Petroteq Announces Positive Progress for its Vernal, Utah Plant Re-Engineering
September 05 2019 - 9:00AM
Petroteq Energy Inc. (“
Petroteq” or the
“
Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a
fully integrated surface oil sands mining oil company with patented
- proprietary technology, is pleased to announce further progress
resulting from the recent plant re-engineering project designed to
bring production back online.
The facility maintenance program and equipment
re-engineering modifications have been completed for the sand
separation, clean sand production processes and the fluid and
sediment extraction equipment. All the equipment is now on-site and
the commissioning of these units is expected to start
immediately.
Petroteq wishes to thank its shareholders for
the extreme patience and long term support offered to date as
Petroteq looks forward to the project delivering its potential in
the weeks ahead.
Below is a graphic of Petroteq new plant design.
Stage 3 and 4 includes the addition of new vibrating separation
units that are designed to virtually eliminate the need of
introducing abrasive sand into the centrifuges. Stage 5 is the new
clean sand equipment, and stage 6 is the new sediment extraction
equipment. Petroteq believes that these upgrades will reduce
maintenance costs over the long term.
We invite investors to watch the “Follow the
Molecule” video for a more detailed look.
https://www.youtube.com/watch?v=5nwywpYEEu0&t=163s
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 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. Our proprietary process
uses no process water, produces nearly zero greenhouse gas and
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 and
processing facility located near Vernal, Utah.
For more information, visit
www.Petroteq.energy.
Forward-Looking Statements
Certain statements contained in this press
release contain forward-looking statements within the meaning of
the U.S. and Canadian securities laws. Words such as “may,”
“would,” “could,” “should,” “potential,” “will,” “seek,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and
similar expressions as they relate to the Company, including: the
commissioning of the redesigned plant starting immediately; the
addition of new vibrating separation units virtually eliminating
the need of introducing abrasive sand into the plants centrifuges;
and these upgrades reducing the Company’s maintenance costs over
the long term; are intended to identify forward-looking
information. Readers are cautioned that there is no certainty that
it will be commercially viable to produce any portion of the
resources. All statements other than statements of historical fact
may be forward-looking information. Such statements reflect the
Company’s current views and intentions with respect to future
events, based on information available to the Company, and are
subject to certain risks, uncertainties and assumptions. Material
factors or assumptions were applied in providing forward-looking
information. While forward-looking statements are based on data,
assumptions and analyses that the Company believes are reasonable
under the circumstances, whether actual results, performance or
developments will meet the Company’s expectations and predictions
depends on a number of risks and uncertainties that could cause the
actual results, performance and financial condition of the Company
to differ materially from its expectations. Certain of the “risk
factors” that could cause actual results to differ materially from
the Company’s forward-looking statements in this press release
include, without limitation: the ability of the Company to
commission the sand separation and the clean sand production
processes and the fluid and sediment extraction equipment
immediately, the ability of the Company virtually eliminate the
need of introducing abrasive sand into its centrifuges by the
addition of new vibrating separation, the ability of the Company to
use these upgrades to reduce its maintenance costs greatly over the
long term, the failure by the TSXV to provide final approval to the
financing or shares for debt settlements; uncertainties inherent in
the estimation of resources, including whether any reserves will
ever be attributed to the Company’s properties; since the Company’s
extraction technology is proprietary, is not widely used in the
industry, and has not been used in consistent commercial
production, the Company’s bitumen resources are classified as a
contingent resource because they are not currently considered to
be commercially recoverable; full scale commercial production may
engender public opposition; the Company cannot be certain that its
heavy oil and bitumen resources will be economically producible
and thus cannot be classified as proved or probable reserves in
accordance with applicable securities laws; changes in laws or
regulations; the ability to implement business strategies or to
pursue business opportunities, whether for economic or other
reasons; status of the world oil markets, oil prices and price
volatility; oil pricing; state of capital markets and the ability
of the Company to raise capital; litigation; the commercial and
economic viability of the Company’s oil sands hydrocarbon
extraction technology, and other proprietary technologies
developed or licensed by the Company or its subsidiaries, which
currently are of an experimental nature and have not been used at
full capacity for an extended period of time; reliance on
suppliers, contractors, consultants and key personnel; the ability
of the Company to maintain its mineral lease holdings; potential
failure of the Company’s business plans or model; the nature of
oil and gas production and oil sands mining, extraction and
production; uncertainties in exploration and drilling for oil, gas
and other hydrocarbon-bearing substances; unanticipated costs and
expenses, availability of financing and other capital; potential
damage to or destruction of property, loss of life and
environmental damage; risks associated with compliance with
environmental protection laws and regulations; uninsurable or
uninsured risks; potential conflicts of interest of officers and
directors; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in the Company’s disclosure documents, filed with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com.
Should any factor affect the Company in an
unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, the Company does
not assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this
press release, and the Company undertakes no obligation to publicly
update or revise any forward-looking information, other than as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CONTACT INFORMATION
Petroteq Energy Inc. Alex Blyumkin Executive Chairman Tel: (800)
979-1897
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/80648787-3bcc-44a6-83f4-eebf9dcaf022
Petroteq Energy (TSXV:PQE)
Historical Stock Chart
From May 2024 to Jun 2024
Petroteq Energy (TSXV:PQE)
Historical Stock Chart
From Jun 2023 to Jun 2024