June 20, 2018 - 9:00 AM EDT
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Petroteq Energy Expands Advisory Board

STUDIO CITY, CA. , June 20, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; Frankfurt:A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce a new initiative to expand size and scope of its Advisory Board.

Petroteq’s Advisory Board provides guidance and insight to the management team on the Company’s strategic initiatives and go forward strategy relating to operational, public & government relations and financing activities associated with the Company’s heavy oil extraction facility located at the Asphalt Ridge near Vernal, Utah.

“With the recent initiation of production at our facility, we have a backlog of interest from partners around the world for which a visit to an operating facility was the logical next step.” stated Alex Blyumkin, Executive Chairman of Petroteq. “Our plan is to add experienced energy entrepreneurs and executives to our ranks to handle the inquiries we have been fielding, as well as develop new opportunities that will help the Company grow.”

In keeping with this initiative the Company is pleased to announce that experienced entrepreneur, Heriberto “Eddie” Gonzalez, has agreed to join Petroteq’s Advisory Board. Mr. Gonzalez has demonstrated the ability to create growth opportunities as well as manage corporate activities for shareholder benefit in the energy and other industries in both public and private companies. He is currently Managing Director of Mayan Energy Limited, a London AIM listed issuer. Mr. Gonzalez’s background includes start-up, turn around and growth of multiple companies with a consistent track record of value creation and achieving successful exits for investors. As a native Spanish speaker with cross border business experience, Mr. Gonzalez will aim to provide significant contacts and relationships beneficial to potential opportunities and partners in Mexico, Central and South America.

David Sealock, CEO of Petroteq commented, “We are excited to have Eddie on our team. He brings multiple skill sets that will benefit the Company in terms of identification, development and execution of potential business opportunities. His proven willingness to go to bat for Petroteq is a positive indicator for great things to come from this appointment.”

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 PetroBLOQ.com.

Forward-Looking Statements

Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," "intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company, including the Company’s plans for its Advisory Board,Mr. Gonzalez’s providing significant contacts and relationships and the Company successfully developing block chain technology for the oil and gas industry, are intended to identify forward-looking information. Readers are cautioned that there is no certainty that it will be commercially viable for the Company to produce any portion of its resources.All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: the Company identifying willing participants for its Advisory Board and PetroBLOQ successfully developing and implementing a blockchain-based supply chain management system. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that could cause actual results to differ materially from the Company's forward-looking statements in this press release include, without limitation: uncertainties inherent in the estimation of resources including whether any reserves will ever be attributed to the Company’s properties; PetroBLOQ not having the expertise and/or funds necessary to develop and implement a blockchain-based supply chain management system; PetroBLOQ not being able to develop the blockchain technology or other applications to completion; blockchain technology not being adopted by the oil and gas industry; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company's oil sands hydrocarbon extraction technology, the SWEPT technology, the S-BRPT technology, and other proprietary technologies developed or licensed by the Company or by Accord GR Energy Inc., which are of experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company and Accord GR Energy Inc. to maintain their respective mineral lease holdings; potential failure of the Company's business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company's disclosure documents, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACTS:
Petroteq Energy Inc.
Alex Blyumkin
Executive Chairman & Founder
(800) 979-1897

David Sealock
Chief Executive Officer
(403) 561-9882
[email protected]

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Source: GlobeNewswire (June 20, 2018 - 9:00 AM EDT)

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