- Petroteq Energy is leasing property at a bituminous asphalt resource in Utah’s eastern desert to develop its first-in-kind oil extraction technology for commercial use
- The company began delivering oil to its regional market in November after months of buildup and is in the process of increasing the amount of quality crude it produces to 1,000 bpd
- Petroteq recently reported consistent production of over 500 bpd
- The company has also shown its flexibility in responding to refineries’ demand for differing gravities of crude
Oil and gas industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) announced significant milestones as it closed out the year’s first quarter, reporting continuous production at a rate of over 500 barrels per day (bpd) and the sale of two loads of barrels of heavier-than-usual crude at an API gravity of 17 from its eastern Utah facility.
The company’s March 28 announcement about the production rate (http://nnw.fm/q4pXF) noted that the continuous 500 bpd production benchmark demonstrates the commercial viability of its first-in-kind technology, which is patented in the United States and Canada to extract oil from tar sands in a closed-loop, environmentally friendly manner and will help the…
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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