- Its acquisition of 50 percent of operating rights pertaining to oil sands in Utah is expected to help increase Petroteq’s cash value
- The company has also announced plans to satisfy debts with common shares so as to preserve its cash for the extraction technology being utilized at its Asphalt Ridge asset, as well as for working capital
- The acquisition is an important part of Petroteq’s extraction strategy, which is reliant on the company’s Clean Oil Recovery Technology that ensures safe, sustainable and environment-friendly oil extraction
On July 22, 2019, Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) announced the finalization of its acquisition of 50 percent of the operating rights and interests pertaining to oil sands in the state of Utah under the U.S. federal oil and gas leases. The acquisition encompasses 8,480 gross acres, or 4,240 net acres. All of the shares issued pursuant to the transaction will be subject to a four-month hold period, according to a company news release (http://nnw.fm/mq9Qj).
Petroteq, a fully integrated surface oil sands mining company with proprietary technology, delivered a number of additional important news in connection with its...
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NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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