Petroteq Energy has been continuously producing in excess of 500 barrels a day for the last two weeks. This is a significant milestone as the Company demonstrates the commercial viability of its first in kind technology that has the potential to be a disruptive technology giving the Company a competitive advantage and licensing opportunity in the clean extraction of oil sands.
Petroteq is one of the first companies to produce oil from the multi-billion barrel surface bitumen oil sands resource in Utah and has the potential to be a leader in the oil sands play in coming years. Petroteq’s technology has produced 10,000 barrels from its Asphalt Ridge facility to date.
The Asphalt Ridge oil sands processing facility is designed to produce 1,000 bpd and the Company anticipates achieving new rated production capacity near term. Management is ramping production in a deliberate and step wise approach to ensure that the quality of the end product meets the high standards expected by the Company and its customers. The ability to demonstrate consistent production at this critical phase will ultimately benefit the Company as it seeks to pursue licensing opportunities in coming years.
Commenting on Petroteq’s recent milestone, David Sealock, CEO, stated, “I am exceedingly pleased with our performance, it took us a couple of weeks longer than expected due to delays in delivery of equipment by third party vendors.”
With operations ramping up, the Company believes that it is now in a position to achieve the previously announced goals of 700 bpd in the next couple of weeks and 1,000 bpd within 8 weeks.
The Company anticipates that cash flow associated with these production milestones will be transformative for Petroteq and will allow Petroteq to minimize dilutive share financings to maximize the upside for our shareholders.