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 will complete the automation of certain processes at its Asphalt Ridge processing facility in Utah on or around November 20th, 2019. Valkor Engineering and Alfa Laval are providing engineering and technical assistance in Petroteq’s automation of the front-end processes at the facility, which is mainly comprised of the sand separation process, oil quality process and centrifugal process. The automation is expected to improve efficiencies in the production of crude oil and decrease operating, maintenance and labor costs. Petroteq believes its oil production capacity at the facility will reach 3,000 barrels per day by mid-2021. “Since the recommencement of production, Petroteq’s operating team, working with Valkor and Alfa Laval, has continued to deliver improved efficiencies,” Petroteq Energy CEO David Sealock stated in the news release. “We remain focused on driving efficiencies in our business from an operational and cost perspective and anticipate that the automation of key processes at our Asphalt Ridge facility will increase both the quality and consistency of our oil production. Our CORT’s (Clean Oil Recovery Technology) operational excellence will create what we believe is a best-in-class, environmentally clean processing facility with the size, scale and financial positioning to thrive in today’s market. Combining our high-quality acreage and low-cost operations, we believe that these metrics will establish Petroteq as a leader in the Utah energy industry.”
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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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