Petroteq Energy Inc. unveiled its heavy oil processing and extraction plant located at the Asphalt Ridge in Uintah Basin, Utah.
Alex Blyumkin, Chairman of Petroteq commented, "This event at the plant was a culmination of two years of hard work by our entire team and getting back into production is a tremendous accomplishment for Petroteq technically and organizationally, as well as the harbinger of value creation to come. We have worked hard to demonstrate our commitment to shareholders, through the completion of our facility, we have received our permits to produce oil at the Asphalt Ridge, we have developed a comprehensive mining plan and demonstrated that our expanded plant can produce oil. Our dedication and focus on re-launching our facility demonstrates our commitment to our investors who have supported us throughout this journey. Further, we were able to raise capital and expand our plant to the point where we are now able to generate revenue at the facility which is being ramped up to what is expected to be 1,000 barrels per day in a cost effective and environmentally friendly way. We now have a plant that has the level of scale that allows us to be self sufficient and generate cash flow to add value to our shareholders.”
The new facility was part of the original vision of the Company, to relocate, reassemble and upgrade its plant to integrate facility improvements of all major process systems and increase its operational capacity to an expected 1,000 barrels per day (bod).
As part of the media day agenda, the Company provided exclusive access to the plant, held meetings with executives as well as geologists and hosted an evening reception for its guests. Petroteq plans to hold a formal grand opening of the plant in September of 2018.
Petroteq’s technology utilizes a modular and small footprint/capex, allowing the Company to extract over 99% of all hydrocarbons while using no water and generating no greenhouse gases, requiring no high temperatures or pressures. Petroteq has a patented clean oil recovery technology that is environmentally safe and sustainable for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The Company’s proprietary process produces zero greenhouse gas and zero waste. Subject to having sufficient capital, Petroteq’s goal is for the plant to produce as much as 2,000 bod by year end 2019 and 5,000 bod by year end 2020.
Petroteq will continue commissioning and production as per its internal processes, and will report updates on production levels and commercial sales when appropriate.
