where is the pump? r u delusional? There is no fluff in this one just straight trading> besides company rarely put s out news update. This one is up on pure oil n gas sector trending up with its potential for revenue growth. Notice the very low float of just 300,000 shares for this stock in the dollar range. PTCO is due however for a correction as it 's steeply trading up for the last 4 days. It is time i reckon to get out and plow some profit into PQEFF
This one produces its oil for $22/ baril
STUDIO CITY, CA, March 06, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTCQX: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced that it has entered into a six-month agreement with Firebird Logistics LLC ("Firebird"), for 100% of Petroteq's production from its heavy oil extraction facility in Asphalt Ridge, Utah. Firebird is a regional provider of transportation and distribution services, and this agreement gives Petroteq access to multiple refineries in the region.
Petroteq Energy Inc.
Petroteq has successfully completed testing of all major process systems at the facility and is undergoing test runs of the utility system in preparation for the launch of commercial production.
The agreement shall continue on a month-to-month basis following the initial six-month term. The monthly price shall be the calendar day average of the NYMEX settlement price for West Texas Intermediate Light Sweet Crude Oil, less $6.50 per barrel and adjusted for basic sediment and water (BS&W).
"Petroteq's oil from its oil sands is a high quality heavy crude oil with low sulfur content, low heavy metal content and no waxes or paraffins," said Donavan Cameron, Firebird's President. "With high concentrations of the very valuable diesel fraction hydrocarbons and aromatic hydrocarbons, the quality of Petroteq's oil meets all refineries' specifications and quality requirements."
Firebird has access to Andeavor Logistics' Rockies South Pipeline, a 66-mile long pipeline located in Redwash, Utah, about 40 miles from Petroteq's Asphalt Ridge facility. This pipeline is used to transfer hydrocarbons directly to refinery facilities, and major corporations including Chevron, Plains All American, Sinclair and Andeavor (formerly Tesoro) who purchase local production and use this pipeline for transport. The total daily crude oil refinery processing volume in Utah exceeds 100,000 barrels.
"This critical offtake agreement enables Petroteq to focus on 24/7 uninterrupted production cycles and developing continuous growth of our production capacity," said Petroteq CEO, Alex Blyumkin. "This agreement maximizes our flexibility and our price leverage by diversifying customers among all local refineries."
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq'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. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
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