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, today announced that the Front End Engineering and Design (“FEED”) Study for a proposed 5,000 barrels of oil per day (“bopd”) production facility employing Petroteq’s Clean Oil Recovery Technology (“CORT”) process has been completed by Crosstrails Engineering LLC. The study is expected to be delivered to Petroteq later this week. This FEED encompasses a production train capable of processing 5,000 bopd from mined oil sands ore. Petroteq anticipates that this FEED can become the starting basis for future 5,000 bopd train designs for use in Utah by the company and potentially by additional licensees in Utah, the U.S. and other locations worldwide. According to the update, this “standard” design may need some customization for local site conditions and ore characteristics, but differences are expected to be minor. Third party certification of this “standard” CORT process train is also expected soon.
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About Petroteq Energy Inc.
Petroteq is an integrated oil company focused on the development and implementation of a new proprietary technology for oil extraction and remediation. The company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands 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 Asphalt Ridge located near Vernal, Utah. For more information, visit www.Petroteq.energy.
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