Petroteq Signals Intent to Significantly Increase Acreage and Resource
24 Juli 2018 - 2:44PM
InvestorsHub NewsWire
Sherman Oaks, CA -- July 24, 2018 -- InvestorsHub NewsWire
-- Petroteq Energy Inc. (TSXV: PQE) (OTC: PQEFF) (FSE:
PQCF) ("Petroteq" or the "Company"), a company focused on the
development and implementation of proprietary technologies for the
energy industry, is pleased to announce that it has signed a Letter
of Intent to pursue additional acreage and resources in
Utah.
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Petroteq's Asphalt Ridge Facility |
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Petroteq has reached an agreement with Mareton Alliance LP with
a view to acquiring leases and resources within the Utah Oil Sands
Region. These assets meet all of the criteria set by Petroteq’s
Management and Board.
The Company believes that growing its asset base is crucial at
this juncture. It is in the process of bringing its new facility in
Asphalt Ridge up to its nameplate production capacity of 1000
bod.
David Sealock, Chief Executive Officer stated, “Growing our
asset base is a key initiative that I have been pushing since my
arrival at Petroteq this year. I know that our valuation will be
driven by our production and technology, as well as our assets in
the ground. The discussions with Mareton Alliance have the
potential to significantly increase the resource assets on our
balance sheet.”
The pricing and structure of the transaction have yet to be
finalized, but Petroteq Management is confident that an attractive
transaction can be structured. The Letter of Intent is non-binding
and the transaction contemplated is subject to board and exchange
approval.
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.
Forward-Looking Statements
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, including: the
acquisition of leases and resources from Mareton Alliance; the
significant increase of resource assets on the Company’s balance
sheet; production capacity of 1,000 bod at its existing plant; and
the Company successfully developing block chain technology for the
oil and gas industry, are intended to identify forward-looking
information. Readers are cautioned that there is no certainty that
it will be commercially viable to produce any portion of the
resources. 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; the Company’s acquisition of leases and
resources from Mareton Alliance; the significant increase of
resource assets on the Company’s balance sheet; the plant producing
as expected by the Company and the Company having the funds
(through cash flow or financing) to fund the expansion of its plant
as projected, and PetroBLOQ successfully developing and
implementing a blockchain-based supply chain management system.
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: uncertainties inherent in the
estimation of resources including whether any reserves will ever be
attributed to the Company’s properties; PetroBLOQ not having the
expertise and/or funds necessary to develop and implement a
blockchain-based supply chain management system; PetroBLOQ not
being able to develop the blockchain technology to completion;
blockchain technology not being adopted by the oil and gas
industry; 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 GR Energy Inc., 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 GR Energy Inc. 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.
Attachment
- Petroteq's Asphalt Ridge Facility
CONTACT INFORMATION Petroteq Energy Inc.Alex Blyumkin Executive Chairman Tel: (800) 979-1897
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