Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, is pleased to announce that the Company has recommenced production today from the Asphalt Ridge Facility in Utah.
Completing the planned equipment modifications to the sand separation process, fluid extraction process, and the clean sand production process, marks a significant milestone for Petroteq's proprietary oil extraction solvent technology. These modifications are expected to allow the facility to potentially process more oil sands ore per day with a much improved oil production quality which is more suitable and in high demand for the local refineries.
"The technology enhancements completed in the last several months are expected to provide the Company the foundation to consistently increase production to its productive capacity in a step wise approach, and potentially enhance cash flow in what is currently a much more favorable pricing environment," stated David Sealock, Chief Executive Officer. "The strengthening of our balance sheet, consistent production and cash flow remains our top priority."
"The technical and engineering achievements made by Petroteq in recent years have been an important component of the Petroteq business model in value creation for strategic investors" stated Executive Chairman, Mr. Alex Blyumkin. "The work that has been completed to evolve Petroteq's environmentally friendly surface oil sands mining proprietary technology, from a batch process to semi-continuous production process, is the basis of many valuable design lessons learned through the improvement process. The Operations and Engineering staff should be commended for the advances made and implementation in a difficult operating environment." Petroteq and our strategic partners are very excited about the potential future of this technology as the first in Utah and the USA to commercially produce surface oil sands reserves", said Alex Blyumkin, "I wish to thank our shareholders for the extreme patience and long term support offered in allowing Petroteq the time to deliver the potential that the Company's CORT (Clean Oil Recovery Technology) can achieve."
A conference call will be held to review Petroteq's operating results in December 2019. The Company will issue a news release in November to provide the date and time as well as the North American toll-free number and international call number.