- Petroteq Energy completed a private placement of almost $1 million, generating funds that will be used to continue development of its proprietary technology for the environmentally-safe extraction of heavy oil
- Currently utilized at the Petroteq extraction facility in the Utah Asphalt Ridge pilot project, the technology could revolutionize the oil industry
- The company has already reported consistent production at the facility, with plans to expand capacity over the next 24 months
Oil and gas industry technology innovator Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) recently announced the closing of a private placement generating aggregate gross proceeds of $985,950 for a total of 3,775,875 common shares and warrants excisable for 3,431,828 common shares.
According to a press release issued by the company on May 22, the net proceeds will be used for Petroteq Energy’s Utah extraction facility technology, as well as for working capital (http://nnw.fm/1Cr6W).
Petroteq, a fully-integrated oil and gas company engaged in the development and implementation of proprietary technologies for the environmentally-safe extraction of heavy oils, has a patented close-loop clean extraction technology that is already yielding results. The technology is currently in production at the company’s Asphalt Ridge pilot facility in Utah.
The technology has so far proven to be commercially viable and environmentally-friendly. Petroteq started delivering oil to the regional market in 2018, and it has reported consistent production. Output forecasts for early 2022 suggest expanded production capacity that will reach 5,000 to 8,000 barrels of oil per day (http://nnw.fm/jmX7i).
Through the use of the patented Petroteq technology, the company can extract heavy oil and bitumen from oil sands, shale and shallow oil deposits. It produces zero greenhouse emissions or waste. In addition, high temperature isn’t a requirement for the extraction to take place.
Heavy oils are a highly sought-after resource for the production of jet fuels and low-sulfur fuel products. The patented Petroteq production process is thus proving to be important for the provision of resources in various industries.
The first-of-its-kind technology is the most environmentally-friendly oil extraction method available right now. Oil sands are mixed with a solvent solution and crushed, allowing the oil to be extracted. The original sand material is returned to the desert floor minus its oil content. The solvent used for the extraction can then be recycled, making numerous uses possible.
Commercial production has already been initiated in Utah, where Petroteq extracts oil from bituminous asphalt. Phase 2 of the production cycle is expected to be reached in 2020, proving beyond doubt the massive potential of the proprietary technology.
Research suggests that the Utah oil sands deposit holds 15 billion barrels of recoverable oil. The Petroteq Asphalt Ridge lease features a large contingent of oil sands.
Petroteq is currently working to expand its oil sand resource under U.S. federal oil and gas leases. These encompass nearly 8,480 gross acres, or 4,240 net acres. Furthermore, Petroteq now holds 100 percent of the operating rights and interests under the lease for oil sand development.
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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