Petroteq Energy Announces Completion of All Major Process Systems at Its Utah Heavy Oil Extraction Facility
STUDIO CITY, CA, March 05, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTCQX: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced that it has successfully completed testing of all major process systems at its heavy oil extraction facility in Asphalt Ridge, Utah. Further, the Company has initiated test runs of the utility system—among the final steps prior to launching commercial production.
The Company has completed testing of the following process systems:
Oil sands ore—raw feed material—preparation systems
- Excavator and custom-designed bucket that is able to shred raw oil sands ore into smaller pieces have been fully tested.
- Increased surface area of ore enables more efficient oil extraction.
- Both the excavator and bucket ran continuously for at least eight hours.
Oil sands ore pre-treatment and delivery system
- Electric motor for feeding conveyor has been fully tested
- Auger motors and pumps from the material pre-treatment and delivery systems have been fully tested.
Extraction of oil from oil sands
- The motors and blades for the mixing and oil extraction tanks have been fully tested.
Solvent capture and recirculation system
- The fin fan cooler has been fully tested, including running the motors and executing a high pressure check of the system to ensure there is no leakage.
- The Company’s proprietary closed-loop technology process recycles all hydrocarbon vapors.
- Pressurization tests are critical steps in ensuring the integrity of the system such that no harmful hydrocarbon vapors are released into the environment.
Solid-liquid phase separation systems
- All components of the phase separation system have been fully tested, including the centrifuges, motors, drives and caps.
Heavy oil recovery and clean solids removal processes
- The oil storage tanks have been cleaned and tested and are fully ready for heavy oil storage.
Petroteq Energy has received all requisite permissions from the relevant Utah agencies, including the Department of Environmental Quality (DEQ), needed to build and operate the facility in production mode. Notably, the Company has received an Air Exemption Permit based on its patented closed-loop, zero-emission technology and a Ground Water Discharge Permit certifying that the construction and operation of the plant have no deleterious impact on the quality of the surrounding ground water.
“We are on the verge of beginning our production phase at Asphalt Ridge,” said Alex Blyumkin, CEO of Petroteq Energy. “We completed reassembly and testing of the major process systems successfully and are in the final stages of pre-production testing of the utility system, bringing us one step closer to commercial launch at a time when demand for our products is on the rise.”
According to a “World Asphalt” report from Freedonia Group, demand for asphalt (bitumen) in the US is forecast to rebound from the softness seen between 2005 and 2013, driven by stronger economic growth and increased residential construction activity as well as increased infrastructure spending at the federal, state and municipal level.
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. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands 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 & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, on the verge of beginning its production phase at Asphalt Ridge, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: PetroBLOQ successfully developing and implementing a blockchain-based supply chain management system at the Asphalt Ridge plant; and the timely delivery and assembly of the remaining components of the extraction facility. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: PetroBLOQ not having the expertise and/or funds necessary to develop and implement a blockchain-based supply chain management system at the Asphalt Ridge plant; and the timely delivery and assembly of the remaining components of the extraction facility changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology, the SWEPT technology, the S-BRPT technology, and other proprietary technologies developed or licensed by the Company or by Accord, which are of experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company and Accord to maintain their respective mineral lease holdings; potential failure of the Company’s business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Petroteq Energy Inc.
Chief Executive Officer
Tel: (800) 979-1897
Source: Petroteq Energy Inc.
Released March 5, 2018