SHERMAN OAKS, CA, July 26, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC:
PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy
industry, wishes to comment on a front-page article published by a local Vernal news publication.
The Company is pleased to be the subject of a featured front-page article released by a publication based in Vernal, Utah the
Vernal Express earlier this week. The article titled “Petroteq Looks to Change the Game in Oil Extraction” discusses the Company’s recent
accomplishments in the commissioning of its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah.
Petroteq’s CEO, David Sealock, commented after yesterday’s management team and advisory board meetings in Vernal, Utah, “I
was humbled when I was made aware that we were featured on the front page of the Vernal Express earlier this week, we are grateful
to be making a positive impact in Vernal and the surrounding communities by bringing jobs and utilizing small local businesses as
vendors in the process of our plants commissioning. The fact that a number of our contractors are veterans of the United States
Armed Forces goes to further expand on our Company slogan “American Oil for America” while providing opportunities to those willing
to make the ultimate sacrifice in protecting the freedom and opportunities enjoyed by individuals and entities in the United
States.”
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 oils 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 facility located near Vernal, Utah. The Company also owns a minority
stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company,
through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively
for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and
Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,”
“anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: future growth
and profitability of the Company; and the Company successfully developing block chain technology for the oil and gas industry, are
intended to identify forward-looking information. Readers are cautioned that there is no certainty that it will be commercially
viable to produce any portion of the resources. All statements other than statements of historical fact may be forward-looking
information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information
available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were
applied in providing forward-looking information, including: the plant producing as expected by the Company and the Company having
the funds (through cash flow or financing) to fund the expansion of its plant as projected, and PetroBLOQ successfully developing
and implementing a blockchain-based supply chain management system. While forward-looking statements are based on data, assumptions
and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments
will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual
results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk
factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release
include, without limitation: uncertainties inherent in the estimation of resources including whether any reserves will ever be
attributed to the Company’s properties; PetroBLOQ not having the expertise and/or funds necessary to develop and implement a
blockchain-based supply chain management system; PetroBLOQ not being able to develop the blockchain technology to completion;
blockchain technology not being adopted by the oil and gas industry; changes in laws or regulations; the ability to implement
business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets,
oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the
commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology, the SWEPT technology, the S-BRPT
technology, and other proprietary technologies developed or licensed by the Company or by Accord GR Energy Inc., which are of
experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors,
consultants and key personnel; the ability of the Company and Accord GR Energy Inc. to maintain their respective mineral lease
holdings; potential failure of the Company’s business plans or model; the nature of oil and gas production and oil sands mining,
extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances;
unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss
of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable
or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business
conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with the
securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such
forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not
assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information
included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly
update or revise any forward-looking information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION Petroteq Energy Inc. Alex Blyumkin Executive Chairman Tel: (800) 979-1897