- Petroteq resumed oil production in Utah following a facility upgrade aimed at maximizing production capacity
- The company’s clean oil extraction technology is much more environmentally friendly and capable of bringing down production costs per barrel in comparison to similar technologies
- The company announced that it will be holding a conference call in December 2019 to provide an update on its operating results and financial status
As the world is moving toward more environmentally-friendly processes, technological advancements like those introduced by Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) are becoming increasingly important for the oil field.
Petroteq’s Clean Oil Recovery Technology (CORT) makes it possible to extract oil from ground surface oil sands without the production of waste or greenhouse emissions. The technology also doesn’t require the use of water or high temperatures. The only product returned back to nature upon the completion of the extraction is clean sand.
The company’s ability to employ this technology is enhanced by a recently completed upgrade at its Utah Asphalt Ridge facility. As a result of the program, Petroteq improved its resource sands separation process.
Through the upgrades, Petroteq plans to consistently increase production and potentially enhance cash flow in what is currently a much more favorable pricing environment, Peteotreq CEO David Sealock said.
Petroteq initiated its facility upgrades to overcome challenges posed by the coarseness of the Utah sands. The facility upgrade will help the company process a higher volume of sand ore per day with a quality that better matches the needs of the local refineries.
In October, the company resumed operations and, according to Petroteq Executive Chairman Alex Blyumkin (http://nnw.fm/4YGee), “Petroteq and our strategic partners are very excited about the potential future of this technology as the first in Utah and the USA to commercially produce surface oil sands reserves.” All of the upgrade work has evolved Petroteq’s environmentally friendly technology from a batch to a semi-continuous production process, Blyumkin added.
In December, the company will review its operating results following the resumption of operations. Petroteq has scheduled a conference call for the end of the year to release an update about its operations and financial situation. Additional details will be provided as the date of the conference call approaches.
Petroteq is a Canadian-registered company engaged in the development and implementation of proprietary technologies for environmentally safe extraction of heavy oils from oil sands, shallow oil deposits and oil shale deposits.
For more information, visit the company’s website at www.Petroteq.energy
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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