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Tuesday, April 05, 2022 9:28:20 AM
$PQEFF Nice News out!! Petroteq Announces Updated and Completed Design of 5,000 Barrel per day Oil Sands Extraction Plant
SHERMAN OAKS, CA / ACCESSWIRE / April 5, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ??(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil company focused on the development and ?implementation of its proprietary oil-extraction and remediation technologies, announces that Valkor, LLC ("Valkor"), has updated and completed the design for the planned 5,000 BPD day extraction plant.
Valkor signed a Technology License Agreement with Petroteq on July 1, 2019, and has been operating at the plant in Vernal, Utah under a Service Master Agreement signed on November 1, 2018. Valkor is fully cognizant of the engineering and technical aspects needed for the process to have this update done to incorporate all additional data into the original FEED (front end engineering and design).
Petroteq's management believes that an updated FEED design is unique to the patented Petroteq technology permitting a highly effective oil extraction process from oil-sands in an eco-friendly method and can be seen as a true green energy technology.
Following the FEED, Valkor conducted various additional design studies to prepare the final engineering plans. A primary part of this was a design study with M-I SWACO, a Schlumberger company, for the backend processes for sand separation and drying. The system is a conventional sand dryer modified for service with petrochemical solvents in a closed loop. A combined unit has been proposed as a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand. Design performance, budget and schedule have been determined. M-I SWACO did a full 3D model of the design, as shown in the photograph below.
Description automatically generated
Other studies were conducted on optimizing an ore mixing and decanting system. Valkor advises that it is ready to implement a 5,000 BOD plant design. All necessary equipment has been verified as available on the market on lead times that result in an 18-month build. Petroteq's management is confident the updated plant design is of the highest technical quality and will exhibit superior operating performance.
Vladimir Podlipsky, Petroteq's CEO and CTO has commented, "Our advances in engineering work exemplify our intentions to continue to operate the Company toward future expansion and revenue growth, regardless of the on-going offer from Viston United Swiss AG. Management will continue to handle business as usual and make utmost efforts to enhance shareholder value."
The tender offer (the "Offer") by 869889 Ontario Inc. (the "Offeror"), an indirect wholly-owned subsidiary ?of Viston United Swiss AG?, to purchase all of the issued and outstanding common shares of ?Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, ?unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its ?terms.?
About Petroteq Energy Inc.?
Petroteq is a clean technology company focused on the development, implementation and licensing ?of a ?patented, environmentally safe and sustainable technology for the extraction and reclamation of ?heavy oil and ?bitumen from oil sands and mineable oil deposits. The versatile technology can be ?applied to both water-wet ?deposits and oil-wet deposits - outputting high-quality oil and clean sand.?
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of ?oil sands ?at Asphalt Ridge without requiring the use of water, and therefore without generating ?wastewater which would ?otherwise require the use of other treatment or disposal facilities which ?could be harmful to the environment. ?Petroteq's process is intended to be a more environmentally ?friendly extraction technology that leaves clean ?residual sand that can be sold or returned to the ?environment, without the use of tailings ponds or further ?remediation.?
For more information, visit www.Petroteq.energy.?
Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. dollars.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies ?of the TSX ?Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
https://www.accesswire.com/696070/petroteq-announces-updated-and-completed-design-of-5000-barrel-per-day-oil-sands-extraction-plant
SHERMAN OAKS, CA / ACCESSWIRE / April 5, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ??(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil company focused on the development and ?implementation of its proprietary oil-extraction and remediation technologies, announces that Valkor, LLC ("Valkor"), has updated and completed the design for the planned 5,000 BPD day extraction plant.
Valkor signed a Technology License Agreement with Petroteq on July 1, 2019, and has been operating at the plant in Vernal, Utah under a Service Master Agreement signed on November 1, 2018. Valkor is fully cognizant of the engineering and technical aspects needed for the process to have this update done to incorporate all additional data into the original FEED (front end engineering and design).
Petroteq's management believes that an updated FEED design is unique to the patented Petroteq technology permitting a highly effective oil extraction process from oil-sands in an eco-friendly method and can be seen as a true green energy technology.
Following the FEED, Valkor conducted various additional design studies to prepare the final engineering plans. A primary part of this was a design study with M-I SWACO, a Schlumberger company, for the backend processes for sand separation and drying. The system is a conventional sand dryer modified for service with petrochemical solvents in a closed loop. A combined unit has been proposed as a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand. Design performance, budget and schedule have been determined. M-I SWACO did a full 3D model of the design, as shown in the photograph below.
Description automatically generated
Other studies were conducted on optimizing an ore mixing and decanting system. Valkor advises that it is ready to implement a 5,000 BOD plant design. All necessary equipment has been verified as available on the market on lead times that result in an 18-month build. Petroteq's management is confident the updated plant design is of the highest technical quality and will exhibit superior operating performance.
Vladimir Podlipsky, Petroteq's CEO and CTO has commented, "Our advances in engineering work exemplify our intentions to continue to operate the Company toward future expansion and revenue growth, regardless of the on-going offer from Viston United Swiss AG. Management will continue to handle business as usual and make utmost efforts to enhance shareholder value."
The tender offer (the "Offer") by 869889 Ontario Inc. (the "Offeror"), an indirect wholly-owned subsidiary ?of Viston United Swiss AG?, to purchase all of the issued and outstanding common shares of ?Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, ?unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its ?terms.?
About Petroteq Energy Inc.?
Petroteq is a clean technology company focused on the development, implementation and licensing ?of a ?patented, environmentally safe and sustainable technology for the extraction and reclamation of ?heavy oil and ?bitumen from oil sands and mineable oil deposits. The versatile technology can be ?applied to both water-wet ?deposits and oil-wet deposits - outputting high-quality oil and clean sand.?
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of ?oil sands ?at Asphalt Ridge without requiring the use of water, and therefore without generating ?wastewater which would ?otherwise require the use of other treatment or disposal facilities which ?could be harmful to the environment. ?Petroteq's process is intended to be a more environmentally ?friendly extraction technology that leaves clean ?residual sand that can be sold or returned to the ?environment, without the use of tailings ponds or further ?remediation.?
For more information, visit www.Petroteq.energy.?
Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. dollars.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies ?of the TSX ?Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
https://www.accesswire.com/696070/petroteq-announces-updated-and-completed-design-of-5000-barrel-per-day-oil-sands-extraction-plant
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