Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, on Thursday provided an update regarding progress on the licensing of its proprietary oil-sands extraction technology. In July 2019, the company entered into a non-exclusive technology licensing agreement with Valkor LLC granting Valkor the right to use Petroteq’s proprietary patented technology to engineer, construct, operate and finance oil sands extraction plants. Per the agreement, Valkor would pay the company a non-refundable license fee of US$2 million per plant in two equal payments, the first of which being payable upon start of construction of a plant and the remainder payable upon first production of such plant. Valkor also agreed to pay Petroteq a 5% royalty based on annual gross sales, excluding solvent and or water, for so long as licensed technology is covered by a valid claim in the country in which it is used. Valkor has advised Petroteq that it has entered a non-binding memorandum of understanding with Hydrocarbon Dynamics Limited (“HCD”), under which Valkor will need to engineer, install and operate a plant. Valkor has also reported that it has entered into another non-binding memorandum of understanding with TomCo Energy plc, also resulting in Valkor engineering, constructing and operating a plant. If these ventures successfully proceed, Petroteq will be entitled to initial non-dilutive capital, as well as a potential long-term revenue stream through a royalty.
In addition, Petroteq announced that Dr. Gerald Bailey has retired from his position as president of the company. He will remain a non-executive director of the company. Travis Schneider and David Sealock have resigned as directors of the company, and Sealock has also provided notice of his resignation as CEO effective March 31, 2020. Alex Blyumkin, chairman of Petroteq, will assume the role of Interim CEO upon Sealock’s departure. “I am extremely excited at the prospect of expanding our relationship with Valkor into new projects,” Petroteq Chairman Alex Blyumkin stated in the news release. “The potential of having multiple facilities in Utah making similar oils and all using Petroteq technology has the potential to open up many opportunities to gain economies of scale both in our production costs, as well as on the distribution of our unique oil products.”
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About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit www.Petroteq.energy.
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