Mr. Alex Blyumkin reports

PETROTEQ ENERGY ANNOUNCES CLOSING OF FINANCINGS

Petroteq Energy Inc. has closed two previously announced financings.

The company issued 500 debenture units of the company to two arm's-length investors consisting of an aggregate of $500,000 (U.S.) principal amount unsecured debentures convertible into an aggregate of up to 581,394 common shares of the company at 86 U.S. cents per share and warrants exercisable for an aggregate of up to 581,000 common shares of the company at a price of 86 U.S. cents per share until the date that is 12 months from the date of issuance. Each debenture has a term of 12 months and bears interest at a rate of 10 per cent per annum. The company had previously announced (Sept. 20, 2018) that this financing would be completed with a conversion and exercise price of $1.01 (U.S.) for up to 1,500 units.

The company also announces the closing of the previously announced (Sept. 26, 2018) financing for an aggregate of 833,269 common shares of the company at 98 U.S. cents per share and 520,408 common share purchase warrants, for gross proceeds of an aggregate $816,605 (U.S.).

The net proceeds will be used by the company for use on its extraction technology in Asphalt Ridge, Utah, for potential acquisitions of new oil sands resources and for working capital. All securities issued pursuant to the financings are subject to a four-month hold period.

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. The company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Its proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures.

We seek Safe Harbor.