- Two patents received from the U.S. and Canada for oil sands extraction technology
- Proprietary technology is scalable, commercially proven and highly profitable
- Technology used to increase production at Petroteq’s Utah facility to 1,000 barrels per day
In early January 2018, Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) announced that it had received two patents from the U.S. Patent Office and the Canadian Intellectual Property Office for its oil sands extraction process. The company has developed a unique continuous-flow oil extraction process utilizing closed loop technology that is environmentally safe. This technology was developed over a five-year period by Petroteq’s research and engineering teams. It has been independently evaluated by a reputable petroleum and chemical engineering company, Chapman Engineering, that has concluded that Petroteq’s oil sands extraction technology is scalable, cost effective and commercially proven.
The company has already produced approximately 10,000 barrels of oil using the new technology and is expanding its heavy oil extraction plant in Asphalt Ridge, Utah, to further increase production. Petroteq plans to increase the oil plant’s production capacity to 1,000 barrels per day after modifications and the implementation of its innovative…
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