Oil and gas industry technology developer Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) recently announced that it is strategically expanding its oil sands resource through the execution of a definitive agreement to acquire an extra 50% of the operating rights and interests concerning oil sands in the state of Utah, under U.S. federal oil and gas leases. An article discussing the agreement reads, “The U.S. federal oil and gas leases encompass approximately 8,480 gross acres (4,240 net acres), the company said in a news release (http://nnw.fm/3OE9i). This acquisition, as well as the previous one carried out by Petroteq for 50% of the operating rights and interests under the same lease, will give the company 100% of the operating rights for oil sands development. . . . As per the acquisition terms and conditions, Petroteq’s wholly owned subsidiary, TMC Capital LLC, will acquire Petrollo LP Corp. – a Nevada corporation with an undivided 50% interest in the operating rights under a federal oil and gas lease located in P.R. Springs and five federal and oil gas leases located in the Tar Sands Triangle.”
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas 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 of heavy oils 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. The company’s proprietary process produces zero greenhouse gas and 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 and processing facility located near Vernal, Utah. For more information, visit the company’s website at www.Petroteq.energy.
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