Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning said that it has entered into a six-month agreement with Firebird Logistics LLC for 100% of the production from the company’s heavy oil extraction facility in Asphalt Ridge, Utah. Following the initial six-month term, the agreement will continue on a month-to-month basis. The monthly price will be determined by the calendar day average of the NYMEX settlement price for West Texas Intermediate Light Sweet Crude Oil, less $6.50 per barrel and adjusted for basic sediment and water. After recently completing testing of all major process systems at the facility, the company is currently undergoing test runs of the utility system in preparation for the launch of commercial production. “This agreement maximizes our flexibility and our price leverage by diversifying customers among all local refineries,” Petroteq CEO Alex Blyumkin 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. The company’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.
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