Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil sands mining and production company with proprietary technology that extracts hydrocarbons from oil sands without the use of water, today announced that it has achieved sales of high quality heavy oil from its Asphalt Ridge facility in Utah. According to the update, the company has the ability at its facility, using oil sands ores mined or extracted from Utah’s Asphalt Ridge area, to produce a crude oil that can range between a heavier oil and a medium oil in its specific gravity (i.e. an API gravity of 11 to 30 degrees), depending on refiner crude slate requirements and planned refined products. In addition, though heavy oil and bitumen contained in Asphalt Ridge oil sands deposits have a relatively low sulfur content, oil produced at the company’s facility has an even lower sulfur content when compared with WTI crude oil. Finally, oil produced from the company’s facility now yields a BS&W content of approximately .003%, which is nearly 40% lower than the BS&W specification required by many of Utah’s refiners, pipelines and custody transfer operations. “We are entering an exciting phase where we are making oil better and better every day,” Petroteq CEO David Sealock said in the news release. “Everything that we have developed over the last years we hope will now culminate in our streamlined designs for our enlarged facility that is around the corner.”
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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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