Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, announced that it has signed a confidentiality agreement with a third party. The third-party company had been identified previously as a client of Uppgard Konsult AB. According to the announcement, the confidentiality agreement allows Petroteq to identify the third party as well as its intentions; the agreement also permits the parties to conduct discussions about potential transactions. The announcement noted that any transaction will be subject to applicable director, shareholder and regulatory approvals and that there is no assurance that any transaction between the two companies will be completed.
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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, which 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.
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