Petroteq Energy announces that oil production from the oil sands works has resumed after implementing certain process improvements

The fine-tuning of the plant systems for continuous operation is in progress

SHERMAN OAKS, CA / ACCESSWIRE / April 28, 2021 / Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE) (OTC: PQEFF) (FSE: PQCF), an integrated oil company focused on the development and implementation of its own oil. Extraction Technologies, is pleased to announce that its Asphalt Ridge oil sands facility (the “POSP”) has been brought back into service after a shutdown to accommodate certain additional improvements that needed to be made to the POSP to make it more efficient and optimized Extraction process. The additional equipment required has now been successfully installed and tested, and the POSP is again producing oil.

George Stapleton, COO of Petroteq, commented, “After optimizing the extraction process after the plant’s initial start-up, we found that certain plant additives not only improve the process of extracting bitumen from oil sands but also removing clay fines The required equipment has now been installed and commissioned and we anticipate that the projected improvement in operational efficiency will help support the third party verification of the commercialism of the extraction process. We will try to optimize the various plant systems with aim to increase production rates and, if justified by operational and economic conditions, to switch to two-shift operation. Much has been learned from the operation of this demonstration plant, and all this knowledge will now be incorporated into the front-end engineering urf (“FEED”) of a currently running production train with 5,000 barrels per day (“BPD”). “

About Petroteq Energy Inc.

Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally friendly and sustainable technology for the extraction and recovery of heavy fuel oil and bitumen from oil sands and minable oil deposits. Petroteq is currently focused on developing its oil sands resources in Asphalt Ridge and improving production capacity at its heavy oil production facility near Vernal, Utah.

The story goes on

Petroteq believes that its technology can produce a relatively sweet heavy crude from oil sands on Asphalt Ridge without the need for water and therefore not producing wastewater that would 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 returned to the environment without the use of tailings ponds or further remediation.

Further information can be found 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 like “may”, “would”, “could”, “should”, “potentially”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “” Expect “and similar expressions relating to the company are intended to identify forward-looking information. All statements other than historical facts may be forward-looking information. Forward-looking information in this press release includes statements relating to the following: Management’s expectation that the projected improvement in the operational efficiency of the POSP will help support the third party review of the commercialism of the extraction process; our plan to fine-tune the various plant systems; and our expectation that we will be able to increase production rates and move to a two-shift operation Statements reflect the company’s current beliefs and intentions with respect to future events based on information available to the company and are subject to certain risks, uncertainties and assumptions, including, without limitation, that the company and its partners have the resources and services available to continue and complete work on the POSP and operate it continuously. Additionally, readers are cautioned that there is no assurance that the company’s extraction and processing technology will be commercially viable.

In providing forward-looking information, material factors or assumptions have been taken into account. While forward-looking statements are based on data, assumptions and analysis that the company believes to be appropriate in the given circumstances, actual results and performance are subject to a number of risks and uncertainties that could actual expectations and forecasts of the company or developments correspond to the company’s expectations and forecasts. The company’s results, performance and financial position deviate significantly from its expectations. “Risk factors” that could cause actual results to differ materially from the company’s forward-looking statements in this press release include, but are not limited to: Uncertainties in estimating resources, including whether reserves will ever be attributed to the Company’s properties ; Because the company’s extraction technology is proprietary, not widely used in the industry, and has not been used for consistent commercial production, the company’s bitumen resources are classified as a contingent resource as they are not currently considered commercially viable. Full commercial production can lead to public opposition. The company cannot be certain that its bitumen resources are economically producible 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 pricing; State of the capital markets and the ability of society to raise capital; Litigation; the economic 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 their full extent for an extended period of time; Reliance 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 business model; the type of oil and gas production as well as oil sands mining, extraction and production; Uncertainties in exploration and drilling for oil, gas and other hydrocarbonaceous substances; unexpected costs and expenses, availability of finance and other capital; potential damage or destruction to 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 limit the pandemic, including travel restrictions, border closings, non-essential business closings, quarantines, self-isolation, existing accommodation and social distancing, disruptions in 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. Readers are encouraged to review 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 most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended, and available from the securities regulatory authorities 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 qualified in its entirety by this warning notice. Furthermore, the company assumes no responsibility for the accuracy or completeness of this forward-looking information. The forward-looking information contained in this press release is as of the date of this press release and the company assumes no obligation to publicly update or revise any forward-looking information except as required by law

Neither the TSX Venture Exchange nor its Regulation Services Provider (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:

Petroteq Energy Inc.
Alex Blyumkin
CEO
Tel .: (800) 979-1897

SOURCE: Petroteq Energy Inc.

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