STUDIO CITY, CA, July 09, 2018 (GLOBE NEWSWIRE) -- Petroteq's Asphalt Ridge Facility (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to update investors on the progress at its Oil Extraction facility in Asphalt Ridge, Utah.
Second quarter activities secured the completion of construction at the Asphalt Ridge facility, which is designed to produce 1,000 barrels per day (bod). The Company’s recent news for the first half of 2018 has been very exciting:
- new capital of approximately US$3.86 million to date in 2018
- the placement of key technical advisors to Petroteq’s advisory board
- initial production.
News in July is what our current and future investors will be most interested in….we are on track to initiate “full on” operations at the end of July and ramp up our production to what we expect will be 1,000 bod.
On June 14th, Petroteq commenced its process train commissioning and start up with the successful completion of “first commissioning oil production” at our operations of the Phase 2 – expansion at the Asphalt Ridge heavy oil extraction facility located near Vernal, Utah, designed to produce 1,000 bod.
These operational developments have driven multiple initiatives at the Company that are anticipated to help the Company grow from its current position:
- New research and development projects are underway which should further increase the efficiency and applicability of Petroteq’s patented extraction technology.
- Petroteq has staffed up its internal team and advisory board to handle multiple business development initiatives related to domestic and international opportunities.
“The Asphalt Ridge project has surpassed expectations. The facility process trains are coming fully online safely, the production ramp-up plan is on schedule, and the commissioning and start-up activities are set to produce a high-quality heavy oil. We are especially appreciative of the dedication and careful planning and execution that our team and partners have demonstrated in achieving this remarkable result," said David Sealock, Chief Executive Officer. “Our investors and stakeholders can be proud of advances being made initiating the ramp-up of our production.”
“The successful completion of construction and commissioning at the Asphalt Ridge project is the direct result of a well-developed and executed strategy to complete construction and accelerate commissioning using synergies between our technical team and Asphalt Ridge operations staff”, said Alex Blyumkin, Founder and Executive Chairman, “the progressive hand off from construction to operations, is expected to see a staged ramp-up of production over time. The project was built during a period of low oil prices and has come online just as oil prices have strengthened.”
Following the June 14, 2018 “first commissioning oil production” of Asphalt Ridge’s first train, Petroteq anticipates operating the plant at a “ramp up capacity” by the end of July, which would prove the design capacity of 1,000 bod. At this time, the Company will be completing a two-week reliability test of the plant running in excess of 80% capacity.
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 production capacity of the plant and when it may be achieved, the anticipated operation of the plant at a “ramp up capacity” by the end of July, and the operational developments that are anticipated to help the Company grow from its current position. 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 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; the ability to ramp-up successfully and resulting in the quantity of production anticipated; 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.
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