Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated, surface oil sands clean recovery mining oil company with proprietary technology, recently secured additional funding and made considerable headway toward its Asphalt Ridge heavy-oil extraction facility expansion plans. An article discussing the company reads, “Earlier this month, Petroteq announced the issuance to an arm’s length lender of a $480,000 principal amount (including a 20% original issue discount) unsecured convertible debenture and warrants exercisable for up to 2,666,666 of the company’s common shares, each at $0.15, for 12 months, according to a news release (http://nnw.fm/ukFW2). The company said it will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, as well as for working capital.”
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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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