November 16, 2020 (Viz Release) – – Petroteq Energy Inc. Stock Symbol (OTC: PQEFF) Environmentally Friendly Without Wastewater
Drilling and Operations begin at Company Properties in Utah
– Proprietary & Patented Clean Energy Technology for Oil Sands.
– Ability to Produce Sweet Heavy Crude Oil Without Generating Wastewater.
– Latest Assays on Company Utah Properties Exceed Expectations.
– Ability to Produce a Low Sulphur Fuel as Required for Marine Uses.
Petroteq Energy Inc. (OTC: PQEFF) is a Canadian-registered holding company, also trading on the TSX Venture Exchange (PQE). A clean technology company, PQEFF is 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. PQEFF is currently working on developing its oil sands resources in Utah at Asphalt Ridge and upgrading production capacity at its demonstration heavy oil extraction facility located near Vernal.
PQEFF believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. The PQEFF process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand which can be returned to the environment, without the use of tailings ponds or further remediation.
– Assay of Oil Sands Saturation Exceeds Expectations; Completed Assays Show 14-18% Oil Saturations by Weight
On November 11th PQEFF announced that assays of oil sands samples taken during a recent survey of the company’s lease properties have been completed. The survey identified three key areas where the oil sands ore appeared to have higher oil saturations than what was previously mined. The areas sampled show very rich oil saturations ranging from 14 to 18 per cent by weight. Ore having an oil saturation of 14 per cent contains roughly 0.8 barrels of bitumen per ton of ore. The area from which the samples were taken is estimated to contain approximately 60-70,000 tons of mineable ore, which is expected to be sufficient to feed the Company’s oil sands plant at Asphalt Ridge (the “POSP”) for over three months at a production rate of 400-500 barrels per day. These areas will be the focus of PQEFF mining efforts during the initial operation of the POSP following its pending restart.
Planning is underway for PQEFF to drill and core at six locations on the lease during November. This is expected to allow mining consultant to develop an expanded and detailed mining plan which will direct future mining operations for continued plant operations once the areas described above have been mined and processed.
The assays of PQEFF oil sands samples exceeded expectations and have confirmed the areas where we will concentrate our initial mining efforts after the restart of the POSP. Because PQEFF will be able to extract more bitumen per ton of ore than earlier estimates, they will need to mine less tonnage per barrel, thereby reducing mining cost per barrel and, by extension, POSP operating expenses.
– PQEFF Positioned as a Provider of Clean Technology for the Recovery of Oil from Oil Sands
On October 14th PQEFF released its management’s vision of what gives the Company a unique advantage in the market as it positions itself as a provider of a clean technology for the recovery of oil from oil sands. The PQEFF Clean Oil Recovery Technology (“CORT”) integrates clean technology with oil sands production. Some CORT attributes of note are listed below:
– Proprietary extraction technology
– Pre-FEED (Front End Engineering and Design) work for 5-10k bpd facility completed recently by Crosstrails Engineering LLC, a subsidiary of Valkor LLC (as reported in the Company’s press release dated September 15, 2020)
– 10,000 bbl of oil produced to date from pilot plant and Asphalt Ridge facility
– Extraction technology that greatly reduces greenhouse gases when compared to other extraction methods
– Leaves no waste water or tailings pond
– Up to 99% of hydrocarbons are extracted
– 95% of solvents used are recovered and recycled within the closed-loop system
– Produces bitumen and a clean, dry sand (meeting EPA Tier 1 standards) as the only by-product
– Relatively small modular footprint; designed to be scalable through the addition of parallel production trains
– Design is based upon standard oil processing equipment, short lead times
– Low capex estimated at US$15-$20k per daily bbl per recent pre-FEED study
– Low production costs, estimated to average $25-$30/bbl dependent upon production volume
– Flexibility in terms of being capable of producing various different end products
For a visual representation of the CORT process visit https://petroteq.energy/technology/oil-sands-extraction
PQEFF is evaluating the possibility of adjusting its extraction plant to produce a dual output of diesel and asphalt, both of which trade at a premium to WTI. The asphalt market is subject to seasonal variation, being particularly strong during the summer months.
For more information on Petroteq Energy Inc. (OTC: PQEFF) visit www.Petroteq.energy.
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This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
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