PETROTEQ ENERGY, INC. DISCLOSES PROGRESS ON NEW UPSCALED OIL EXTRACTION FACILITY
FOLLOWING RELOCATION FROM MAESER TO TME MINE SITE, COMPANY INCREASES PRODUCTION FOOTPRINT BY 4X
STUDIO CITY, CA -- (Marketwired) -- 11/15/17 -- Petroteq Energy, Inc. (the "Company") (TSX VENTURE: PQE) (OTCQX: PQEFF) (Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits, announced today the reconstruction of a new large-scale oil extraction facility following its relocation to the TME mine site. The construction will expand the Company's operations and increase production capacity from 250 to 1,000 barrels per day.
Background:
Notching a first for the Temple Mountain oil resource Petroteq was the first by successfully producing 10,000 barrels of oil using its proprietary technology. That production was hampered by the inconvenient location of the pilot plant 10 miles from the Temple Mountain Resource Site. As part of the recent corporate restructuring -- the decision was made to relocate the plant and expand the capacity of the facility to increase the prospective revenues of the facility and demonstrate that the technology is scalable.
Temple Mountain Resource:
Temple Mountain has captured the imagination of petroleum engineers for decades -- a massive heavy oil resource at ground level. Petroteq's Temple Mountain Lease (TME) represents 3,000 acres and 87 million barrels of oil equivalent.
What the future holds:
Petroteq is in the process of engineering the updated and expanded facility. With the recent loans finalized that provide the required capital for the current development operations, the Company's CTO Vladimir Podlipsky is dedicated to working with our engineering team to optimize the equipment. The project will go through the phases of engineering, site preparation, construction, permitting and operation. The defined timeline for a busy year end includes:
Receive all of the plant equipment at the Temple Mountain location by November 10
Complete earth works at the TME location by November 15
Complete the sourcing of the remaining equipment by November 15
Pouring of Concrete Works - complete by November 25
Assembly of the plant is scheduled to be completed before December 15
Petroteq intends to have the plant producing in February 2018
The expansion, which will allow the Company to provide increased production to 1,000 barrels per day, will utilize Petroteq's unique hydrocarbon extraction technology:
a proprietary, closed-loop system
extracts over 99% of all hydrocarbons
uses no water
generates no greenhouse gases and
requires no high temperatures or pressures.
The only two elements leaving the system are the cleaned sands and the oil itself, with over 99% of the benign solvents being recovered and recycled back into the system.
"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," stated Alex Blyumkin, CEO of Petroteq.
"While the expansion to 1,000 bopd will be a significant milestone, we want investors to know that our scalable technology will allow us to add additional production capacity as cashflow permits to bring us from a thousand to ten or twenty thousand barrels a day from our resource. At the same time we can use licensing opportunities to take the technology to the many countries that have similar resources," Alex continued.
About Petroteq Energy, Inc.
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