Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated oil and gas company, this morning announced the commencement of commercial production at its Asphalt Ridge plant in Vernal, Utah. Petroteq intends to increase production at the Asphalt Ridge plant at a rate of an additional 10% of total capacity each week until it reaches its target of 1,000 bpd. Transport of the oil off site is subject to the company receiving a business permit, which is expected in the coming weeks.
Additionally, Petroteq published a statement from the company’s CEO, David Sealock. “Our “Asphalt Ridge” asset has (from time to time) caught the attention of major oil companies going back 70 years. But nobody has been able to unlock its resources in a financially sound and environmentally friendly manner until the Petroteq team and its proprietary technology came along. I know our investors have been anxiously waiting for updates about our production levels and they should know that I have been taking a calculated approach in initiating production at our new plant in Vernal, Utah,” Petroteq Energy CEO David Sealock stated in the news release. “I know our partners and stakeholders will welcome the approach I’ve implemented; small batch testing of our facility before running it at its intended full capacity of 1,000 bpd. Petroteq is launching a “first” in the industry and those types of projects require deliberate caution when getting started.”
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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 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. 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. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit the company’s website at www.Petroteq.energy
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