- The plant will operate at “ramp up capacity” by the end of July
- $3.86 million in new capital raised so far in 2018
- Other research and development projects underway to increase applicability of company’s patented extraction technology
- New advisory board member Heriberto “Eddie” Gonzalez joins team
With full-on oil production scheduled to begin by the end of July, Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FRANKFURT: A2DYWC) has issued an update for investors on the latest developments at its Asphalt Ridge oil extraction facility, as well as other company operations. According to a company press release (http://nnw.fm/Or8Pe), construction has been completed and extraction operations have already begun at Asphalt Ridge in Utah, with plans to ramp up oil extraction and production to full capacity by the end of the month. The facility is expected to yield 1,000 barrels per day at full capacity.
In a news release, Petroteq Chief Executive Office David Sealock said, “The Asphalt Ridge project has surpassed expectations. The facility process trains are coming fully online safely, the production ramp-up plan is on schedule, and the commissioning and start-up activities are set to produce a high-quality heavy oil. We are especially appreciative of the dedication and careful planning and execution that our team and partners have demonstrated in achieving this remarkable result.”
Company chairman Alex Blyumkin said that the timing of the Asphalt Ridge project has been particularly advantageous. “The project was built during a period of low oil prices and has come online just as oil prices have strengthened.”
At the end of June, members of the press were able to view the Asphalt Ridge facility and see for themselves the progress made (http://nnw.fm/D3t3x). Timing the open day with the initiation of production allowed the media to get a first-hand view of the oil extraction process, which experts were on hand to explain. Speaking at the event, company chairman Blyumkin said, “We have developed a comprehensive mining plan and demonstrated that our expanded plant can produce oil. Our dedication and focus on re-launching our facility demonstrates our commitment to our investors who have supported us throughout this journey.”
“We now have a plant that has the level of scale that allows us to be self-sufficient and generate cash flow to add value to our shareholders,” he added. Petroteq held its media day as a prelude to a September 2018 grand opening.
In addition to updating investors on operations at Asphalt Ridge, Petroteq also announced that it has raised new capital of approximately $3.86 million so far in 2018 and that all of its recent operational developments have driven multiple initiatives expected to promote the company’s future growth. More specifically, the company has several research and development projects underway, designed to further increase the applicability and efficiency of its patented extraction technology.
Petroteq’s proprietary environmentally friendly and sustainable technology extracts heavy oil from oil sands, oil shale deposits and shallow oil deposits. This patented process leaves no waste, produces no greenhouse gases and operates without high temperatures. Petroteq holds the mineral lease to 2,541 acres and 87.49 million barrels of mineable oil sands.
The company has also expanded its team and advisory board to handle multiple business development initiatives targeting both domestic and international opportunities. The most recent addition to the advisory board is entrepreneur Heriberto “Eddie” Gonzalez (http://nnw.fm/Fnz6V). Currently managing director of Mayan Energy Limited, Gonzalez has been involved in a number of successful startups. Petroteq is confident that having him on board will further boost its advisory board’s work of handling increasing interest in the company and providing key insight, expertise and guidance to the company’s management.
Speaking about Gonzalez’s appointment, Petroteq CEO David Sealock said, “We are excited to have Eddie on our team. He brings multiple skill sets that will benefit the Company in terms of identification, development and execution of potential business opportunities.”
For more information, visit the company’s website at www.Petroteq.energy
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