Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning said that it has entered into a six-month agreement with Firebird Logistics LLC for 100% of the production from the company’s heavy oil extraction facility in Asphalt Ridge, Utah. Following the initial six-month term, the agreement will continue on a month-to-month basis. The monthly price will be determined by the calendar day average of the NYMEX settlement price for West Texas Intermediate Light Sweet Crude Oil, less $6.50 per barrel and adjusted for basic sediment and water. After recently completing testing of all major process systems at the facility, the company is currently undergoing test runs of the utility system in preparation for the launch of commercial production. “This agreement maximizes our flexibility and our price leverage by diversifying customers among all local refineries,” Petroteq CEO Alex Blyumkin stated in the news release.
To view the full press release, visit http://ibn.fm/TR9NR
Let us hear your thoughts: Petroteq Energy Inc. Message Board
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. The company’s 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.
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.