Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, today announced the completion of a reserve and economic evaluation report, which defines bitumen reserves on the bitumen properties covered by three Utah state mineral leases located in the Asphalt Ridge Northwest area of Uintah County, Utah (the “Asphalt Ridge NW Leases”). Petroteq’s acquisition of the Asphalt Ridge NW Leases is pending completion. “Once the assignment of the Asphalt Ridge NW Leases to our subsidiary TMC Capital has been finalized, they will provide the company with a significant asset base from which we can further expand our ability to implement our eco-friendly extraction technology and accelerate commercial oil production,” said Dr. Gerald Bailey, Petroteq CEO. “The reserves identified in Chapman Petroleum Engineering’s Report should help to unlock access to funding from investors and financial institutions and enhance our ability to execute on our company’s business plan. These data validate our foresight about the expected value of Asphalt Ridge that led Petroteq to invest in this region.”
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits — outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands without requiring the use of water, and therefore without generating wastewater, which would otherwise require the use of other treatment or disposal facilities that could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information, visit www.Petroteq.energy.
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