- Petroteq has commenced commercial production at its Asphalt Ridge oil extraction facility in Utah
- Initial production at Asphalt Ridge is anticipated to reach 1,000 barrels of oil per day, with production expected to increase to as much as 8,000 BPD by 2021
- The company has been recently featured by various major news outlets, including The New York Times
From Fox Business (http://nnw.fm/6esO7) to The New York Times (http://nnw.fm/dwNn3), oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: A2DYWC) has been making headlines in a big way. What is all the buzz about? Petroteq has pioneered a sustainable and environmentally safe technology for extracting heavy oils from oil sands, oil shale deposits and shallow oil deposits—the first of its kind in the industry.
In a recent published statement from CEO David Sealock, the company announced that it has commenced commercial production at its Asphalt Ridge facility in Utah utilizing this game-changing technology, is approaching a production capacity of 1,000 barrels per day and is on the cusp of putting its oil on the market (http://nnw.fm/ZJ98m).
For decades, major oil companies have attempted, unsuccessfully, to tap into these rich oil shale and oil sands deposits in Utah in a financially sound and environmentally friendly way. The Petroteq team, armed with the company’s patented extraction technology, is the first to viably unlock these resources.
The oil sand and shale reserves of Utah and its neighboring states are thought to be the largest untapped reserves in the U.S., and Petroteq is the pioneering company that holds the key to unlocking these valuable deposits.
“That is why what we are doing is so important – we are spearheading a movement that helps towards the goal of the United States becoming energy independent,” Petroteq CEO David Sealock said in his statement (http://nnw.fm/ZJ98m).
While the initial production capacity for the Asphalt Ridge facility will be 1,000 barrels of oil per day, Petroteq anticipates that this will grow to as many as 8,000 barrels per day by late 2020 or early 2021 (http://nnw.fm/jmX7i). According to an article recently published in The New York Times discussing Petroteq’s groundbreaking technology, that output could reach 10,000 barrels per day within 25 years (http://nnw.fm/CNma6).
If Petroteq’s Asphalt Ridge facility performs as expected, the sky could be the proverbial limit for the company as it turns its sights on other oil-rich locations in the U.S. and on shallow oil sands deposits elsewhere in the world. Petroteq is already in talks regarding possible joint ventures and licensing agreements with companies in Colombia, Australia, Venezuela and Trinidad and Tobago.
Petroteq recently discussed its patented, pioneering technology in a presentation at The MicroCap Conference in New York City (http://nnw.fm/cO0W8). As the buzz continues to swarm around this revolutionary company, 1,000 barrels of oil per day could be just the tip of the iceberg.
For more information, visit the company’s website at www.Petroteq.energy
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com