- Petroteq in final-stage reliability tests prior to launching 1,000 barrels per day production in Utah this month
- Company fully funded for launch operations using proprietary environmentally friendly process
- Company expects to boost extraction to 8,000 barrels per day by 2020 or 2021
- Successful production ramp up would make company the first to commercially produce oil from tar sands
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FRANKFURT: A2DYWC) is staying busy as it awaits news about its application to uplist from the OTC Market to the Nasdaq Capital Market. The proprietary technology developer for the oil and gas extraction industry is running final-stage reliability tests of its own oil production operation at its Asphalt Ridge facility in Utah, working in excess of 80 percent of its capacity under a revolutionary ecological process as it prepares for full capacity extraction of 1,000 barrels per day by the end of July.
Petroteq Energy is banking on an environmentally friendly process developed by its chief technology officer, Ukrainian chemist Vladimir Podlipskiy, that the company expects to make it the first industry player to successfully extract commercial amounts of crude oil from desert tar sand rock in the Beehive State. Petroteq recently announced that its plans are fully funded and cash flow ready, with $6 million raised since February (http://nnw.fm/r3CXz).
The company’s technology uses solvents to produce zero greenhouse gas, zero waste and no high temperatures during the extraction process, which crushes the oil-saturated rocks to squeeze out the crude, distills the solvent-oil mixture, recycles the solvent for further extraction use and returns the essentially oil-less sands to the mining pit in a closed-loop process.
Amid the excitement over ramping up the site’s production, Petroteq announced in early July that it has submitted its formal application to list its common stock in the United States on the Nasdaq Capital Market.
“We believe that a NASDAQ listing will help unlock some of the shareholder value we are trying to create for our stakeholders. A NASDAQ listing should provide us with more liquidity and a larger pool of investors that use the NASDAQ Stock Market as a requirement for assembling a portfolio,” CEO David Sealock stated in a news release about the application (http://nnw.fm/oQ6an). “Being in a position to list our common stock on the NASDAQ Capital Market reflects significant progress that we have made in building our financial and liquidity standards, strengthening our corporate governance, and positioning the Company for future growth and profitability.”
During the review process, Petroteq’s common stock continues to trade on the OTC market under the ‘PQEFF’ symbol, in Canada on the TSX Venture Exchange under its symbol ‘PQE’; and in certain German markets in Frankfurt, Munich and Berlin under the symbol ‘PQCF’ (WKN # A2DYWC).
News of the Nasdaq application followed closely on the heels of the announcement that experienced energy technology investor David Kahn had joined the company’s advisory board (http://nnw.fm/Cy5P2). Kahn has served as an executive in some of the largest companies in the energy industry and will be responsible for Petroteq’s due diligence efforts as the company reviews the numerous technologies that it routinely considers adding to its IP portfolio.
Petroteq anticipates that successful production at the Asphalt Ridge site will boost the gravitas of its environmentally safe extraction process, and the company is already increasing its projections for output and potential revenue. Sealock stated that the company initially targeted an additional 1,000 barrels per day each year, but now expects to have capital expenditures in place to add another 5,000 barrels per day by 2020 as part of an aggressive growth curve that will bring it to 8,000 barrels per day by the end of that year or by 2021 (http://nnw.fm/jmX7i). The company holds 2,541 leased acres and 87.49 million barrels of mineable oil sands.
“The project was built during a period of low oil prices and has come online just as oil prices have strengthened,” company founder and Executive Chairman Alex Blyumkin stated (http://nnw.fm/S0WgK).
Company President R. Gerald Bailey told Fox Business News earlier this year that he believes the trend in rising petroleum prices could lead to $80 per barrel figures this year and perhaps reach $100 per barrel in the near future (http://nnw.fm/7fjKK), which would provide Petroteq a significant profit over its $25 to $30 per barrel costs.
“It’ll make money and it’s good for the country,” Bailey told the news agency.
For more information, visit the company’s website at www.Petroteq.energy
More from NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information please visit https://www.NetworkNewsWire.