World News: 14:00 GMT Friday 10th August 2018. [Petroteq Energy Inc. via Globe Newswire via SPi World News]
SHERMAN OAKS, CA, Aug. 10, 2018 (GLOBE NEWSWIRE) -- (“” or the “”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, has finalized continuity testing at its Asphalt Ridge facility and is making final arrangements for continuous operations and marketing activities.
“While the pricing and structure of the sales production/marketing strategy are yet to be finalized, Petroteq management is confident that operational costs and related discounts will be much lower than the discount on Canada’s heavy crude, which reached a nearly five-year high last week. The discount should remain high with pipelines at capacity and the refining customers going offline for seasonal maintenance.” stated CEO David Sealock.
“We believe that the market for Petroteq’s heavy oil product is attractive as our Asphalt Ridge facility is in close proximity to major refineries in Utah. We expect pricing to track West Texas Intermediate quite closely, as the refiners are already used to buying and using Utah Heavy Oil as part of their refining mix.” Commented Mr. Sealock.
“As we progress our operational activities key aspects of operations and proprietary solvent processes are being reviewed and vetted by Dr. Jerry Bailey, President and Director, and Mr. Vladimir Podlipskiy, Chief Technology Officer, and since we have added a lot of new equipment to our enhanced facility, we are already finding opportunities to refine our techniques for more efficient production”, stated Executive Chairman and Founder, Mr. Alex Blyumkin.
“We continue to focus on becoming the first environmentally friendly oil sands mining facility,” stated Jerry Bailey, “I am extremely impressed with the work completed by our site operations team. As I review all 14 operating processes that comprise the ten stages of our facility, I have to mention the dedication and experience of our field team. The diversity of the team, comprised of U.S. Armed Forces veterans, Native Americans and the local Unitah Basin workforce is a key component in our success.” he concluded.
Mr. Vladimir Podlipskiy, Chief Technology Officer of Petroteq, stated, “The operational readiness of the facility coincides with the laboratory testing that we have been conducting. With multiple samples that have been taken from our mining operations, we have determined the proprietary solvent molecular and volumetric specifications to effectively and efficiently work with our proprietary extraction process. We are also looking at the many new and compelling products that will work with and integrate with our proprietary solvent process to improve the separation of oil from sand as well as stabilize and reduce asphaltenes in the oil to produce a better grade of heavy oil. We are continually improving our proprietary processes which uses no water, produces zero greenhouse gas, zero waste and requires no high temperatures.”
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. 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: 14:00 GMT Friday 10th August 2018
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