NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 08/29/2019 3:20:51 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces Positive Progress on Plant Expansion Permit
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands mining oil company with proprietary technology, today announced the ending of the 30-day comment period for its 3,000 barrel per day expansion permit, indicating that the State of Utah, Department of Oil, Gas, and Mining Division (“UDOGM”) did not receive any comments on the company’s Significant Revision Notice of Intent (“NOI”). Based on the July 23, 2019 tentative approval letter and since no comments were received, the UDOGM has indicated that it can now formally approve Petroteq’s proposed expansion NOI, contingent on final modification of the reclamation contract and a surety bond increase to meet the modified reclamation contract requirements. “The expansion development of our Asphalt Ridge property is another important step in our long-term growth strategy,” Petroteq Chief Executive Officer David Sealock said in the news release. “Building on our current production base is expected to offer several advantages: we know the area geology well, our CORT allows us to minimize potential environmental impacts, and it is relatively straightforward to link the expansion project into existing facility infrastructure. Dr. Donald Clark, our Chief Geologist, did an excellent job regarding the environmental and engineering studies and in the preparation for filing of the regulatory application. We believe this work and permit approval demonstrates both the scalability of the technology and economic feasibility.”
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), a fully integrated surface oil sands mining oil company with proprietary technology, today announced the ending of the 30-day comment period for its 3,000 barrel per day expansion permit, indicating that the State of Utah, Department of Oil, Gas, and Mining Division (“UDOGM”) did not receive any comments on the company’s Significant Revision Notice of Intent (“NOI”). Based on the July 23, 2019 tentative approval letter and since no comments were received, the UDOGM has indicated that it can now formally approve Petroteq’s proposed expansion NOI, contingent on final modification of the reclamation contract and a surety bond increase to meet the modified reclamation contract requirements. “The expansion development of our Asphalt Ridge property is another important step in our long-term growth strategy,” Petroteq Chief Executive Officer David Sealock said in the news release. “Building on our current production base is expected to offer several advantages: we know the area geology well, our CORT allows us to minimize potential environmental impacts, and it is relatively straightforward to link the expansion project into existing facility infrastructure. Dr. Donald Clark, our Chief Geologist, did an excellent job regarding the environmental and engineering studies and in the preparation for filing of the regulatory application. We believe this work and permit approval demonstrates both the scalability of the technology and economic feasibility.”
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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