NR: Petroteq Reports Planned Automation Completion Date 2019-11-12 08:30 ET - News Release
SHERMAN OAKS, Calif., Nov. 12, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), an oil sands mining and production company, is pleased to announce that the Company will complete the automation of certain processes at its Asphalt Ridge processing facility in Utah (the “Plant”) on or about November 20th, 2019.
The Company’s automation of the front end processes at the Plant, consisting primarily of the sand separation process, oil quality process and centrifugal process, is being implemented with engineering and technical assistance from Valkor Engineering and Alfa Laval and is expected to provide both increased efficiencies in the production of crude oil and a reduction in operating, maintenance and labor costs.
Automation of the Plant’s front end processes will substantially reduce manual intervention and allow for a potential increase in production at or near 300 barrels/shift, followed by an increase we intend to accomplish by adding more production time while moving the company forward, toward profitability. Moreover, once production levels are accomplished by automation and production time increases are achieved, we anticipate that the Company will be able to potentially access debt financing that will be consistent with its business plan. The Company believes this will enable it to increase its oil production capacity at the Plant with the completion of the 3000 barrel per day expansion by mid-2021.
“Since the recommencement of production, Petroteq’s operating team, working with Valkor and Alfa Laval, has continued to deliver improved efficiencies.” said David Sealock, Petroteq’s CEO.
"We remain focused on driving efficiencies in our business from an operational and cost perspective and anticipate that the automation of key processes at our Asphalt Ridge facility will increase both the quality and consistency of our oil production. Our CORT’s (Clean Oil Recovery Technology) operational excellence will create what we believe is a best-in-class, environmentally clean processing facility with the size, scale and financial positioning to thrive in today’s market. Combining our high-quality acreage and low-cost operations, we believe that these metrics will establish Petroteq as a leader in the Utah energy industry" concluded Mr. Sealock.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility located near Vernal, Utah.
For more information, visit www.Petroteq.energy.