- The global oil shale market is estimated to reach $5.63 billion by 2025, registering a CAGR of 16.7 percent from 2018 to 2025; the U.S. market is expected to grow at a 27.1 percent CAGR during the same period
- Petroteq’s proprietary, environmentally friendly, closed-loop Clean Oil Recovery Technology (CORT) process significantly lowers capital construction and production costs and eliminates the need for polluting tailings ponds
- The company has secured financing for its extraction technology in Asphalt Ridge, Utah, and for working capital purposes
- Petroteq is advancing plans to expand production at Asphalt Ridge to 3,000 barrels per day
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands mining company with proprietary technology, has secured additional funding and made significant progress toward its expansion plans at the company’s Asphalt Ridge heavy oil extraction facility in Utah. Petroteq recently announced that it has accomplished several positive moves toward achieving the company’s long-term growth strategy.
Petroteq’s proprietary Clean Oil Recovery Technology (CORT), which utilizes a closed-loop, solvent-based process, can extract up to 99 percent of crude oil and results in significantly lower per-barrel production costs than conventional hot water-based oil sands extraction technologies. The technology was developed for surface tar-sand extraction, and it is suitable for all hydrocarbon deposits, as an article published by NetworkNewsWire explains (http://ibn.fm/79UEo).
A new video tour of the company’s Utah extraction facility, narrated by CEO David Sealock, explains the technology’s processes and its potential (http://ibn.fm/rIS7c). This green technology utilizes a small, modular footprint, produces no greenhouse gases, requires no high temperatures, leaves only clean dry sand, and could be deployed to unlock heavy oil deposits located around the world.
Earlier this month, Petroteq announced the issuance to an arm’s length lender of a $480,000 principal amount (including a 20 percent original issue discount) unsecured convertible debenture and warrants exercisable for up to 2,666,666 of the company’s common shares, each at $0.15, for 12 months, according to a news release (http://ibn.fm/elOX1). The company said it will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, as well as for working capital.
Petroteq’s 3,000-barrel-per-day expansion permit has cleared another hurdle with the State of Utah’s Department of Oil, Gas and Mining Division. A required 30-day comment period came and went recently, with no comments received on the company’s significant revision notice of intent (NOI).
“The expansion development of our Asphalt Ridge property is another important step in our long-term growth strategy,” Sealock stated in a news release (http://ibn.fm/NSjHK). “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.”
Allied Market Research estimates that the global oil shale market will reach $5.63 billion at a 16.7 percent compound annual growth rate (CAGR) from 2018 to 2025, with the U.S. expected to top 27 percent CAGR during the forecast period because of its abundant oil shale reserves, as an article in Hitech News Daily reports (http://ibn.fm/vwKwu). Extracting oil from oil shale accounted for most of the total market share, per the article, which further notes that improvements in extraction techniques and drilling are expected to provide lucrative opportunities for market growth in the future.
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