Studio City, CA -- March 06, 2018 -- Investorshub NewsWire
-- Petroteq Energy Inc. (“Petroteq” or
the “Company”) (TSXV: PQE; OTCQX:
PQEFF; Frankfurt: A2DYWC), a company focused on the
development and implementation of proprietary technologies for the
energy industry, today announced that it has entered into a
six-month agreement with Firebird Logistics LLC (“Firebird”), for
100% of Petroteq’s production from its heavy oil extraction
facility in Asphalt Ridge, Utah. Firebird is a regional provider of
transportation and distribution services, and this agreement gives
Petroteq access to multiple refineries in the region.
Petroteq has successfully completed testing of all major process
systems at the facility and is undergoing test runs of the utility
system in preparation for the launch of commercial production.
The agreement shall continue on a month-to-month basis following
the initial six-month term. The monthly price shall be the calendar
day average of the NYMEX settlement price for West Texas
Intermediate Light Sweet Crude Oil, less $6.50 per barrel and
adjusted for basic sediment and water (BS&W).
“Petroteq's oil from its oil sands is a high quality heavy crude
oil with low sulfur content, low heavy metal content and no waxes
or paraffins,” said Donavan Cameron, Firebird’s President. “With
high concentrations of the very valuable diesel fraction
hydrocarbons and aromatic hydrocarbons, the quality of Petroteq’s
oil meets all refineries’ specifications and quality
requirements.”
Firebird has access to Andeavor Logistics’ Rockies South
Pipeline, a 66-mile long pipeline located in Redwash, Utah, about
40 miles from Petroteq’s Asphalt Ridge facility. This pipeline is
used to transfer hydrocarbons directly to refinery facilities, and
major corporations including Chevron, Plains All American, Sinclair
and Andeavor (formerly Tesoro) who purchase local production and
use this pipeline for transport. The total daily crude oil refinery
processing volume in Utah exceeds 100,000 barrels.
“This critical offtake agreement enables Petroteq to focus on
24/7 uninterrupted production cycles and developing continuous
growth of our production capacity,” said Petroteq CEO, Alex
Blyumkin. “This agreement maximizes our flexibility and our price
leverage by diversifying customers among all local refineries.”
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. Petroteq’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 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, all statements about
future sales and production, are intended to identify
forward-looking information. 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: PetroBLOQ
successfully developing and implementing a blockchain-based supply
chain management system at the Asphalt Ridge plant; and the timely
delivery and assembly of the remaining components of the extraction
facility. 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:
PetroBLOQ not having the expertise and/or funds necessary to
develop and implement a blockchain-based supply chain management
system at the Asphalt Ridge plant; 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,
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 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.
CONTACT INFORMATION Petroteq Energy Inc. Alex Blyumkin Chief Executive Officer Tel: (800) 979-1897