Petroteq Announces Update and Design Completion for 5,000 Barrel-Per-Day Oil Sands Extraction Plant

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SHERMAN OAKS, Calif./ACCESSWIRE/April 5, 2022/ Petroteq Energy Inc. (“petroteq“or the”Company“) ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil company focused on the development and application of its proprietary oil extraction and remediation technologies, announces that Valkor , LLC (“Valkor“), updated and completed the design of the planned 5,000-day BPD extraction plant.

Valkor signed a Technology License Agreement with Petroteq on July 1, 2019 and operates out of the Vernal, Utah plant under a Master Service Agreement signed on November 1, 2018. Valkor is fully aware of the technical and engineering aspects necessary for the process for this update to be carried out in order to incorporate all additional data in the original FEED (front-end engineering and design).

Petroteq management believes that an updated FEED design is unique to Petroteq patented technology enabling a highly efficient process of extracting oil from oil sands in an environmentally friendly method and can be considered a true green energy technology.

Following the FEED, Valkor conducted various additional design studies to prepare the final engineering plans. A key part of this project was a design study with MI SWACO, a Schlumberger company, for the background processes for sand separation and drying. The system is a conventional sand dryer modified for service with closed loop petrochemical solvents. A combination unit was offered as a turnkey system to process up to 8,000 tons of sand per day with an EPA Tier 1 quality target for the resulting sand. Design performance, budget and schedule have been determined. MI SWACO made a full 3D model of the design as shown in the photo below.

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Other studies have been carried out on the optimization of an ore mixing and settling system. Valkor informs that it is ready to implement a 5,000 BOD plant design. All the necessary equipment has been verified as being available on the market in a time frame that translates into an 18 month build. Petroteq management is confident that the updated plant design is of the highest technical quality and will exhibit superior operating performance.

Vladimir Podlipsky, CEO and CTO of Petroteq, commented: “Our advances in engineering work illustrate our intentions to continue to operate the company for future expansion and revenue growth, regardless of the current offer from Viston United Swiss AG. Management will continue to manage business as usual and make every effort to improve shareholder value.”

The takeover bid (the “To offer“) by 869889 Ontario Inc. (the “Offering“), an indirect wholly-owned subsidiary of Viston United Swiss AG, to purchase all of the issued and outstanding common shares of Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, ‎unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its ‎terms.‎

About Petroteq Energy Inc.‎

Petroteq is a clean technology company focused on the development, implementation and licensing of patented, environmentally friendly and sustainable technology for the extraction and recovery of heavy oil and bitumen from oil sands and recoverable oil deposits. Versatile technology can be applied to both water-based wet deposition and oil-based wet deposition – producing high quality oil and clean sand.

Petroteq believes its technology can produce relatively sweet heavy crude oil from the Asphalt Ridge oil sands deposits without requiring the use of water, and therefore without generating wastewater that would otherwise require the use of other treatment or disposal facilities that could be harmful to the environment. Petroteq’s process is designed 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 other remediation.

For more information, visit www.Petroteq.energy.‎

Unless otherwise indicated, all dollar amounts in this press release are expressed in US dollars.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Certain statements in this press release contain forward-looking statements within the meaning of United States and Canadian securities laws. Words such as “may”, “should”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe “, “estimate”, “expect” and similar expressions relating to the Company, including: the plan to proceed with the construction of a sands processing facility of a 5,000 bpd extraction plant and related infrastructure; and the expectation that the plant, when completed, would be capable of producing 8,000 tons of sand per day with an objective of EPA Tier 1 quality for the resulting sand; are intended to identify forward-looking information Readers are cautioned that there is no certainty that it will be commercially viable to extract oil or sand from identified reserves. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions regarding the events future results, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: technology performing as expected; availability of labor and parts; efforts to raise adequate capital; and Petroteq’s ability to execute its operating plans. Important factors or assumptions were applied to provide forward-looking information. Although forward-looking statements are based on data, assumptions and analyzes that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and forecasts 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. Some of the “Risk Factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, but are not limited to: the risk that SITLA will not approve the assignment of the leases of ‘Asphalt Ridge NW at TMC Capital; that large-scale commercial production can generate public opposition; changes in laws or regulations; the ability to implement business strategies or seize business opportunities, whether for economic or other reasons; world oil market conditions, oil prices and price volatility; oil prices; litigation; the nature of oil and gas production and oil sands extraction, extraction and production; uncertainties associated with exploring for and drilling oil, gas and other hydrocarbon-containing substances; unforeseen costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and administrators; the risks associated with COVID-19, including various recommendations, orders and measures by government authorities in an attempt to limit the pandemic, including travel restrictions, border closures, closures of non-essential businesses, quarantines, l self-isolation, shelter-in-place and social distancing, disruptions to markets, economic activity, funding, supply chains and sales channels, and a deterioration in general economic conditions, including a possible national or global recession; and other general economic, market and business conditions and factors, including risk factors discussed or referred to in the Company’s disclosure documents filed with the United States Securities and Exchange Commission and available at www. .sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and to the securities regulatory authorities of certain ‎provinces of Canada and available on www.sedar.com.‎

If any factor affects the Company in an unexpected way, or if the assumptions underlying the forward-looking information prove incorrect, the actual results or events could differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, the Company assumes no 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 the forward-looking information, except as required by applicable law.

CONTACT INFORMATION

Petroteq Energy Inc.
Vladimir Podlipsky
Acting General Manager
Phone. : (800) 979-1897‎

THE SOURCE: Petroteq Energy Inc.

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https://www.accesswire.com/696070/Petroteq-Announces-Updated-and-Completed-Design-of-5000-Barrel-per-day-Oil-Sands-Extraction-Plant

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