- The plant will operate at “ramp up capacity” by the end of July
- $3.86 million in new capital raised so far in 2018
- Other research and development projects underway to increase applicability of company’s patented extraction technology
- New advisory board member Heriberto “Eddie” Gonzalez joins team
With full-on oil production scheduled to begin by the end of July, Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FRANKFURT: A2DYWC) has issued an update for investors on the latest developments at its Asphalt Ridge oil extraction facility, as well as other company operations. According to a company press release (http://nnw.fm/Or8Pe), construction has been completed and extraction operations have already begun at Asphalt Ridge in Utah, with plans to ramp up oil extraction and production to full capacity by the end of the month. The facility is expected to yield 1,000 barrels per day at full capacity.
In a news release, Petroteq Chief Executive Office David Sealock said, “The Asphalt Ridge project has surpassed expectations. The facility process trains are coming fully online safely, the production ramp-up plan is on schedule, and the…
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