Mr. Vladimir Podlipskiy reports

PETROTEQ CLARIFIES DISCLOSURE RELATING TO SHARE FOR DEBT SETTLEMENTS

Petroteq Energy Inc. has clarified its disclosure included in a press release dated Dec. 19, 2022.

The December press release noted that an aggregate of 90,331,773 common shares in the capital of the company were issued at a price of five cents per share. The company would like to clarify that the aggregate number of shares issued in settlement of certain debts payable by the company was 91,233,776 shares at a price of five cents per share.

About Petroteq Energy Inc.

Petroteq is a clean technology company 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 minable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits -- outputting high-quality oil and clean sand.

Petroteq 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 waste water, which would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq's process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.

We seek Safe Harbor.