On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Positioned to Fill Heavy Crude Supply Gap with First-in-Kind Extraction Tech

  • The United States’ foreign trade policy may affect heavy oil supplies as the country enforces sanctions against Venezuela and Iran
  • Petroteq Energy is revolutionizing the production of heavy oil by using a patented surface fuel extraction process to lessen environmental impacts and investigative financial risks
  • Petroteq is conducting its operations at a leased bituminous fuel site in eastern Utah with a goal of proving the capabilities of its technology
  • The company began delivering oil to its regional market in November and is working to increase the amount of quality crude it produces to new benchmarks

Fuel industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is pioneering a surface oil extraction process that promises to revolutionize an industry galvanized by the domestic sourcing prowess of fracking drills, particularly as international trade policy concerns affect petroleum imports.

Shale fracking, or hydraulic fracturing, has provided the United States with an abundant homegrown source of fuel oils via an extraction process that involves injecting highly pressurized water and chemicals into drilled wells to force open rock fractures and release trapped oil.

New uses of the fracking production process have created a boom in domestic oil production at a time when much of the nation is pushing to support homegrown industries over foreign imports. Recent governmental policy that has established trade sanctions on Venezuela’s and Iran’s oil exports (http://nnw.fm/KmJ4b) is also helping to create a reduction in available medium-to-heavy grades of fuel.

The denser oils are in demand for refined products like jet fuel that are important to large, strong industries, and for low-sulfur fuel products favored by industries dealing with tighter shipping emissions rules.

Petroteq’s patented process produces heavy oils squeezed from surface pockets of bituminous shale in a closed-loop “clean” cycle that avoids many of the financial risks and uncertainties associated with exploring for crude sources deep underground. In particular, once a surface asphalt resource has been visually identified, there is no significant investment risk on the company’s part related to exploration, because the extent of the resource is already known prior to set up.

Petroteq’s process also has the advantage of being perhaps the most environmentally friendly of any extraction mechanism. It is a first-of-its-kind technology in which oil sands are mixed with a solvent solution, crushed to squeeze out the oil, shaken and then heat distilled to remove the oil for storage. The original sand material is returned to the desert floor cleaner than when it was taken for processing.

The solvent used in the process is recycled so that it can be used again and again in new cycles of oil extraction, helping the company to avoid some of the concerns associated with other processes that dump solvents back into the ground, or potentially compromise ground water that may serve as a source for area drinking water.

The company is now into commercial production, leasing a site in eastern Utah where it extracts the bituminous asphalt and produces heavy oil through its patented process. It is approaching an output of 1,000 barrels per day and will soon launch into Phase 2 of its production cycle, working toward a 4,000 bpd level in 2020. Petroteq envisions potentially producing 8,000 bpd by the end of 2020 as further proof of its technology’s efficacy (http://nnw.fm/Vkfn0).

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

About 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.

To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)

For more information please visit https://www.networknewswire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

Archives

Select A Month

NetworkNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 212.418.1217