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SHERMAN OAKS, CA / ACCESSWIRE / August 6, 2021 / Petroteq Energy Inc. (“Petroteq” or the “company“) (TSXV: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil extraction and remediation technologies, announces the resignation of Mr. Alex Blyumkin as officer and director of The The company’s board of directors has appointed RG Bailey, the company’s current director and former chief executive officer, as interim chief executive officer and Mr. Vladimir Podlipsky, the company’s current chief technology officer, has been appointed director of the company.
Mr. Blyumkin is the founder of Petroteq. It was his vision that led the company to bring the extracted oil to market. Mr Blyumkin said, “I have spent over 10 years of my time and energy seeing the company stand on the cusp of commercial success. Now I want to move away from the day-to-day responsibilities of running the company and focus more on my family I believe and continue to support Petroteq and I am confident that the new leadership can achieve my goals and introduce others to the benefits of technology and the development of a true green oil company through Petroteq to other seasoned team members, and the Petroteq employees can do so in their second decade too bring even more success and growth. “
Dr. Bailey commented, “I am honored to accept this appointment as I have accompanied Alex, Petroteq and many shareholders on this journey for over nine years from commissioning to construction of the first plant in Vernal, Utah. Petroteq has a good record evolving in difficult economic times and is ready to move forward with sustained vigor in the use of its environmentally friendly, waterless extraction technology not only in larger manufacturing operations but also in the remediation of oil sands on a global scale, I trust that my leadership experience in the oil industry will reinforce these efforts . I thank our shareholders and directors for their support throughout our growing years and for their continued support as we grow stronger. “
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally sound and sustainable technology for the extraction and recovery of heavy fuel oil and bitumen from oil sands and minable oil deposits. The versatile technology can be applied to both water-wet and oil-damp deposits and delivers high-quality oil and clean sand.
Petroteq believes its technology can produce a relatively sweet heavy crude from oil sands at Asphalt Ridge without the need to use water and therefore not produce wastewater that might otherwise require the use of other treatment or disposal facilities that could be harmful the environment. Petroteq’s process is said to be a more environmentally friendly extraction technology that leaves behind clean residual sand that can be sold or returned to the environment without the use of sedimentation tanks or further remediation.
Further information is available at www.Petroteq.energy.
Forward-Looking Statements
Certain statements in this press release contain forward-looking statements within the meaning of US and Canadian securities laws. Words such as “may”, “would”, “could”, “should”, “potentially”, “will”, “seek”, “intend”, “plan”, “foresee”, “believe”, “estimate” “Expect” and similar expressions relating to the company are intended to identify forward-looking information. All statements that are not historical facts may be forward-looking information. Such statements reflect the company’s current beliefs and intentions with respect to future events based on the information available to the company and are subject to certain risks, uncertainties and assumptions. In providing forward-looking information, material factors or assumptions have been made. Although forward-looking statements are based on data, assumptions and analyzes that the company believes to be appropriate under the given circumstances, they are subject to a number of risks and uncertainties that could cause actual results, performance or developments to meet expectations and predictions The company’s results, performance and financial position differ materially from its expectations. Some 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: the failure of the stock exchange or the company’s directors to provide the necessary approvals; all closing conditions are met or are waived; Uncertainties inherent in estimating resources, including whether reserves will ever be ascribed to the company’s properties; Because the company’s extraction technology is proprietary, not widely used in the industry, and has not been used in consistent commercial production, the company’s bitumen resources are classified as contingent resources as they are not currently considered commercially recoverable; full commercial production can generate public opposition; the company cannot be certain that its bitumen resources are economically viable and therefore cannot be classified as proven or probable reserves under applicable securities laws; Changes in laws or regulations; the ability to execute business strategies or pursue business opportunities, whether for economic or other reasons; Status of world oil markets, oil prices and price volatility; Oil prices; State of the capital markets and the ability of society to raise capital; Litigation; the commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology and other proprietary technologies developed or licensed by the Company or its subsidiaries that are currently experimental in nature and have not been used to full capacity for an extended period of time; Dependence on suppliers, contractors, consultants and key personnel; the company’s ability to maintain its 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 hydrocarbonaceous substances; unexpected costs and expenses, availability of funding and other capital; possible damage to or destruction of property, loss of life and environmental damage; Risks associated with compliance with environmental laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; Risks related to COVID-19, including various recommendations, orders and actions by government agencies to try to contain the pandemic, including travel restrictions, border closings, non-essential store closures, quarantines, self-isolation, on-site accommodation and social distancing, disruption to markets, economic activity, financing, supply chains and distribution channels, and a deterioration in general economic conditions, including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or mentioned in the company’s disclosure documents filed with the United States Securities and Exchange Commission and available at www.sec.gov ( including, without limitation, the principal most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended) and available from the securities regulators in certain provinces of Canada and at www.sedar.com.
Should any factor unexpectedly affect the company, or should the assumptions underlying any forward-looking information prove to be incorrect, actual results or events could differ materially from those forecast. Such forward-looking information is expressly restricted in its entirety by this warning notice. Furthermore, the company assumes no responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information in this press release was prepared as of the date of this press release and the company undertakes no obligation to publicly update or revise any forward-looking information except as required by applicable law.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
CONTACT INFORMATION
Dr. Gerald Bailey
Interim chairman
Petroteq Energy Inc.
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
View source version on accesswire.com:
https://www.accesswire.com/658785/Petroteq-Announces-Management-Changes
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