Studio City, CA -- July 09, 2018 -- InvestorsHub NewsWire
-- Petroteq's Asphalt Ridge Facility 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 update investors on the progress at
its Oil Extraction facility in Asphalt Ridge, Utah.
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Petroteq's Asphalt Ridge Facility |
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Second quarter activities secured the completion of construction
at the Asphalt Ridge facility, which is designed to produce 1,000
barrels per day (bod). The Company’s recent news for the first
half of 2018 has been very exciting:
- new capital of approximately US$3.86 million to date in
2018
- the placement of key technical advisors to Petroteq’s advisory
board
- initial production.
News in July is what our current and future investors will be
most interested in….we are on track to initiate “full on”
operations at the end of July and ramp up our production to what we
expect will be 1,000 bod.
On June 14th, Petroteq commenced its process train commissioning
and start up with the successful completion of “first commissioning
oil production” at our operations of the Phase 2 – expansion at
the Asphalt Ridge heavy oil extraction facility located near
Vernal, Utah, designed to produce 1,000 bod.
These operational developments have driven multiple initiatives
at the Company that are anticipated to help the Company grow from
its current position:
- New research and development projects are underway which should
further increase the efficiency and applicability of Petroteq’s
patented extraction technology.
- Petroteq has staffed up its internal team and advisory board to
handle multiple business development initiatives related to
domestic and international opportunities.
“The Asphalt Ridge project has surpassed expectations. The
facility process trains are coming fully online safely, the
production ramp-up plan is on schedule, and the commissioning and
start-up activities are set to produce a high-quality heavy oil. We
are especially appreciative of the dedication and careful planning
and execution that our team and partners have demonstrated in
achieving this remarkable result," said David Sealock, Chief
Executive Officer. “Our investors and stakeholders can be proud of
advances being made initiating the ramp-up of our production.”
“The successful completion of construction and commissioning at
the Asphalt Ridge project is the direct result of a well-developed
and executed strategy to complete construction and accelerate
commissioning using synergies between our technical team and
Asphalt Ridge operations staff”, said Alex Blyumkin, Founder and
Executive Chairman, “the progressive hand off from construction to
operations, is expected to see a staged ramp-up of
production over time. The project was built during a period of low
oil prices and has come online just as oil prices have
strengthened.”
Following the June 14, 2018 “first commissioning oil
production” of Asphalt Ridge’s first train, Petroteq
anticipates operating the plant at a “ramp up capacity” by the end
of July, which would prove the design capacity of 1,000 bod. At
this time, the Company will be completing a two-week reliability
test of the plant running in excess of 80% capacity.
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 production
capacity of the plant and when it may be achieved,
the anticipated operation of the plant at a “ramp up capacity”
by the end of July, and the operational developments that are
anticipated to help the Company grow from its current position.
Readers are cautioned that there is no certainty that it will be
commercially viable to produce any portion of the 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 plant producing as expected by the Company and the
Company having the funds (through cash flow or financing) to fund
the expansion of its plant as projected, 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; the ability
to ramp-up successfully and resulting in the
quantity of production anticipated; 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 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.
Attachment
CONTACT INFORMATION Petroteq Energy Inc. Alex Blyumkin Executive Chairman Tel:(800) 979-1897
Petroteq Energy (TSXV:PQE)
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