18:37:54 EST Thu 03 Dec 2020
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Petroteq Energy Inc
Symbol PQE
Shares Issued 130,944,691
Close 2019-06-19 C$ 0.30
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Petroteq working on Asphalt Ridge maintenance program

2019-06-19 09:57 ET - News Release

Mr. Alex Blyumkin reports


Petroteq Energy Inc. invites shareholders to view Follow the Molecule, a seven-minute video produced by V6 Media that provides a virtual tour of the company's Asphalt Ridge oil sands processing facility while operations are under way.

Follow the Molecule provides a unique opportunity for shareholders and analysts to view the revolutionary, environmentally friendly process that the company has implemented to exploit its total gross contingent resource of in excess of 130 million barrels of surface oil sands heavy oil in place, based on the Chapman Petroleum Engineering Ltd. resource reports for Asphalt Ridge and PR Springs and Tar Sands Triangle, dated Aug. 8, 2018, and Dec. 31, 2018, respectively. Such contingencies are stated herein. The Chapman reports were prepared in accordance with the National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, and is compliant with the internationally accepted Petroleum Resource Management System (PRMS) standard and the Canadian Oil and Gas Evaluation Handbook (COGEH).

The video details the transformation of highly oil saturated feed ore recovered from the mining operation to heavy crude oil in the sales tank through a combination of video and animated process diagrams to provide an understanding of the company's proprietary processes.

Follow the Molecule is narrated by Petroteq chief executive officer David Sealock, with details of plant operation provided by Paul Thompson, facility operations consultant, and can be accessed on the Internet.

Commenting on the release of Follow the Molecule, Mr. Sealock stated: "I am delighted to be able to show our investors the results of the company's efforts over the last two years. We believe we have achieved commercial operations, both in terms of plant run time and quality of the crude oil produced. The current maintenance program the company is conducting is anticipated to get us in a position to consistently produce the grade of crude oil our customers expect and better implement production expansion in a timely and efficient manner." The company commenced the maintenance program in May to complete planned equipment modifications to the sand separation process, fluid extraction process and the clean sand production process. These pro-active equipment alterations are expected to decrease future maintenance costs and increase the efficiency of the facility in reaching its production goals and is expected to ensure that the continued results of technology-driven efficiency improvements in the facility's performance meets the quality and high standards expected by the company and its customers. During the maintenance program, production has been curtailed. The company is also working on financial, procurement and operational plans to drive the next phase of the company's development of the Asphalt Ridge resource with an objective of achieving the phase 2 expansion oil production rates of up to 4,000 barrels per day by end of 2020. With reference to the production capacity timeline announced in the company's March 28, 2019, press release, the coarseness of the sands being used in the company's processing facility was found to impact the operations of the facility. Accordingly, these issues are anticipated to be addressed with the maintenance program and equipment upgrades.

More information, including revised timelines for production capacity, will be announced by the company when the second quarter maintenance program is completed and production recommences.

For more information, please refer to the company's website for a recently posted updated corporate presentation.

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. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility located near Vernal, Utah.

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