- Asphalt Ridge processing and extraction facility debuts
- Cost-effective technology set to unlock 87 million BOE
- Formal application submitted to Nasdaq
There are oil and gas companies and there are tech companies, and, while Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) may be a bit of both, this is a corporation focused more on the high-margin commercialization of its licensing technology than its oil commodities business. The company has developed an environmentally safe, continuous flow, closed loop technology – the first in North America and probably the world – that is capable of extracting bitumen from oil sands. It recently commissioned a processing and extraction plant at Asphalt Ridge in the Uintah Basin of Utah that will, initially, have the capacity to produce 1,000 barrels per day of bitumen. Although it will generate cash flow from the endeavor, Petroteq expects to get the bulk of its future revenues from licensing its innovative oil sands technology.
The Petroteq technology is the result of almost five years of scholarship by the company’s research and engineering teams, led by its chief technology officer, Dr. Vladimir Podlipskiy. It’s technology that’s safe for the environment, depending on a…
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