Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, today announced that it has achieved stabilized production rates and sales of heavy oil from its Asphalt Ridge Facility in Utah. According to the update, the company has achieved the following since re-commissioning the plant in September 2019: Cumulative sales of 1,000 barrels of heavy oil; stabilized production rate of 200 bbl/per day from the facility’s current daily 12 hour shift; and oil quality (namely, clay percent and oil thickness) to meet the requirements of specific buyers. Production numbers are expected to improve from pending automation of the facility’s centrifuge process, as well as the initiation of a 24 hour shift of plant operations. “We believe our ongoing drive to deliver innovative Clean Oil Recovery Technology (“CORT”) is paying off, and our most recent advances in oil quality, oil sales and consistent production, holds the additional promise of increased economic performance that should help us strengthen our balance sheet and our corporate value,” Petroteq CEO David Sealock said in the news release.
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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 oils 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. Its proprietary process 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 facility located near Vernal, Utah. For more information, visit the company’s website at www.Petroteq.energy
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