Facility Upgrades Strengthen Petroteq Energy Inc.’s (TSX.V: PQE) (OTC: PQEFF) Ability to Employ Clean Oil Recovery Technology

• 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

About MiningNewsWire

MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.

To receive SMS text alerts from MiningNewsWire, text “BigHole” to 21000 (U.S. Mobile Phones Only)

For more information, please visit https://www.miningnewswire.com

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.miningnewswire.com/Disclaimer

MiningNewsWire
Los Angeles, California
www.miningnewswire.com
310.299.1717 Office
Editor@MiningNewsWire.com

MiningNewsWire is part of the InvestorBrandNetwork.