NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 06/07/2018 5:23:44 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Acquires Additional Acreage Near Asphalt Ridge
Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced that it has acquired further acreage in the resource rich Uintah Basin. At auction, Petroteq finalized the acquisition of two leases for 1,312 acres of land in the Asphalt Ridge, Utah area. A report titled “Evaluation of Contingent Resources” from Chapman Petroleum Engineering, Ltd. dated April 30, 2018 states that the newly acquired leases contain 7.331 million barrels of contingent resource, increasing Petroteq’s total contingent resources to 93.4 million barrels. Additionally, Petroteq announced the grant of 8,350,000 stock options to officers, directors and consultants of the company at an exercise price of $1.00 per common share expiring on June 5, 2028. The grant is in accordance with the company’s newly amended stock option plan which was approved by shareholders at its May 29, 2018 shareholder’s meeting. “We are pleased with the new Report from Chapman as this is an accretive transaction benefiting our shareholders. We look forward to applying our patented mining extraction technology process to this additional resource. This acquisition is highly valuable to us as it increases our operating footprint in Asphalt Ridge, giving us more mineable resources but also giving us more flexibility in how we mine the acreage we already have,” Petroteq CEO David Sealock stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced that it has acquired further acreage in the resource rich Uintah Basin. At auction, Petroteq finalized the acquisition of two leases for 1,312 acres of land in the Asphalt Ridge, Utah area. A report titled “Evaluation of Contingent Resources” from Chapman Petroleum Engineering, Ltd. dated April 30, 2018 states that the newly acquired leases contain 7.331 million barrels of contingent resource, increasing Petroteq’s total contingent resources to 93.4 million barrels. Additionally, Petroteq announced the grant of 8,350,000 stock options to officers, directors and consultants of the company at an exercise price of $1.00 per common share expiring on June 5, 2028. The grant is in accordance with the company’s newly amended stock option plan which was approved by shareholders at its May 29, 2018 shareholder’s meeting. “We are pleased with the new Report from Chapman as this is an accretive transaction benefiting our shareholders. We look forward to applying our patented mining extraction technology process to this additional resource. This acquisition is highly valuable to us as it increases our operating footprint in Asphalt Ridge, giving us more mineable resources but also giving us more flexibility in how we mine the acreage we already have,” Petroteq CEO David Sealock stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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