MiningNewsBreaks – Petroteq Energy Inc. ‎(TSX.V: PQE) (‎OTC: PQEFF) (FSE: PQCF) Announces Completion of Study, Confirmation of Technology’s Lower Costs and Increased Capabilities

Company: Petroteq Energy Inc. (PQEFF)
Category: News

Petroteq Energy (TSX.V: PQE) (‎OTC: PQEFF) (FSE: PQCF), an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, has completed a Pre-FEED (preliminary) design for a proposed 5,000 bopd oil sands plant (single train). The study, conducted by Crosstrails Engineering LLC, a subsidiary of Valkor LLC, confirmed that an initial 5,000 bopd train can be constructed using conventional oil processing equipment at an estimated cost of $92.5 million. The study also noted that the same design, in a 2-train configuration, can be used for a proposed 10,000 bopd oil sands plant in Eastern Utah. Crosstrails Engineering will now begin a FEED (Front End Engineering and Design) study to refine the design and provide further specifications and additional information. “The company has been working ‎with our engineering partners to improve production levels, and this Pre-FEED study incorporates all of the lessons learned during the initial de-bottlenecking of the pilot plant,” Petroteq COO George Stapleton stated in the press release. “Lessons learned as a result of upgrades currently underway at the pilot plant will be incorporated into the FEED Study for the 5,000 bpd plant, resulting in an improved and robust design, which can only benefit future commercial production by Petroteq and its licensees.”

To view the full press release, visit http://ibn.fm/zGjUX

About Petroteq Energy Inc.

Petroteq is a fully integrated, clean-technology 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 and reclamation of heavy and bitumen 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. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy-oil extraction processing facility located near Vernal, Utah.

Petroteq believes that ‎its technology can produce a relatively sweet, heavy crude oil from deposits of oil ‎sands without requiring the use of water and, therefore, without generating ‎wastewater, which would otherwise require the use of other treatment or disposal facilities that could be ‎harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly ‎remediation technology that leaves clean residual sand that is free of hydrocarbons and can be returned to the environment without additional remediation. For more information, visit www.Petroteq.energy.

NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF

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