Mr. Alex Blyumkin reports

PETROTEQ ANNOUNCES NEW ADVISORY BOARD MEMBER AND HIGHLIGHTS RECENT INDUSTRY NEWS

Petroteq Energy Inc. has appointed David Kahn to its advisory board.

Dr. Kahn has served as an executive in some of the largest companies in the energy industry, including Weatherford, Baker Hughes and Texaco. He also has entrepreneurial experience (gained during stints at smaller players, including Ensyn Petroleum and Blue Top Energy, where he was chief executive officer since 2003). Serving on Petroteq's advisory board, Dr. Kahn will be tasked with due diligence responsibilities for the numerous technologies that Petroteq routinely considers adding to its IP portfolio. Dr. Kahn holds a master and PhD in chemical/petroleum engineering.

"As operations ramp up at our Asphalt Ridge facility, our footprint in the energy industry is growing. Based on our successful deployment of the revolutionary extraction technology we have deployed, inventors are coming out of the woodwork to offer us their technology for evaluation," stated Alex Blyumkin, executive chairman of Petroteq Energy. "Having Mr. Kahn available to us will be invaluable."

In addition, Petroteq has highlighted two major recent developments within the oil industry. Most notably, Baytex Energy Corp.'s $1.2-billion acquisition of rival Raging River Exploration Inc., as well as Nexen Energy's announcement of a $400-million expansion of its oil sands project in Alberta. Management of Petroteq believes that these recent events are positive industry developments and reaffirm Petroteq's outlook on its own extraction process.

"With the recent acquisition of a major oil producer in the unconventional oil extraction industry, as well as the planned expansions announced by Nexen Energy, we believe projected growth and sentiment within the unconventional oil and oil sands market is increasing," stated David Sealock, chief executive officer of Petroteq. "As we implement our technology to draw on oil resources in an environmentally friendly way, producing no greenhouse gases or waste, the belief in our system is reinforced. The oil industry is beginning to shift towards more environmentally friendly processes and we take pride at being at the forefront of that movement."

Pursuant to a new independent resource evaluation report entitled, "Evaluation of Contingent Resources," dated May 31, 2018, prepared by Chapman Petroleum Engineering Ltd., in accordance with the Canadian oil and gas evaluation handbook (COGEH), Chapman estimated that the company's leases contain approximately 87 million barrels of contingent resource, which would, under favourable circumstances, support very positive mining economics. These 87 million barrels would be classified as a contingent resource under current National Instrument 51-101 and COGEH guidelines. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources.

About Petroteq Energy Inc.

Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. Petroteq is currently focused on developing its oil sand resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the company, through its wholly owned subsidiary PetroBloq LLC, is seeking to develop the first blockchain-based platform created exclusively for the supply chain needs of the oil and gas sector.

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