Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, today released a shareholder update regarding recent transactions relating to the company. Among other highlights, the update discussed Petroteq’s entry into an agreement with Valkor Energy Services LLC. Under the agreement, Valkor will assume responsibility for the management and operations of Petroteq’s existing oil sands plant at Asphalt Ridge, Utah. Valkor, together with its joint venture partner, Tomco Energy plc, are upgrading Petroteq’s existing oil sands plant to increase capacity and reliability for continuous operations at 400 barrels per day average with a target of 500 barrels per day. This is part of a larger study for a proposed commercial scale 5,000 barrel per day plant design, which, with minor changes to account for location variables, could be utilized for expansion of Petroteq’s existing oil sands plant and for other similar facilities worldwide. “We are looking forward to working with Valkor and Greenfield Energy,” said Petroteq CEO Alex Blyumkin in the press release. “Their expertise and resources will be of great benefit to us at Petroteq.”
To view the full press release, visit http://ibn.fm/KG8rt
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology 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 and reclamation 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. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah.
For more information, 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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