- The global oil shale market is estimated to reach $5.63 billion by 2025, registering a CAGR of 16.7 percent from 2018 to 2025; the U.S. market is expected to grow at a 27.1 percent CAGR during the same period
- Petroteq’s proprietary, environmentally friendly, closed-loop Clean Oil Recovery Technology (CORT) process significantly lowers capital construction and production costs and eliminates the need for polluting tailings ponds
- The company has secured financing for its extraction technology in Asphalt Ridge, Utah, and for working capital purposes
- Petroteq is advancing plans to expand production at Asphalt Ridge to 3,000 barrels per day
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands mining company with proprietary technology, has secured additional funding and made significant progress toward its expansion plans at the company’s Asphalt Ridge heavy oil extraction facility in Utah. Petroteq recently announced that it has accomplished several positive moves toward achieving the company’s long-term growth strategy.
Petroteq’s proprietary Clean Oil Recovery Technology (CORT), which utilizes a closed-loop, solvent-based process, can extract up to 99 percent of crude oil and results in significantly lower per-barrel production costs than conventional hot water-based oil sands extraction technologies. The technology was developed for surface tar-sand extraction, and it is…
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