Petroteq Energy Inc (PQEFF)

[NetworkNewsWire]

PQEFF Provides Progress Update on New Oil Extraction Facility

Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF), a company focused on the development and implementation of environmentally friendly heavy oil processing and extraction technologies, today announced the reconstruction of a new large-scale oil extraction facility. As part of the recent corporate restructuring, the company decided to relocate the plant from its location 10 miles from the Temple Mountain Resource Site to the TME mine site. The relocation will increase Petroteq’s production capacity from 250 to 1,000 barrels per day utilizing the company’s unique hydrocarbon extraction technology. Petroteq intends to have the relocated facility producing in February 2018. “With this new facility, we expect an increase in both efficiency and production. There is a tremendous opportunity in the development of our resources near Asphalt Ridge as we anticipate a large contingent oil sands resource base of approximately 87 million barrels of oil equivalent within that region. Over the next several weeks, we will continue to develop and respond to the needs of the new facility,” Petroteq CEO Alex Blyumkin stated in the news release.

To view the press release, visit http://nnw.fm/kU3tg

About Petroteq Energy Inc.

The company is engaged in the development and implementation of its proprietary 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. Under a joint venture agreement with Recruiter.com and Oilprice.com, Petroteq anticipates that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. For more information, visit www.PetroteqEnergy.com.