Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced that it has entered into a licensing agreement with Cavitation Technologies, Inc. (OTCQB: CVAT) (Berlin: WDC) (“CTi”) to test its equipment during oil production for workflow efficiencies and to lower its cost of production obtained through Petroteq’s oil sands extraction process. The companies aim to generate a modification of non-conventional oil, in the form of bitumen, obtained through oil sands. CTi’s Nano Reactor System™ employs proprietary technology that can influence and alter the chemical and physical composition of certain crude oils and hydrocarbon substances in a way that could improve the yield and economic value of refined or processed oils and related hydrocarbon products. CTi’s Nano Reactor System™ will combine bitumen extracted by Petroteq with a catalyst to create a fluidic crude oil. “We are excited to be partnering with CTi. With our recent upgraded facility site, we are now exploring opportunities to make our products more cost-effective and efficient. We feel that it is important to engage on the innovation of our R&D with other compelling technologies that have the potential of generating scalable solutions within the industry,” Petroteq CEO David Sealock stated in the news release.
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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 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’s 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. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com
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