Environmentally Friendly Without Wastewater
Drilling and Operations begin at Company Properties in Utah
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.
On November 11th, 2020 – 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.
On October 14th, 2020 – 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:
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.
Media ContactCompany Name: Petroteq Energy IncContact Person: Media RelationsEmail: Send EmailPhone: (800) 979-1897Address:15315 W. Magnolia Blvd. Suite 120 City: Sherman OaksState: CA 91403Country: United StatesWebsite: https://petroteq.energy/