- Petroteq is strategically expanding its oil sands resource through the acquisition of operating rights and interests under U.S. federal oil and gas leases
- The agreement encompasses 8,480 gross acres in Utah; the new agreement and a previous one will give Petroteq 100 percent operating rights for oil sands development
- Expert estimates establish a significant oil/bitumen resource at both the Tar Sands Triangle and the P.R. Springs federal oil and gas leases
- The move is the latest step in what is seen as a potential revolution in the oil industry, using Petroteq’s patented technology to efficiently capture heavy oil that was not previously accessible
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a fully integrated oil and gas company, announced on April 16, 2019, that it is executing a definitive agreement for the acquisition of an additional 50 percent of the operating rights and interests relating to oil sands in the state of Utah, under U.S. federal oil and gas leases.
The U.S. federal oil and gas leases encompass approximately 8,480 gross acres (4,240 net acres), the company said in a news release…
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