Mr. Alex Blyumkin reports

PETROTEQ ANNOUNCES UPDATE ON OIL PRODUCTION AND OIL QUALITY BASELINE

Petroteq Energy Inc. has provided an update on oil production and its facility's oil quality baseline.

Since Nov. 25, 2019, when the automation was completed, Petroteq is pleased to report that:

• The facility has produced an average 80 barrels of sales oil in 12-hour process shifts -- a total of 10 days of the 14-day period.
• The facility has produced an average of 150 barrels of sales oil in 12-hour process shifts over the last two days.
• The company is in the process of training additional team members with the intent of increasing production shifts.
• The facility has produced sales oil with API gravity of 15 to 17 API degrees (higher API of up to 20 degrees has been recorded for shipping of the product during current cold weather conditions).
• The facility has produced sales oil with basic sediment and water or sediment levels averaging three-tenths of 1 per cent.
• The produced sales oil is of a low sulphur percentage (less than 0.5 per cent).

Additionally, the company is pleased to announce that it will host its inaugural investor call, with a management question and answer session, on Tuesday, Dec. 17, 2019, at 11 a.m. CT. Hosting the call will be David Sealock, chief executive officer of Petroteq.

The call can be accessed live by dialling 877-407-3982 or, for international callers, 201-493-6780. A replay will be available shortly after the call and can be accessed by dialling 844-512-2921 or, for international callers, 412-317-6671. The passcode for the replay is 13697142. The replay will be available until Dec. 24, 2019.

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 and bitumen from oil sands, oil shale deposits and shallow oil deposits.

We seek Safe Harbor.