Petroteq Energy Inc (PQEFF)

[UTOilMan]

Well said. Also, the flashy advertisement videos they make a couple times a year are questionable.

I've mentioned several times on this board that I live just a few miles from their plant. I drive by every now and then, and see very little activity. I've spoken with the Utah Division of Oil, Gas, and Mining, and no one over there seems to know how to verify whether Petroteq is actually selling any oil like they claim. Since it's an oil sands lease, they are only reporting the ore that they've mined, not what amount of oil has actually been produced. With traditional oil companies, every barrel of oil gets reported. Seems like a huge problem to me. I've also contacted SITLA (who manages the state lands that Petroteq has under lease) and they told me that there is actually no mining activity on the state lands...only on the private leases that are adjacent...I believe the private lessor is out of Reno, NV. Therefore, I wasn't able to verify any royalties were actually being paid to SITLA/Utah. Also, I'm no expert on investigating a company's financial statements, but when I looked at Petroteq's earlier this year, they looked pretty awful.