World News: 18:47 GMT Wednesday 11th July 2018. [Petroteq Energy Inc. via Globe Newswire via SPi World News]
STUDIO CITY, CALIFORNIA, July 11, 2018 (GLOBE NEWSWIRE) -- (“” or the “”) (; ; ), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce the appointment of experienced energy technology investor Mr. David Kahn to its Advisory Board.
Mr. Kahn has served as an executive in some of the largest companies in the energy industry including, Weatherford, Baker Hughes and Texaco. He also has entrepreneurial experience gained during stints at smaller players including Ensyn Petroleum and Blue Top Energy, where he was Chief Executive Officer since 2003. Serving on Petroteq’s Advisory Board, Mr. Kahn will be tasked with due diligence responsibilities for the numerous technologies that Petroteq routinely considers adding to its IP portfolio. Mr. Kahn holds a Masters and PhD in Chemical/Petroleum Engineering.
“As operations ramp up at our Asphalt Ridge Facility, our footprint in the energy industry is growing. Based on our successful deployment of the revolutionary extraction technology we have deployed, inventors are coming out of the woodwork to offer us their technology for evaluation,” stated Alex Blyumkin, Executive Chairman of Petroteq Energy. “Having Mr. Kahn available to us will be invaluable.”
In addition, Petroteq has highlighted two major recent developments within the oil industry, notably, Baytex Energy Corp’s $1.2 billion acquisition of rival Raging River Exploration Inc. and Nexen Energy’s announcement of a $400-million expansion of its oil sands project in Alberta. Management of Petroteq believes that these recent events are positive industry developments and reaffirm Petroteq’s outlook on its own extraction process.
“With the recent acquisition of a major oil producer in the unconventional oil extraction industry, as well as the planned expansions announced by Nexen Energy, we believe projected growth and sentiment within the unconventional oil and oil sands market is increasing,” stated David Sealock, CEO of Petroteq. “As we implement our technology to draw on oil resources in an environmentally friendly way, producing no greenhouse gases or waste, the belief in our system is reinforced. The oil industry is beginning to shift towards more environmentally friendly processes and we take pride at being at the forefront of that movement.”
Pursuant to a new independent resource evaluation report titled “Evaluation of Contingent Resources” dated May 31, 2018 prepared by Chapman Petroleum Engineering Ltd. in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”), Chapman estimated that the Company’s leases contain approximately 87 million barrels of contingent resource which would, under favorable circumstances, support very positive mining economics. These 87 million barrels would be classified as a contingent resource under current NI 51-101 and COGEH guidelines. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources. Currently Petroteq is in Phase 2 of its plant capacity expansion and expects to reach 1,000 bod.
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 and .
Petroteq Energy Inc.
Tel: (800) 979-1897
Globe Newswire: 18:47 GMT Wednesday 11th July 2018
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