Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, noted today’s earlier announcement issued by TomCo Energy PLC. Per the update, following the establishment by TomCo of a joint venture company, Greenfield Energy LLC (“Greenfield”) with Valkor LLC (“Valkor”) on June 17, Greenfield will take over the management and operations of Petroteq’s oil sands plant at Asphalt Ridge, Utah (the “POSP”). As indicated in TomCo’s announcement, Greenfield intends to make certain upgrades to the POSP and undertake tests to assess its potential commerciality. Valkor remains party to a July 2, 2019 non-exclusive technology licensing agreement with Petroteq, as amended, in respect to the POSP.
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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.
For more information, visit www.Petroteq.energy.
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