Petroteq Energy Inc. is a Canadian-registered, publicly traded company engaged in the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The company is focused on oil and gas exploration and production on mineral leases it owns in Texas with Accord GR Energy Inc. and in expanding production capacity at its Asphalt Ridge heavy oil extraction facility in Utah.
Petroteq Energy’s patent-pending application is a closed-loop, solvent-based process, which results in significantly lower per barrel production costs than those incurred with traditional hot water-based oil sands extraction technologies. This green technology utilizes a small, modular footprint, produces no greenhouse gases, requires no high temperatures, leaves only clean dry sand, and could be deployed to unlock heavy oil deposits located around the world.
The company’s Asphalt Ridge mineral lease on 3,000-plus acres in northeastern Utah features a large contingent oil sands resource base with an estimated 87 million barrels of oil equivalent. In 2016, the company produced 10,000 barrels of oil from the Utah location and plans to increase production are underway. Utah holds over 32 billion barrels of undeveloped oil sands resources, which are also known as “oil-wet” deposits containing a mixture of sand and a dense, extremely viscous form of petroleum referred to as bitumen or tar. A recent upswing in developing domestic energy sources has intensified interest in technological advances such as Petroteq’s Liquid Extraction System.
The company’s Texas location includes an ownership interest (46%) in 7,000 acres under mineral leases with Accord, a Houston-based oil and gas exploration company that focuses on the development and recovery of heavy oil reserves and deposit. Two enhanced, licensed oil recovery technologies designed to increase oil recovery from more than 80 shallow oil wells on the property are expected to substantially improve the recovery rates of heavy oil deposits in this area. In both the Utah oil sands and traditional oil patch Texas project, the company, its subsidiaries and Accord are using proprietary technologies, processes and methodologies to recover heavy oil, providing a distinct, strategic economic advantage for Petroteq Energy and its shareholders.
The company continues to evaluate the development of other medium to heavy oil exploration, production and recovery projects on a global basis through a variety of structured agreements. These opportunities or other arrangements with private and governmental entities that utilize Petroteq Energy’s proprietary licensed technologies are expected to generate a significant return on investment.
The company’s management team, board of directors and officers form an invaluable cross-section of industry leaders with extensive experience ranging from chemical engineering and solvent research, business development, international project management, entrepreneurial achievements, and senior management for global energy companies in North America and the Middle East. This impressive knowledge base covers both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.
- Proprietary, closed-loop extraction process significantly lowers production costs
- Patent protection applications are filed in 30 countries with significant oil sands reserves
- Environmentally-friendly system eliminates need for polluting tailings ponds
- Valuable, producing oil sands resources owned and operated in Texas and Utah