Greenfield Energy enters into purchase agreement for membership shares for up to 100% of TSHII
SHERMAN OAKS, CA / ACCESSWIRE / June 10, 2021 / Petroteq Energy Inc. (“Petroteq” or the “Companies“) (TSXV: PQE) (OTC PINK: PQEFF) (FSE: PQCF). Our company, focused on the development and implementation of its proprietary oil extraction and recovery technologies, is pleased to announce that the 250 barrels of the oil dropped last week at its Asphalt Ridge oil sands facility (the “POSP“) have now been measured and labeled by the buyer. Subject to the availability of transport, the oil should be purchased and picked up this Friday. Oil produced tested at 10.9 ° API with a low BS&W (base sediment and water) of 0.3%.
TomCo Energy plc (AIM: TOM), the US oil exploration group focused on using innovative technologies to develop unconventional hydrocarbon resources, announced on June 9, 2021 that Greenfield Energy LLC (“Greenfield”), the 50 / The Company’s 50 joint venture with Valkor LLC (“Valkor”), has a membership purchase agreement (the “Agreement”) with Endeavor Capital Group LLC (“Endeavor”) and Tar Sands Holdings II LLC (“TSHII”) for the possible acquisition by Greenfield completed up to 100% of the ownership and membership rights and interests in TSHII (the “Membership Interests”). TSHII owns approximately 760 acres of land and certain non-producing assets (the “Site”) in Uintah County, Utah, USA.
Tomco’s announcement can be found at:
https://polaris.brighterir.com/public/tomco/news/rns/story/xezpdox
Greenfield has concluded a non-exclusive multi-site license with Petroteq. The Petroteq license was granted in exchange for the pre-financing Greenfield provided in relation to the upgrades to the POSP.
For all future oil sands plants built by Greenfield using the Petroteq license, Greenfield pays a license fee of 5% of the net income from oil products made from oil sands resources in oil sands plants. Apart from the license fee, no further Petroteq license fees are payable.
The story goes on
George Stapleton, COO of Petroteq, commented, “We are encouraged by what could be Greenfield’s first step in securing a site and mine to support a commercial facility employing Petroteq’s Clean Oil Recovery Technology.”
About Petroteq Energy Inc.
Petroteq is a cleantech company that focuses 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. The versatile technology can be applied to both water-wet and oil-damp deposits and delivers high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude from oil sands at Asphalt Ridge without the use of water and therefore not producing 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 returned to the environment without the use of settling basins 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. The forward-looking information contained in this press release includes statements regarding: Petroteq’s expectation that the 250 barrels of oil produced at its POSP last week will be sold and picked up this Friday; and Petroteq’s expectations for the environmental friendliness of its extraction technology. Such statements reflect the company’s current views and intentions with respect to future events, based on the information available to the company and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the company and its partners beyond the resources available and services have to continue and complete the work at 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 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. Certain of the “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 regarding the company’s ability to prepare and present an updated, revised letter of intent; that will be acceptable to the Utah Department of Oil, Gas and Mining before July 1, 2021, avoiding any further closure of POSP operations; Uncertainties inherent in estimating resources, including whether reserves will ever be ascribed to the company’s land; 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 lead to 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 closures, 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. Readers are encouraged to understand the risk factors discussed or mentioned in the company’s disclosure documents filed with the Securities and Exchange Commission and available at www.sec.gov (including, but not limited to, the latest Annual Report on Form 10-K pursuant to the Securities Exchange Act of 1934, as amended) and from the securities regulators in certain provinces of Canada and at www.sedar.com.
Should any factor affect the company in an unexpected manner or should the assumptions underlying any forward-looking information prove 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 contained in this press release is 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
Petroteq Energy Inc.
Alex Blyumkin
CEO
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
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