Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced the closing and issuance of 15,000,000 common shares to Momentum Asset Partners I, LLC, representing the equity section of the consideration payable to Momentum pursuant to the acquisition of 50% of the operating rights and interests relating to oil sands under U.S. federal oil and gas leases totaling roughly 8,480 gross acres in Utah. Petroteq also reported the closing of subscriptions for 1,730,263 common shares and warrants exercisable for 1,481,481 common shares for gross proceeds of $482,000. In addition, the company announced the execution of an agreement with an arm’s length supplier in which Petroteq has agreed to issue the supplier 700,000 common shares in consideration for its decision to not move forward with the purchase of certain pieces of used equipment as it made the decision to purchase new equipment from a different supplier. The issuance of these shares is subject to approval by the TSX Venture Exchange and will have a four-month hold period.
To view the full press release, visit: http://nnw.fm/Ktqr9
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas 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 of heavy oils 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. The company's proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility located near Vernal, Utah. For more information, visit the company’s website at www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
