NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Provides Update on Technology Licensing Agreement, Reports Changes to Executive Team

March 13, 2020 08:45:24

Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, on Thursday provided an update regarding progress on the licensing of its proprietary oil-sands extraction ‎technology. In July 2019, the company entered into a non-exclusive technology licensing agreement with Valkor LLC granting Valkor the right to use Petroteq’s proprietary patented technology to engineer, construct, operate and finance oil sands extraction plants. Per the agreement, Valkor would pay the company a non-refundable license fee of US$2 million per plant in two equal payments, the first of which being payable upon start of construction of a plant and the remainder payable upon first production of such plant. Valkor also agreed to pay Petroteq a 5% royalty based on annual gross sales, excluding solvent and or water, for so long as licensed technology is covered by a valid claim in the country in which it is used. Valkor has advised Petroteq that it has entered a non-binding memorandum of understanding with Hydrocarbon Dynamics Limited (“HCD”), under which Valkor will need to engineer, install and operate a plant. Valkor has also reported that it has entered into another non-binding memorandum of understanding with TomCo Energy plc, also resulting in Valkor engineering, constructing and operating a plant. If these ventures successfully proceed, Petroteq will be entitled to initial non-dilutive ‎capital, as well as a potential long-term revenue stream through a royalty.

In addition, Petroteq announced that Dr. Gerald Bailey has retired from his position as president of ‎the company. He will remain a non-executive director of the ‎company. Travis Schneider and David Sealock have resigned as directors of the ‎company, and Sealock has also provided notice of his resignation as CEO effective March 31, 2020. Alex Blyumkin, chairman of Petroteq, will assume the role of Interim CEO upon Sealock’s ‎departure. ‎“I am extremely excited at the prospect of expanding our relationship with Valkor into new ‎projects,” Petroteq Chairman Alex Blyumkin stated in the news release. “The potential of having multiple facilities in Utah making ‎similar oils and all using Petroteq technology has the potential to open up many opportunities to gain ‎economies of scale both in our production costs, as well as on the distribution of our unique oil ‎products.”

To view the full press release, visit

About Petroteq Energy Inc.

Petroteq is a fully integrated clean technology 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 and reclamation of heavy 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. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit

NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company 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. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. 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 SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)

For more information please visit

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published:

NetworkNewsWire (NNW)
New York, New York
212.418.1217 Office

NetworkNewsWire is part of the InvestorBrandNetwork.