Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is leveraging its innovative technology to tap into Utah oil reserves. An article discussing the company states, “Petroteq’s production focus is on its heavy oil extraction plant in Asphalt Ridge, Utah. The company holds a mineral lease that covers more than 3,000 acres with oil sands reserves estimated at 87 million barrels of oil equivalent. Petroteq has recently expanded the production capacity of its Asphalt Ridge plant from 250 to 1,000 barrels per day (bpd) by debottlenecking the facility and deploying its innovative oil sands extraction technology. The company has the capability to further increase the capacity of this plant in the future through the use of its cost-effective, modular and scalable technology, with netback margins anticipated to average between $15 and $20 per barrel. This resource has a projected life expectancy of 25 to 30 years.”
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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. Our 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 facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com
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