Petroteq Energy Announces Sale of Additional Load of Oil

Petroteq Energy Inc., an oil company focused on the development and implementation of its proprietary oil-extraction technologies, is pleased to announce that the continued testing in the Company's Asphalt Ridge extraction plant (the "POSP") of ore from various sources in the region, with varying oil quality in the range of 5 to 10 weight percent, has been successful and confirms that the POSP can handle such variations of ore source.

As a result of this demonstrated flexibility in handling feedstock, Petroteq was able to produce a load of oil from this multi-sourced ore, which was sold on August 6. The buyer loaded 236 barrels of 16.9° API (American Petroleum Institute) crude with a BS&W (Basic Sediment and Water) of 0.20%. It was previously announced that the Company completed the Front End Engineering and Design (FEED) study for a 5,000 barrel per day plant, and the validity of that design has been verified by a third party engineering firm. Such positive affirmations of the technology and the plant performance should assure our stakeholders, suppliers and potential business partners that the design can handle a wide range of ore specifications.

In addition, several barrels of produced oil from the POSP have now been received by Quadrise Fuels International plc in the United Kingdom, for the purpose of assessing the suitability of the heavy sweet oil produced by the POSP for their MSAR® technology. Testing of the samples is expected to be completed by the end of August 2021.

Dr. R.G. Bailey, CEO, commented, "The Company continues to produce extracted oil to validate the feasibility of our technology, enhanced by demonstrated plant production that shows the design can cover a wide range of ore quality, to give our stakeholders, suppliers and potential business partners more confidence in our capability, while we are also actively seeking to deploy the technology to a global market".