Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies, has announced results of a third-party review of its operating data, process simulation data and Front End Engineering and Design (“FEED”) study. The review was conducted by Kahuna Ventures LLC, an engineering firm that provides engineering, design and full-project execution services to midstream oil and gas limited partnerships. The technical review indicates production costs of an estimated $22 per barrel of oil produced, and the FEED study includes a production train capable of processing 5,000 barrels of oil per day (“bopd”) from mined oil sands ore. According to the announcement, the company anticipates that this FEED could be the starting basis for future 5,000 bopd train designs for use in Utah by Petroteq and potentially by additional licensees in Utah as well as other locations in the United States and even around the world. The announcement noted that the design may need adapting for local site conditions and ore characteristics but that any differences will likely be insignificant. “The estimated operating cost of $22 per produced barrel of oil falls well within the $20–$25 range previously estimated for a 5,000 bopd commercial plant and does not take into account the reduction in net operating costs resulting from the possible sale of produced sand,” said Petroteq COO George Stapleton in the press release. “The capital cost of $22,000 per daily barrel for an initial 5,000 bopd production train installed on an undeveloped site compares very favorably against the cost of plants using more traditional methods of extracting oil from oil sands. We are very pleased with the FEED study results and will now look to move forward on funding for our first 5,000 bopd plant while also advancing licensing efforts with third parties.”
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.PetroTeq.energy.
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