NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 10/21/2019 3:53:54 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Achieves Stabilized Production, Sales of Heavy Oil from Asphalt Ridge Facility
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, today announced that it has achieved stabilized production rates and sales of heavy oil from its Asphalt Ridge Facility in Utah. According to the update, the company has achieved the following since re-commissioning the plant in September 2019: Cumulative sales of 1,000 barrels of heavy oil; stabilized production rate of 200 bbl/per day from the facility’s current daily 12 hour shift; and oil quality (namely, clay percent and oil thickness) to meet the requirements of specific buyers. Production numbers are expected to improve from pending automation of the facility’s centrifuge process, as well as the initiation of a 24 hour shift of plant operations. “We believe our ongoing drive to deliver innovative Clean Oil Recovery Technology (“CORT”) is paying off, and our most recent advances in oil quality, oil sales and consistent production, holds the additional promise of increased economic performance that should help us strengthen our balance sheet and our corporate value,” Petroteq CEO David Sealock said 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
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, today announced that it has achieved stabilized production rates and sales of heavy oil from its Asphalt Ridge Facility in Utah. According to the update, the company has achieved the following since re-commissioning the plant in September 2019: Cumulative sales of 1,000 barrels of heavy oil; stabilized production rate of 200 bbl/per day from the facility’s current daily 12 hour shift; and oil quality (namely, clay percent and oil thickness) to meet the requirements of specific buyers. Production numbers are expected to improve from pending automation of the facility’s centrifuge process, as well as the initiation of a 24 hour shift of plant operations. “We believe our ongoing drive to deliver innovative Clean Oil Recovery Technology (“CORT”) is paying off, and our most recent advances in oil quality, oil sales and consistent production, holds the additional promise of increased economic performance that should help us strengthen our balance sheet and our corporate value,” Petroteq CEO David Sealock said 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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