Petroteq’s technology is highly energy efficient and
environmentally sustainable
LOS ANGELES, California, Jan. 10, 2018 -- InvestorsHub
NewsWire -- Petroteq Energy
Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTCQX:
PQEFF; Frankfurt: A2DYWC), is a company focused on the development
of and implementation of proprietary technologies for the energy
industry. Petroteq’s portfolio includes technology for the
environmentally safe extraction of heavy oils from oil sands, oil
shale deposits and shallow oil deposits. The Company has announced
today that it has received a Notice of Allowance from the United
States Patent and Trademark Office for U.S. Patent Application
13/627,518, “Oil From Oil Sands Extraction Process” and a Notice of
Allowance from the Canadian Intellectual Property Office for
Canadian Patent Application 2,754,355, “Oil Extraction
Process.”
“We are very excited to receive the Notices of Allowance from
the respective U.S. and Canadian patent offices,” said Alex
Blyumkin, CEO and Chairman of Petroteq. The patents are part of
Petroteq’s intellectual property portfolio that includes patent
protection in Russia. The Company has applied for protection in all
of the countries with significant Heavy Oil assets that it believes
show promise for Petroteq technology. To learn more about
Petroteq’s intellectual property protection team click
here: www.nydegger.com
The Company would like to remind investors that while the patent
is new – the technology has been used by Petroteq in its heavy oil
extraction facility:
- Petroteq produced and sold 10,000 barrels of oil in 2015 using
this technology at its first facility in Maeser, Utah.
The Company is assembling a facility with the potential for 400% of
the initial capacity at its lease site at Asphalt Ridge, Utah
(1,000 bpd).
The Company is building this expanded oil extraction facility in
the U.S., where all industrial processes are expected to be on the
Blockchain powered supply chain management PetroBLOQ, being
developed in partnership with First Bitcoin Capital
Corp. (BITCF) (“First Bitcoin”). The production and refining
of oil has risen to unprecedented levels in the past few
decades to meet global refined products consumption demand. As a
result, there is a great deal of public scrutiny into oil refining
practices, its environmental impact, and the sustainability of the
oil supply chain.
“This is our first initiative to address the industry’s growing
concerns by developing sustainability benchmarks. We believe this
is good news for oil producers, regulators, and consumers. Emerging
technologies like PetroBloq blockchain platform should
have a transformative impact on the global oil industry – not only
by creating transparency in the supply chain but also creating
value for its stakeholders, upstream, midstream, and downstream,”
stated Alex Blyumkin, CEO.
The two patent allowances cover the Company’s novel process for
extracting bitumen – the heaviest, densest form of petroleum – from
oil sands in a highly energy efficient, environmentally friendly
manner. Petroteq's technology utilizes no water in the extraction
process, produces no greenhouse gases and requires no high
temperatures or pressures. The system extracts up to 99% of all
bitumen, heavy oil and other lighter hydrocarbons, while recycling
up to 99% of the benign extraction solvents.
“Our technology development has been inspired in large
part by witnessing the catastrophic devastation in so many of the
world’s major oil sands projects. Petroteq’s driving philosophy has
been that the extraction industry must be able to achieve
efficiency without leaving a wake of destruction to the surrounding
environment,” stated Mr. Blyumkin.
“The patents pave the way for significant potential commercial
licensing opportunities,” said Dr. Jerry Bailey, President of
Petroteq. “Concurrently we are making progress across a spectrum of
development activity that can place Petroteq in a position as an
industry technology leader. We have made significant progress on
the assembly of our own extraction facility in Utah, home to most
of the oil sands reserves in the United States. Meanwhile,
our PetroBLOQ joint venture with First Bitcoin is seeking
to develop the first supply chain management platform based on
blockchain technology for the global transaction needs of the oil
and gas industry.”
“Our goal is to create the first extraction facility in the U.S.
in which all industrial processes will be powered by our
blockchain-based supply chain management system,” continued Dr.
Bailey. “We have an expansive vision to leverage technology to make
a transformative impact on our industry, and we believe in the
power of collaboration. We recently became members of Hyperledger,
the open source collaboration to advance cross-industry blockchain
technologies, and the American Petroleum Institute (API). We look
forward to working with our colleagues across industries and
borders to help create lasting improvements in efficiency while
being mindful of our environment.”
“As the worldwide demand for fossil fuels continues to increase,
new, we believe unconventional, sources and methods for extracting
fossil fuels must be developed as traditional sources are rapidly
diminishing,” concluded Blyumkin. “Petroteq is committed to
ensuring the long term sustainability of the oil and gas supply
chain while minimizing the environmental impact of our collective
efforts.”
About Petroteq Energy Inc.
Petroteq Energy is engaged in the development and implementation
of its proprietary environmentally friendly heavy oil processing
and extraction technologies. Our proprietary process produces zero
greenhouse gas, zero 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 facility located near Vernal, Utah. The company also
owns a minority stake in an exploration and production play located
in southwest Texas held by Accord GR Energy Inc. Petroteq is also
developing technologies to optimize petrochemical industry workflow
processes. For more information,
visit www.Petroteq.energy.
About PetroBLOQ
PetroBLOQ is a collaboration formed by Petroteq Energy and First
Bitcoin Capital Corp. to develop the first supply chain management
platform based on advanced blockchain technology for the global
transaction needs of the oil and gas industry. For more
information, visit PetroBLOQ.com.
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, the Company seeking
patent protection in all of the countries with significant Heavy
Oil assets that show promise for Petroteq technology, the Company
successfully increasing production capacity of its extraction plan
to 1,000 barrels per day, the Company building an
expanded oil extraction facility in the U.S., where all industrial
processes will be on the Blockchain powered supply chain management
PetroBLOQ.com, emerging technologies like PetroBloq blockchain
platform having a transformative impact on the global oil industry,
the Company’s patents paving the way for significant potential
commercial licensing opportunities, the Company making significant
progress across a spectrum of development activity to position it
as an industry technology leader, and that unconventional sources
and methods for extracting fossil fuels must be developed as
traditional sources are rapidly diminishing, are intended to
identify forward-looking information. 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, including: Petroteq’s
ability to secure patent protection in all of the countries with
significant Heavy Oil assets that show promise for Petroteq
technology; Petroteq’s ability to increase production capacity of
its extraction facility; Petroteq’s ability to build an expanded
oil extraction facility where all industrial processes will be on
the Blockchain powered supply chain management PetroBLOQ.com; the
ability of emerging technologies like PetroBloq blockchain platform
to have a transformative impact on the global oil industry; the
ability of Petroteq’s patents to provide significant potential
commercial licensing opportunities; Petroteq’s ability to position
itself as an industry technology leader; the continued importance
of developing unconventional sources and methods for extracting
fossil fuels; as a developer and service provider of Blockchain
enabled technology product; and the Company having the funds
necessary to complete the foregoing; and the Company’s ability to
find partners and successfully negotiate licensing agreements on
commercially reasonable terms. 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 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 ability by the Company to raise
capital; litigation; the commercial and economic viability of the
Company's oil sands hydrocarbon extraction technology, the SWEPT
technology, the S-BRPT technology, and other proprietary
technologies developed or licensed by the Company or by Accord,
which are of 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 and Accord to maintain their respective 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 annual Management's Discussion and
Analysis for the year ending August 31, 2016, filed with the
securities regulatory authorities in certain provinces of Canada
and available
at www.sedar.com. All
forward-looking statements with regards to the Company’s
development of a blockchain technology involve significant risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements, many of which are generally outside the control
of the Company and are difficult to predict. Examples of
such risks and uncertainties include, but are not limited to,
whether the Company will be able to develop the blockchain
technology to completion, whether blockchain technology will be
adopted by the Company's merchants and consumers, whether the new
business unit will be successful in it endeavors to identify and
invest into relevant projects and whether investment into
blockchain ecosystem will positively impact the Company. 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 INFORMATIONPetroteq Energy Inc.Alex BlyumkinChief Executive OfficerTel: (800) 979-1897
Petroteq Energy (CE) (USOTC:PQEFF)
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