Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies, has noted that the success of its ongoing testing in its Asphalt Ridge extraction plant has led to the production and sale of oil from this multi-sourced ore. The testing is on ore from various sources, with varying oil quality that ranges from 5 to 10 weight percent; the testing confirmed that Petroteq’s plant could handle the variations of ore source. Subsequently, the company produced a load of ore that was sold on Aug. 6, 2021. The announcement noted that the buyer loaded 236 barrels of 16.9° American Petroleum Institute (“API”) crude with a Basic Sediment and Water (“BS&W”) of 0.20%. The company also noted that UK-based Quadrise Fuels International plc has received several barrels of produced oil to assess the suitability of the heavy sweet oil for its MSAR(R) (“MSAR”) technology; that testing is slated to be done by the end of August 2021. “The company continues to produce extracted oil to validate the feasibility of our technology, enhanced by demonstrated plant production that shows the design can cover a wide range of ore quality, to give our stakeholders, suppliers and potential business partners more confidence in our capability, while we are also actively seeking to deploy the technology to a global market,” said Petroteq CEO Dr. R.G. Bailey in the press release.
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.PetroTeq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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