NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 08/16/2019 4:23:42 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Finalizes Acquisition of 50% Operating Rights, Interests in Utah
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an oil and gas industry technology innovator, recently finalized its acquisition of 50% of the operating rights and interests relating to oil sands in the state of Utah under the U.S. federal oil and gas leases. The acquisition, which covers 8,480 gross acres, or 4,240 net acres, is expected to help increase the company’s cash value (http://nnw.fm/mq9Qj). An article further discussing the company reads, “Through the acquisition of the additional operating rights announced on July 22, Petroteq is expected to increase its cash flow value. One of the leases, P.R. Spring, is believed to contain gross contingent resources of about 90 million barrels of mineable bitumen, with a net arithmetic average after risk estimate of 40.77 million barrels. According to Petroteq, the resource amounts to an after-risk cash flow value of $293.4 million on a 10% per year discounted basis and a cash flow value of $166.6 million on a 15% per year discounted basis.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an oil and gas industry technology innovator, recently finalized its acquisition of 50% of the operating rights and interests relating to oil sands in the state of Utah under the U.S. federal oil and gas leases. The acquisition, which covers 8,480 gross acres, or 4,240 net acres, is expected to help increase the company’s cash value (http://nnw.fm/mq9Qj). An article further discussing the company reads, “Through the acquisition of the additional operating rights announced on July 22, Petroteq is expected to increase its cash flow value. One of the leases, P.R. Spring, is believed to contain gross contingent resources of about 90 million barrels of mineable bitumen, with a net arithmetic average after risk estimate of 40.77 million barrels. According to Petroteq, the resource amounts to an after-risk cash flow value of $293.4 million on a 10% per year discounted basis and a cash flow value of $166.6 million on a 15% per year discounted basis.”
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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