PETROTEQ ENERGY INC - PQEFF STOCK NEWS

Petroteq Energy has announced key milestones ahead of the closing of Viston United Swiss AG's offer. The company has successfully completed the acquisition of the Asphalt Ridge NW Leases, which covers 3,458.22 acres, and has received a Reserve and Economic Evaluation Report. The report indicates 26 million stock tank barrels of proved undeveloped bitumen reserves and US$265 million in before-tax NPV. Furthermore, Petroteq's proprietary technology, CORT, has been evaluated with a fair market value ranging from $229 million to $326 million.

Petroteq Energy Inc. has signed a binding letter of intent (LOI) with Netoil Inc. for licensing its Clean Oil Recovery Technology (CORT) in Iraq and Libya. Each license is valued at USD 6 million, with a 5% royalty on net production revenue and a minimum annual fee of USD 1 million until production begins. Netoil's team, led by Roger Tamraz, brings over 50 years of industry experience. Additionally, Petroteq is in the process of securing a new CEO and CFO with approval from the TSX Venture Exchange.

Petroteq Energy Inc. has announced the cancellation of 4,250,000 stock options with exercise prices ranging from C$1.00 to C$2.27. This decision comes as part of the implementation of a new 2022 Equity Incentive Plan that was approved by shareholders on July 21, 2022. Following this cancellation, the company will have no outstanding stock options. This move aims to align with the company's focus on developing and implementing proprietary oil sands extraction technologies.

Petroteq Energy Inc. (TSXV:PQE; OTC PINK:PQEFF) held its annual meeting on July 21, 2022, where shareholders voted in favor of all proposed matters, including a potential share consolidation, pending director and TSX Venture Exchange approval. Shareholders are advised to await further instructions regarding share certificates. Additionally, Viston United Swiss AG extended its offer to purchase all outstanding common shares of Petroteq until September 9, 2022. Detailed voting matters are available in the management information circular dated June 3, 2022.

Viston United Swiss AG extends its cash offer for Petroteq Energy Inc.'s common shares to September 9, 2022. The Offeror aims to secure necessary CFIUS clearance and assess SEC order implications. As of July 21, 2022, approximately 577.98 million shares (74.32%) have been tendered. Shareholders will receive C$0.74 per share, a premium of 279% compared to last traded price before the cease trade. Conditions include meeting minimum tender requirements and obtaining regulatory approvals.

Petroteq Energy Inc. (TSXV:PQE, OTC PINK:PQEFF) announced a report from its Regulatory Oversight Advisory Committee (ROC) confirming compliance with TSXV policies regarding June transactions. The ROC has conducted reviews and ensured all necessary filings have been made. Petroteq focuses on developing a patented, environmentally safe technology for extracting heavy oil from oil sands, producing clean sand and reducing environmental impact by eliminating wastewater generation. For more details, visit www.petroteq.energy.

Viston United Swiss AG and its subsidiary, 2869889 Ontario Inc., have received notice from the U.S. Department of the Treasury that CFIUS is conducting a 45-day investigation into Viston’s cash offer to acquire all common shares of Petroteq Energy (TSX-V: PQE; OTC: PQEFF). The offer price is C$0.74 per share, a 279% premium over the last trading price before a cease trade order on August 6, 2021. Shareholders are urged to tender their shares before the July 22, 2022 deadline. Viston is preparing the necessary filings to secure a clearance from CFIUS.

Petroteq Energy has entered into a Letter Agreement with Viston United Swiss AG regarding Viston's offer to acquire all outstanding shares of Petroteq. The agreement, effective July 5, 2022, outlines conditions such as Petroteq's restriction on issuing securities and hiring a new CEO without Viston's consent. The terms include consulting Viston for financial needs and ensuring director cooperation with the Offeror's requests. The agreement remains valid until the Offer is withdrawn or the Petroteq board changes its recommendation.

Petroteq Energy Inc. (OTC PINK: PQEFF) has announced amendments to debt conversion transactions due to a request from the TSX Venture Exchange. The debt, originally totalling US$249,000 and US$700,000, will now see the conversion price adjusted from US$0.045 and US$0.12 to US$0.15, resulting in fewer shares being issued. The company has completed previous conversions for debt and awaits approval from directors and the Exchange. Petroteq focuses on sustainable oil extraction technologies.