Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a company focused on the development and implementation of proprietary technologies for the energy industry, this morning announced that it has completed improvements to its Asphalt Ridge Utah plant that will expand its capacity to 1,000 barrels per day. “The reassembly of the plant at the new location reduces our costs going forward compared to the prior location,” Alex Blyumkin, CEO of Petroteq, stated in the news release. “The new location, along with the addition of the new motor control center and new pumps to move our proprietary environmentally safe solvent and oil more efficiently puts us in a position to begin ramping up production next quarter. The new site also delivers on our promise to recover oil in a manner that has minimal environmental impact.”
To view the full press release, visit http://ibn.fm/R0Z3b
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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 www.PetroBLOQ.com
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