- Asphalt Ridge facility approaching 1,000 barrel per day capacity
- Full-time production planned to begin by next month
- Company considering opportunities to share environmentally-friendly extraction technology through licensing or joint ventures
Oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is on the verge of putting its oil on the market as it approaches 1,000 barrel per day capacity at its Asphalt Ridge oil sands extraction facility in Utah, according to the company president Dr. R. Gerald Bailey in a recent Uptick Newswire interview (http://nnw.fm/dD73M).
“We have not started making sales right at the moment; we’re storing oil in the tanks. But by the end of this month we should be back in the market and running full time on that plant. So, it will be a good revenue generator for us and further proof that this process is scalable and it’s not just something that’s a one-shot deal,” Bailey said, talking about his company’s patented clean technology to extract heavy oils from oil sands, oil shale deposits and shallow oil deposits.
Referring to what he described as “remediation technology,” the Petroteq president said, “There’s no emissions, nothing to the air and nothing to the soil. We just return the sand a lot cleaner, in fact 100 percent cleaner than it was when we took it out. So, you could put plants on it and grow it after we get finished. So, there’s no environmental issues in this stuff and it’s very amenable to easy expansion.”
Bailey also said that the company has been successful in raising capital to fully fund its current phase of operation. “We have very little debt now; we have been able to use minimal funds to accomplish our expansion. So, as we begin selling oil, we expect to be self-sustaining in that regard.”
He said that the next round of capital raised would probably go toward expansion of the Asphalt Ridge facility, to create even more capacity, adding, “This is very modular, like building a Lego set with the kids. You can just keep adding units to it. We’ve had ideas to increase up to 3,000 and even 5,000 a day.”
Petroteq’s plans are to gradually increase output to 8,000 barrels per day by late 2020 or early 2021. According to a New York Times article discussing the company’s technology, output could go as high as 10,000 barrels per day within 25 years (http://nnw.fm/CNma6).
Bailey noted that, although Petroteq’s primary business is oil production, its patented environmentally-friendly technology is also creating a lot of interest, and there may be opportunities to export the technology through licensing or joint ventures.
If the Asphalt Ridge project performs according to expectations, Petroteq could unlock billions of barrels of oil in Utah and surrounding states, as well as from other shallow oil sand deposits in the world, according to The New York Times. Bailey and CEO David Sealock told the publication that they are already having talks about joint ventures and licensing agreements with companies from Australia, Colombia, Venezuela and Trinidad and Tobago.
For more information, visit the company’s website at www.Petroteq.energy
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