- Renewed health in the oil and gas sectors show an ongoing need for products such as Petroteq Energy’s closed-loop, clean surface extraction CORT operation
- Petroteq is developing what it believes to be the next big thing in the industry after fracking generated a domestic oil production boom in the United States
- While performing maintenance and upgrades at its Utah production site, Petroteq continues to demonstrate its technology’s potential through licensing and lab testing
A new year of continuing recovery in the oil and gas markets has industry watchers enthused about the outlook for U.S. productivity for domestic and international consumers during the coming decades, with production currently hovering at a level of 19-20 million barrels per day. Demand for U.S. oil is “buoyantly very high,” with more than 2.5 million barrels per day of crude oil exported in April, according to Forbes (http://nnw.fm/l0JGR), at a rate that was 35 percent higher than the previous April. Oil product exports, on the other hand, were double that amount.
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) is building momentum as an innovator of CORT (Clean Oil Recovery Technology) and is making surface tar sands oil extraction cleaner and simpler than ever. Through a closed-loop recovery process conducted at ground level, Petroteq is removing bituminous oils from the tar sands that are plentiful in Utah’s rural eastern desert and leaving behind sands that are clean enough to grow produce.
CEO David Sealock showcased the operations processes of the company’s two-year labor of love at Utah’s Asphalt Ridge in a video tour of Petroteq’s facilities published in June (http://nnw.fm/yq7xC) in celebration of phase I production.
The company halted operations in order to perform planned equipment re-engineering. The coarseness of the Utah desert sands interfered with initial efforts to arrive at an earlier deadline, but the maintenance alterations to the equipment are expected to decrease the costs of further maintenance in the future and improve the facility’s efficiency in reaching its production goals.
While the facility upgrade advances toward recommencement of production, Petroteq has been pressing the advantages of its technology with other companies in the United States and abroad, approving its first non-exclusive licensing agreement with eastern Texas energy services company Valkor LLC in July and completing demonstrative lab projects for Asian and Australian interests that show the ability of Petroteq’s technology in recovering oil from tar sands and shale (http://nnw.fm/4D3Tj).
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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