Studio City, California – Petroteq Energy Inc. (“Petroteq” or the “Company“), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to update investors on the progress at the Company’s heavy oil extraction facility located at Asphalt Ridge, near Vernal, Utah (the “Plant“).
With continued focus on the final engineering, procurement and construction processes, the construction team has started to transfer production processes of the facility mining operations to the commissioning and start-up operations team for the upcoming commercial operations of the 1000 BOD/day expansion of the plant.
While the Company reported on April 25th that the final stages of engineering and construction were integrating all of the operating functions to work in simultaneous progression to achieve commercial production, some logistics issues with construction and electrical material have delayed the project by a two to three-week time frame.
Since April 25, 2018, the Company:
- has had no loss time incidents on site and Health and Safety continues to be the number one priority for Petroteq’s site activities;
- is completing the final stages of the construction activities on the Plant with operations personnel focused on critical path items;
- is continuing development to optimize its technology, increase efficiencies for the commissioning and start-up facility processes, as well as for solvent enhancements;
- has completed the foundations for the feedstock ore crusher and the conveyor system and has transferred these equipment process to the Commissioning and Start-Up team;
- is in the process of transferring the Tank Farm to the Commissioning and Start-Up team;
- is completing the extraction/distillation column construction to hand off to the Commissioning and Start-Up team on or about June 2, 2018;
- has completed the logistics and delivery of all required power generators, propane, nitrogen equipment and associated tie-in processes;
- is completing the final topography survey and mining plan for the mining site operations;
- is preparing the Operations and Mining teams for all required MSHA certifications and training; and
- has hosted Representatives of the Utah Division of Oil, Gas & Mining at the plant on May 21, 2018 to do a “pre-operations site inspection” to review the status of the project site and the alignment to DOGM guidelines and regulations.
“Petroteq’s project is going exceedingly well, notwithstanding minor logistical issues have created a slight schedule push the facility should be in full commissioning and start-up operations in the second and third week of June,” stated David Sealock, Petroteq’s CEO. “Because we are on track to initiate operations prior to the end of Q2 2018, I am delighted that the full financial impact of 1,000 BOD/day production will be realized by Petroteq in the second half of 2018. This is a momentous event in the evolution of Petroteq as a Company. I am also extremely pleased with the vendor partnerships Petroteq has with the oil field construction and service companies we have on site, and their efforts are greatly appreciated. The pre-operations site inspection by the Utah Division of Oil, Gas & Mining was extremely helpful, and the knowledge and acumen of the inspection team provided some tangible benefits to our current and future operations.”
The Company will continue to report on developments at the Plant and will announce when the Plant is in full production.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
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