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Petroteq Energy Inc. has completed a comprehensive reserve and economic evaluation report for its Asphalt Ridge NW Leases in Utah. The report identifies 26 million stock tank barrels of proved undeveloped bitumen reserves and 82 million stock tank barrels of proved plus probable reserves. The before-tax net present value (NPV) for these reserves is estimated at $265 million and $1,017 million, respectively. The acquisition of the leases is pending final approval, while the report positions the company for potential investment opportunities to enhance its eco-friendly oil extraction technology.
