Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) today announced the acquisition of a substantial lot of the equipment needed to expand production of its heavy oil extraction facility located at Asphalt Ridge, Utah. Petroteq purchased the equipment, worth approximately $3 million, at a reduced price of $838,000. This news follows the company’s previous announcement that it has moved equipment from its 250 bpd facility in Maeser, Utah to its lease site at Asphalt Ridge, Utah. Additionally, Petroteq’s board of directors approved an option grant of 1,425,000 stock options expiring in 10 years to certain directors at an exercise price of $2.27, subject to compliance with applicable securities laws. All options will be subject to a four month hold. “We are looking forward to announcing further progress on our new plant in Utah. The recent decision by OPEC to extend the production cuts will also be a tailwind for us, in that we anticipate that our production supply will find a ready market when we begin production in the new year,” Petroteq CEO Alex Blyumkin stated in the news release.
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About Petroteq Energy Inc.
The company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Petroteq’s proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. Under a joint venture agreement with Recruiter.com and Oilprice.com, we anticipate that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. For more information, visit www.PetroteqEnergy.com.
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