Studio City, CA -- March 8, 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 the filing of
its third party independent detailed assay and testing resource
evaluation report. The Company engaged Energy Labs of Casper,
Wyoming to conduct an independent resource evaluation report on the
oil that has been extracted from Petroteq's leases along Asphalt
Ridge, Utah. The results of the Energy Labs assay on the oils from
Petroteq's oil sands along Asphalt Ridge are consistent with the
numerous studies performed on these oils by both academic
institutions and major oil companies. The assay confirms that the
quality of this oil is ideal for diesel fuel and has attributes
attractive to oil refineries.
Mr. Blyumkin, chairman of Petroteq, said, “As we continue to
make progress with the completion of our plant construction and the
signing of our oil offtake agreement, we are extremely pleased with
this report that confirms the quality of our oil sands assets. Oil
with high levels of heavy metals has a negative impact on the life
of the catalysts in oil refineries. Our oil contains low levels of
asphaltenes and very low metal levels making it attractive to oil
refineries.”
The Asphalt Ridge oil contains a high percentage of hydrocarbons
that are diesel range organics (C-10 to C-28) making this oil an
ideal oil for diesel fuel. The tight shale plays that are an
increasingly important source of domestic oil production typically
have higher concentration of hydrocarbons in the gasoline range
organics (C-6 to C-10), so are not as readily refined into diesel
as they are gasoline. The disproportionate production of very light
oils in the USA as opposed to heavier oils, may result in upward
pricing pressures on heavy oils if this trend continues.
The Asphalt Ridge oil has very low sulfur content (0.5% and less
weight percent) which is ideal for making ultra low sulfur diesel.
Much higher sulfur contents are found in the oil sands in Canada,
where extra money needs to be spent to remove the sulfur before it
can be refined into a finished petroleum product. We do not expect
to find such economic issues in the Asphalt Ridge oils. Refineries
prefer as low sulfur content as possible. The Asphalt Ridge oil
has relatively higher level of aromatic components, which
increase the quality of the oil the products that can be produced
from this oil.
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
successfully developing block chain technology for the oil and gas
industry, and the disproportionate production of very
light oils in the USA as opposed to heavier oils, resulting in
upward pricing pressures on heavy
oils, 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. 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; PetroBLOQ not
being able to develop the blockchain technology 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, 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