Petroteq Energy Announces Completion of Facility Improvements Bringing Production Capacity to 1000 Barrels Per Day

ID: 1532972
recent pressrelease next pressrelease

(businesspress24) - PETROTEQ ENERGY ANNOUNCES FACILITY IMPROVEMENTS BRINGING PRODUCTION TO 1000 BARRELS A DAY

STUDIO CITY, CA, Feb. 22, 2018 -- Petroteq Energy Inc. (Petroteq or the Company) (TSXV: PQE; OTCQX: PQEFF; Frankfurt: PQCF), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced that it has completed improvements to its Asphalt Ridge Utah Plant that will expand capacity to 1000 Barrels of oil per day.

- Reassembly of the main structure was completed.
- A Motor Control Center (MCC) was installed to accommodate future expansion wiring for motors, pumps and mechanical equipment to further increase capacity.
- The main mixing tank, second mixing tank and fin fan cooler were re-installed at the new site.
- A new hot oil heater was installed that is superior to the prior steam heater.
- Multiple new pumps were installed to pump oil and solvent more efficiently.
- Earth berms were installed for environmental protection.

Alex Blyumkin, CEO, stated The reassembly of the plant at the new location reduces our costs going forward as compared to the prior location. This positions us to begin ramping up production next quarter at 1000 Barrels Per Day. We are now positioned for growth with a new motor control center and new pumps to move oil and our proprietary environmentally safe solvent more efficiently. The new site delivers on our promise to recover oil in a manner that has minimal environmental impact

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, the second mix tank being installed this week, and the Company successfully powering all industrial processes at the Asphalt Ridge plant with its Petroteqs blockchain-based supply chain management, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Companys 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 second mix tank and other equipment. 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 Companys 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 Companys 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; 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 Companys oil sands hydrocarbon extraction technology, and other proprietary technologies developed, 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 Companys 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 Companys 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.

http://www.irw-press.at/prcom/images/messages/2018/42521/022018_PQEFF_Update PR_v2_PRCOM1.001.jpeg





More information:
http://https://www.realwire.com/releases/Onfido-welcomes-another-document-fraud-specialist-Michael-Van-Gestel https:// https://www.realwire.com/releases/oneM2M-conformance-testing-will-ensure-interoperability-and-reliability https://www.realwire.com/releases/Ran



Keywords (optional):



Company information / Profile:

PressRelease by

Requests:





PressContact / Agency:



published by: irw
print pressrelease  send to a friend  

Date: 02/22/2018 - 09:11
Language: English
News-ID 1532972
Character count: 2959
Kontakt-Informationen:
Firma: Petroteq Energy Inc
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: Wien
Telefon:

Meldungsart:
Versandart:
Freigabedatum:
Comments:



Number of hits: 430

Linking-Tips:



Direct Link to this PressRelease:






We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease






All members: 8 912
Register today: 1
Register yesterday: 2
Members online: 1
Guests online: 74


Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.