PETROTEQ ENERGY INC - PQEFF STOCK NEWS

Petroteq Energy Inc. has announced a recommendation from its Board of Directors to accept the Viston Offer for the acquisition of all common shares. The offer, valued at C$0.74 per share, represents a 279% premium over the last trading price. The recommendation follows a strategic review and is based on the assessment that the offer provides immediate cash value superior to other alternatives. Trading of Petroteq's shares is currently suspended, and shareholders are encouraged to consider this offer, which closes on February 7, 2022.

Petroteq Energy Inc. has released a reserve and economic evaluation report regarding its Asphalt Ridge NW Leases in Utah. This report reveals 26 million stock tank barrels of proved undeveloped bitumen reserves and a before-tax net present value of US$265 million for these reserves, while the probable reserves total 82 million stock tank barrels, with a net present value of US$1,017 million. The acquisition of the leases is pending approval from Utah's SITLA, which will finalize the assignment of rights under the Exchange Agreement with Valkor Energy.

Petroteq Energy Inc. has signed a technology license agreement with Big Sky Resources LLC to use its proprietary oil sands extraction technology. The non-exclusive agreement allows Big Sky to construct and operate oil sands extraction plants in the U.S. for a one-time fee of $2 million upon construction commencement. Additional 5% royalty on net revenue will be paid to Petroteq from product sales. This partnership aims to provide a potential long-term revenue stream and promote eco-friendly oil production.

Petroteq Energy Inc. announces the departure of Chief Operating Officer George Stapleton, effective November 30, 2021. Under his leadership since August 2020, the company expanded its Asphalt Ridge lease holdings and improved production operations. Chief Technology Officer Vladimir Podlipskiy will now oversee operations and focus on new facility development, emphasizing eco-friendly soil remediation technologies. Petroteq is recognized for its innovative, environmentally safe extraction processes that reduce wastewater and provide high-quality oil and clean sand.

Petroteq Energy Inc. has announced the exchange of its Temple Mountain oil sands leases for new leases in Asphalt Ridge NW, estimated to contain 85-90 million barrels of oil. The Asphalt Ridge NW leases offer operational advantages, including a higher average oil content of 12% by weight compared to 6% in the Temple Mountain leases. This shift aims to enhance mining efficiency and reduce costs due to the ore's closer surface proximity. Approval from Utah's School and Institutional Trust Land Administration is pending to finalize this strategic transaction.

Petroteq Energy Inc. announced plans to convert approximately $538,971 in debt into 4,529,166 common shares at a deemed price of $0.119 per share, preserving cash for its extraction technology in Asphalt Ridge, Utah. The transactions require approval from the directors and the TSX Venture Exchange. Additionally, amendments to three convertible promissory notes have been made to comply with exchange policies, including fixes to conversion prices and restrictions on interest payments. The company is working towards a reinstatement of trading.

Petroteq Energy Inc. has filed a Directors' Circular concerning the unsolicited takeover bid from Viston United Swiss AG for its common shares. The Board is currently evaluating the offer's adequacy and has not yet determined whether to recommend acceptance or rejection. Shareholders are advised not to tender their shares until further notice. The Viston Offer, open until February 7, 2022, may limit future opportunities for better transactions if shares are tendered prematurely. The Board is also undertaking a strategic review to maximize shareholder value.

Petroteq Energy Inc. (PQEFF) has received an unsolicited conditional takeover bid from Viston United Swiss AG through its wholly-owned subsidiary 2869889 Ontario Inc.. Shareholders are advised to take no action until the Board issues a formal recommendation. The Board is currently reviewing the offer and considering its options, including possible alternatives to maximize shareholder value. Petroteq emphasizes its proprietary oil-extraction technology as a potential industry leader, asserting commitment to stakeholder value.

Viston United Swiss AG has launched an all-cash offer to acquire Petroteq Energy Inc. at C$0.74 per share, representing a 279% premium over the recent TSX-V closing price and a 1,032% premium over the 52-week average. The offer aims to provide liquidity and certainty to shareholders, allowing them to avoid risks associated with the current management. The offer period ends on February 7, 2022. Viston believes the current leadership has failed to enhance shareholder value, with Petroteq reportedly facing significant financial challenges.