NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:

NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Inks LOI to Increase Acreage and Resources in Utah

Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) today announced that it has signed a non-binding Letter of Intent (“LOI”) to pursue additional acreage and resources in Utah. The company has reached an agreement with Mareton Alliance LP regarding the acquisition of leases and resources in the Utah Oil Sands Region that meet all the criteria set out by Petroteq’s management and board. Further details, including the pricing and structure of the transaction, have yet to be finalized. “Growing our asset base is a key initiative that I have been pushing since my arrival at Petroteq this year. I know that our valuation will be driven by our production and technology, as well as our assets in the ground. The discussions with Mareton Alliance have the potential to significantly increase the resource assets on our balance sheet,” Petroteq Energy 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