Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has filed its amended and restated financial statements and management’s discussion and analysis on Edgar and SEDAR; the statements cover the eight quarters from May 31, 2019, to Feb. 28, 2021. The company also filed its quarterly report and related certifications on Form 10-Q for the period ended May 31, 2021. Last month, Petroteq reported the reason for the restatements and also announced that it had retained legal counsel to review the settlement agreement, the note and the security agreement to determine whether they are enforceable. As a result, Petroteq has determined that the liability represented by the note should be classified as a contingent liability; the company also announced that, other than the disclosure of a contingent liability of $6 million, no additional impact was made on the financial statements. Petroteq management is working with the Ontario Securities Commission and TSX Venture Exchange to resume trading. The company noted that no operational constraints have been experienced during this restatement period and all operational activity has proceeded without affect. “As promised, our CFO and auditors, Hay & Watson, have worked tirelessly to complete the necessary work,” said Petroteq CEO Dr. R.G. Bailey in the press release. “Shareholders should be assured that conditions have normalized.”
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit
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
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