Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Growing Asset Base, Applies for State Tax Credit Initiative

• Oil extraction to begin at 1,000 barrels per day, with plans to escalate to over 8,000 barrels per day within three years
• Acquisition brings company’s total contingent resources to 2,541 leased acres and 87.49 million barrels of mineable oil sands
• Extraction technology could play vital role in U.S. oil sands and shale industry
• Application for Tax Credit Initiative filed with Utah Governor’s Office of Energy Development

Fully integrated oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is boosting its footprint within the Utah Oil Sands Region where the company’s Asphalt Ridge facility is located, CEO David Sealock stated in a recent news release (http://nnw.fm/0oRbZ). The company has signed a letter of intent to pursue additional acreage and resources within the state from Mareton Alliance LP, meeting a key initiative that Petroteq has been pursuing this year.

“I know that our valuation will be driven by our production and technology, as well as our assets in the ground,” Sealock stated in…

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