NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Posts Update on Heavy Oil Extraction Facility
Jun 1, 2018
Fully integrated oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) this morning provided an investor update regarding the progress at its Asphalt Ridge heavy oil extraction facility. Per the update, slight logistic issues concerning construction and electrical material have temporarily delayed the project by a two to three-week time frame. “Petroteq’s project is going exceedingly well, notwithstanding minor logistical issues have created a slight schedule push the facility should be in full commissioning and start-up operations in the second and third week of June,” Petroteq CEO David Sealock stated in the news release. “Because we are on track to initiate operations prior to the end of Q2 2018, I am delighted that the full financial impact of 1,000 BOD/day production will be realized by Petroteq in the second half of 2018. This is a momentous event in the evolution of Petroteq as a company.”
To view the full press release, visit http://nnw.fm/6gRg9
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 www.PetroBLOQ.com.
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