- Oil and gas industry technology developer Petroteq Energy has achieved continuous production standards in oil extraction, processing and sales levels at its Asphalt Ridge site following a temporary shutdown for equipment modifications
- The company’s flagship Clean Oil Recovery Technology (CORT) is an environmentally friendly process for extracting cleaner fuels at the Utah site
- Crude extracted from the Asphalt Ridge site has demonstrated a relatively low sulfur content and a very low base sediment and water (BS&W) content, making it attractive by refinery standards
- Petroteq is aiming to boost production at the Utah site to 4,000 bpd by late 2020, and expects to build on its first CORT licensing agreement announced in July with additional agreements
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is entering a brave new stage in its development of a revolutionary closed-loop oil and gas industry technology that it believes will provide a much more environmentally friendly fuel, produce in-demand crude weights at high quality, and boost the company’s profits significantly in the process.
Petroteq’s Clean Oil Recovery Technology (CORT) began to demonstrate its potential last year during recovery of heavy fuel oils from ground surface-level bituminous sands at the company’s aptly named “Asphalt Ridge” facility in Utah’s eastern deserts. Following a temporary shutdown earlier this year to modify and maintain the equipment to better deal with the sands’ coarseness, Petroteq resumed processing of the tar sands last month and recently announced that the company has again achieved continuous production levels expected from the quantities of oil extracted, processed and sold at the plant (http://nnw.fm/1tF07).
Furthermore, the Asphalt Ridge extracted crude displays an exceptional quality, measuring at a relatively low sulfur content and a very low base sediment and water (BS&W) content as established against the West Texas Intermediate crude oil (WTI) crude oil benchmark, the company stated in a separate news release (http://nnw.fm/ImJ7W).
Petroteq believes its CORT technology and the Asphalt Ridge operation comprise the first commercial production in the United States and perhaps in all the world of a technically and economically viable means for extracting and upgrading crude oil from oil sands and bituminous sandstones, making the process a revolutionary achievement that rivals the impact of fracking on the U.S. market.
Its goal is to deliver up to 4,000 barrels per day (bpd) by late 2020, and 5,000 to 8,000 bpd by 2022 at the Asphalt Ridge site.
The company reported approval of its first non-exclusive licensing agreement for the CORT technology in July, inking a deal with eastern Texas energy services company Valkor LLC that it hopes will be the harbinger of more such licensing arrangements within the industry (http://nnw.fm/o4L6W).
The oil industry has been evolving during recent decades amid a push for cleaner, less polluting fuels and crude with a low sulfur content has become the “silver bullet” for responding to increasingly stringent environmental requirements in both on-road motor vehicles and, more recently, the international ocean-going vessel industry (http://nnw.fm/uTO0W).
At Asphalt Ridge, the company can extract crude that ranges between heavy oils used as refinery feedstock and medium oils used in diesel fuels. The low sulfur content in the heavier oils, also used for the marine industry, position the Utah site’s product as a viable resource for resolving concerns raised by the new international shipping standards (http://nnw.fm/DIn5B) and turning a tidy profit in the process.
“We are entering an exciting phase where we are making oil better and better every day. Everything that we have developed over the last years we hope will now culminate in our streamlined designs for our enlarged facility that is around the corner,” CEO David Sealock stated in the company’s news release.
For more information, visit the company’s website at www.Petroteq.energy
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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