s bases of operation (http://ibn.fm/bCopM).
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
