- Greenfield Energy, a joint venture between TomCo Energy and Valkor, has entered a non-exclusive multi-site license with Petroteq
- Under the agreement, the company will receive a 5% royalty of all net revenues for oil sands plants built by Greenfield with the Petroteq License
- The company’s patented and proprietary technology for heavy oil extraction is sustainable, environmentally friendly, and cost-effective
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FRANKFURT: PQCF), an oil company focused on developing and implementing its proprietary oil extraction and reclamation technologies, has announced that 250 barrels of oil produced at the company’s oil sands plant at Asphalt Ridge (Utah) was gauged and tagged by a buyer. The produced oil was tested at 10.9° API with low basic sediment and water (BS&W) of 0.3% (https://nnw.fm/JpFp5).
The company also announced that Greenfield Energy LLC has entered a non-exclusive multi-site license with Petroteq, which has been granted considering the advanced funding Greenfield has provided regarding upgrading the oil sands plant at Asphalt Ridge. For future oil sands plants built by Greenfield using the Petroteq License, a 5% royalty of net revenues for all revenues received from produced oil sands at any said oil plant will be payable from Greenfield to Petroteq.
Greenfield is a 50/50 joint venture between TomCo Energy plc (AIM: TOM) and Valkor LLC. Greenfield has entered into a membership interest purchase agreement with Endeavour Capital Group LLC and Tar Sands Holdings II (“TSHII”) LLC, respective to the potential acquisition of up to 100% of ownership and membership rights and interests in TSHII, which owns approximately 760 acres of land and certain non-producing assets in Uintah County, Utah.
“We are encouraged by what could become Greenfield’s first step towards securing a site and mine to support a commercial plant employing Petroteq’s Clean Oil Recovery Technology,” George Stapleton, the COO of Petroteq, commented.
Petroteq’s proprietary technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits is sustainable and environmentally safe. The company’s patented application is a closed-loop, solvent-based process resulting in significantly lower per-barrel production costs than what is incurred by traditional hot water-based oil sands extraction technologies.
The company’s green technology utilizes a small, modular footprint, producing no greenhouse gases, does not require high temperatures, leaves only clean dry sand, and could be deployed to unlock heavy oil deposits worldwide. The company has removed the unwanted externalities from producing oil, which is seen in other oil sands operations, fracking, and even conventional wells. Petroteq is using a form of remediation for oil-bearing near-surface sands, which are cleaned to comply with EPA Tier 1 quality before being returned, leaving the area of extraction cleaner than it was prior.
For years, the industry’s approach to oil extraction has been fracking, a drilling technology used for extracting oil, natural gas, geothermal energy, and water from deep underground. Petroteq’s technology is the next big step towards energy independence and tapping into a new source for heavy oil extraction.
For more information, visit the company’s website at www.Petroteq.com.
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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