Petroteq Energy Inc (PQEFF)

[GitrMan]

I guess I should have been more specific with my initial post. I wasn’t referring to the Utah oil sands. Since when did they have a production plan for the permian basin? They have already spent 1.5 million dollars and completed phase 1? They are now starting phase 2? Why haven’t they announced any of this?

In September, the company acquired control of Texas-based Accord GR Energy, which has two enhanced oil recovery (EOR) technologies that MCW is eyeing to increase recoverable resources at Temple Mountain. But the acquisition also gave them 88 drilled and completed wells on 7,000 acres in Texas. There is a documented 168 million barrels of oil in place at shallow depths of 250-300 feet here.
In the Permian Basin, MCW is changing the definition of ‘depleted’. The Permian Basin, the sleeping giant of the U.S. oil and gas patch, has hundreds of wells in the MCW play alone that old technology determined as nearly depleted, but MCW technology tells a different story: There’s a lot more oil in there, and this is where it gets really exciting. The company has already spent $1.5 million on its Phase 1 completion to demonstrate the commercial viability of even the most depleted of 200 drilled wells. Phase II will see MCW apply its proprietary technology to adjust the filtration properties of the pay zone and then recover the oil using a thermal baric process.