Petroteq Energy Announces Sale of Additional Load of Oil

Rhea-AI Summary

Petroteq Energy has successfully tested various ore sources at its Asphalt Ridge extraction plant, producing 236 barrels of crude oil with a 16.9° API and low impurities. This accomplishment demonstrates the plant's capability to handle diverse ore specifications. The company also completed a design study for a 5,000-barrel daily output plant, verified by a third-party firm. Additionally, oil samples are being tested by Quadrise Fuels International to evaluate compatibility with their MSAR technology. Results from the testing are expected by the end of August 2021.

Positive

• Successful testing of various ore sources at Asphalt Ridge extraction plant.
• Produced 236 barrels of crude oil with a 16.9° API and low impurities.
• Design study for a 5,000-barrel per day plant completed and verified.
• Testing of oil samples by Quadrise Fuels International for compatibility.

Negative

• Company's extraction technology is proprietary and not widely used, leading to uncertainty in commercial viability.
• Bitumen resources classified as contingent resources due to not being commercially recoverable.
• Operational uncertainties in advancing business plans and maintaining mineral lease holdings.

Testing of Samples Delivered to Quadrise Fuels International Is Now Underway

SHERMAN OAKS, CA / ACCESSWIRE / August 12, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(‎OTC PINK:PQEFF)(FSE:PQCF), 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".

About Petroteq Energy Inc.‎
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits - outputting high-quality oil and clean sand.

Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq's process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be returned to the environment, without the use of tailings ponds or further remediation.

For more information, visit www.Petroteq.energy.

Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," "intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Forward-looking information contained in this press release includes statements concerning management's expectation that the testing of oil samples by Quadrise will be completed by the end of August 2021. Such statements reflect the Company's current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation, the Company and its partners having the resources and services available to continue and complete work on the POSP ‎and operate it continuously. In addition, readers are cautioned that there is no certainty that the Company's extraction and processing technology will be commercially viable.

Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that could cause actual results to differ materially from the Company's forward-looking statements in this press release include, without limitation: uncertainties around the ability of the Company to continue to advance its business plans; uncertainties inherent in the estimation of resources, including whether any reserves will ever be attributed to the Company's properties; since the Company's extraction technology is proprietary, is not widely used in the industry, and has not been used in consistent commercial production, the Company's bitumen resources are classified as a contingent resource because they are not currently considered to be commercially recoverable; full scale commercial production may engender public opposition; the Company cannot be certain that its bitumen resources will be economically producible and thus cannot be classified as proved or probable reserves in accordance with applicable securities laws; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and the ability of the Company to raise capital; litigation; the commercial and economic viability of the Company's oil sands hydrocarbon extraction technology, and other proprietary technologies developed or licensed by the Company or its subsidiaries, which currently are of an experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company's business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions. Readers are encouraged to review the risk factors discussed or referred to in the Company's disclosure documents, filed with United States Securities and Exchange Commission and available at www.sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION
Petroteq Energy Inc.
R G Bailey
Chairman
Tel: (800) 979-1897

SOURCE: Petroteq Energy Inc.

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FAQ

What recent testing has Petroteq Energy conducted on its oil extraction technology?

Petroteq Energy announced successful testing of various ore sources at its Asphalt Ridge extraction plant, confirming its ability to handle different oil qualities.

What oil production did Petroteq Energy recently achieve?

The company produced 236 barrels of crude oil with a 16.9° API and low BS&W impurities.

What is the significance of the 5,000-barrel per day plant design study?

The design study for the plant was completed and its validity was verified by a third-party engineering firm, assuring stakeholders of its capability.

What is Quadrise Fuels International's role in Petroteq Energy's recent activities?

Quadrise Fuels International is testing oil samples from Petroteq to assess compatibility with their MSAR technology.

When are the results of the oil sample testing by Quadrise Fuels expected?

The results from testing the oil samples are expected to be completed by the end of August 2021.