PETROTEQ ENERGY INC - PQEFF STOCK NEWS

Petroteq Energy Inc. has received a Cease Trade Order (CTO) from the Ontario Securities Commission due to its failure to file the quarterly report on Form 10-Q for the period ended May 31, 2021, by the July 30, 2021 deadline. The Company plans to refile its financial statements and believes a $6 million secured promissory note is a contingent liability. Operations continue normally, and updated financial statements are expected by August 13, 2021. The CTO limits the resale of restricted securities, but certain sales may proceed under specific conditions.

Petroteq Energy Inc. has announced significant management changes, with the resignation of founder Alex Blyumkin as an officer and director. R G Bailey has been appointed as the Interim Chief Executive Officer, while Vladimir Podlipsky steps in as a director. Blyumkin expressed confidence in the new leadership, stating they are well-equipped to advance the company's goals in eco-friendly oil extraction technology. Petroteq focuses on sustainable methods for extracting heavy oil without water, aiming to enhance its market position.

Petroteq Energy Inc. (OTC PINK:PQEFF) provided an update on its quarterly report filing for the period ending May 31, 2021. The company anticipates filing by August 13, 2021, earlier than the previously expected date of September 10, 2021. Petroteq recently secured US$750,000 from an arm's length subscriber through a subscription agreement for 6,250,000 units. The funds will support extraction technology at Asphalt Ridge, Utah. Petroteq emphasizes its environmentally friendly oil extraction methods while anticipating regulatory approvals for the financing.

Petroteq Energy Inc. has announced an amendment to its takeover offer by Uppgard Konsult AB, increasing the target shareholding for the offer from 200 million shares to 270 million shares at a premium price of EUR 0.50 per share, as published on July 29, 2021. This revision aims for a simple majority in the takeover process. The company is also exploring a friendly takeover approach and has engaged legal representatives to facilitate discussions regarding potential bids in Canada and the U.S.

Petroteq Energy Inc. has released a technical evaluation showing estimated production costs of approximately $22 per barrel of oil. Conducted by Kahuna Ventures LLC, the evaluation supports a 5,000 bopd production facility, with extraction costs pegged at $13.50 and mining costs at $8.50 per barrel. The Front End Engineering and Design (FEED) study indicates a capital cost of $110 million for construction. The company aims to secure funding for this project, which could expand to 10,000 bopd in the future.

Petroteq Energy Inc. has filed an application for a Management Cease Trade Order (MCTO) with the Ontario Securities Commission due to its inability to file its Form 10-Q report for the period ended May 31, 2021, by the deadline of July 30, 2021. The MCTO will not restrict trading for non-insiders. Additionally, the company recently closed equity and debt financing amounting to approximately US$2.14 million and US$2.5 million respectively. Petroteq is also reviewing its legal agreements related to its oil and gas leases.

Petroteq Energy (PQEFF) has completed a Front End Engineering and Design (FEED) Study for a proposed oil production facility capable of processing 5,000 barrels per day using its Clean Oil Recovery Technology (CORT). The study, conducted by Crosstrails Engineering LLC, signals potential for future designs in Utah and beyond. Operating costs are estimated at $22 per barrel, aligning with previous estimates. Greenfield Energy, Petroteq's joint venture, also received a third-party technical verification report affirming these findings. A 5% royalty on net revenues will be paid by Greenfield to Petroteq for its licensed technology.

Petroteq Energy Inc. (TSXV:PQE, OTC PINK:PQEFF, FSE:PQCF) has announced its willingness to engage in discussions with Uppgard Konsult AB, referred to as the Bidder, as communicated through legal counsel. While the outcome of these discussions remains uncertain, the Company is open to negotiations. Petroteq is focused on advancing its proprietary oil extraction and remediation technology, particularly in the development of its oil sands resources in Asphalt Ridge, Utah.

Petroteq Energy Inc. (PQEFF) announced that the Audit Committee has concluded that several previously issued financial statements should no longer be relied upon, specifically those for the years ending August 31, 2019 and 2020, along with others. This decision stems from the discovery that a secured promissory note and related agreements were not properly disclosed. The Company plans to restate its financials and is seeking a Management Cease Trade Order due to delays in filing its quarterly report. The anticipated filing date for the documents is around September 10, 2021.