Petroteq Announces Initial Load of Sales Oil Tagged for Sale

Source: www.gulfoilandgas.com 6/10/2021, Location: North America

Petroteq Energy Inc., focused on the development and implementation of its proprietary oil extraction and reclamation ?technologies, is pleased to announce that the 250 barrels of oil produced last week at its oil sands plant at Asphalt Ridge (the "POSP") have now been gauged and tagged by the buyer. Subject to the availability of transport, the oil should be purchased and collected this Friday. Produced oil tested at 10.9 API with a low BS&W (basic sediment and water) of 0.3%.

TomCo Energy plc, the US operating oil development group, focused on using innovative technology to unlock unconventional hydrocarbon resources, announced on 9 June 2021 thatGreenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), has entered into a membership interest purchase agreement (the "Agreement") with Endeavour Capital Group LLC ("Endeavour") and Tar Sands Holdings II LLC ("TSHII") with respect to the potential acquisition by Greenfield of up to 100% of the ownership and membership rights and interests in TSHII (the "Membership Interests"). TSHII owns approximately 760 acres of land and certain non-producing assets (the "Site") in Uintah County, Utah, USA.

Tomco's announcement can be found at:
Greenfield has entered into a non-exclusive multi-site license with Petroteq. The Petroteq License has been granted in consideration for the advance funding that Greenfield has provided in respect of the upgrades to the POSP.

For any future oil sands plants built by Greenfield utilizing the Petroteq Licence, a 5% royalty of net revenues received from oil products produced from oil sand resources at any oil sands plants will be payable by Greenfield to Petroteq. Other than the royalty, no further Petroteq License fees are payable.

George Stapleton, Petroteq COO, commented: "We are encouraged by what could become Greenfield's first step towards securing a site and mine to support a commercial plant employing Petroteq's Clean Oil Recovery Technology."





Gulf Oil and Gas
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