Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands mining oil company with proprietary technology, today announced the ending of the 30-day comment period for its 3,000 barrel per day expansion permit, indicating that the State of Utah, Department of Oil, Gas, and Mining Division (“UDOGM”) did not receive any comments on the company’s Significant Revision Notice of Intent (“NOI”). Based on the July 23, 2019 tentative approval letter and since no comments were received, the UDOGM has indicated that it can now formally approve Petroteq’s proposed expansion NOI, contingent on final modification of the reclamation contract and a surety bond increase to meet the modified reclamation contract requirements. “The expansion development of our Asphalt Ridge property is another important step in our long-term growth strategy,” Petroteq Chief Executive Officer David Sealock said in the news release. “Building on our current production base is expected to offer several advantages: we know the area geology well, our CORT allows us to minimize potential environmental impacts, and it is relatively straightforward to link the expansion project into existing facility infrastructure. Dr. Donald Clark, our Chief Geologist, did an excellent job regarding the environmental and engineering studies and in the preparation for filing of the regulatory application. We believe this work and permit approval demonstrates both the scalability of the technology and economic feasibility.”
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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 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. For more information, visit the company’s website at www.Petroteq.energy.
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