Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an oil and gas industry technology innovator, recently finalized its acquisition of 50% of the operating rights and interests relating to oil sands in the state of Utah under the U.S. federal oil and gas leases. The acquisition, which covers 8,480 gross acres, or 4,240 net acres, is expected to help increase the company’s cash value (http://ibn.fm/tDmGd). An article further discussing the company reads, “Through the acquisition of the additional operating rights announced on July 22, Petroteq is expected to increase its cash flow value. One of the leases, P.R. Spring, is believed to contain gross contingent resources of about 90 million barrels of mineable bitumen, with a net arithmetic average after risk estimate of 40.77 million barrels. According to Petroteq, the resource amounts to an after-risk cash flow value of $293.4 million on a 10% per year discounted basis and a cash flow value of $166.6 million on a 15% per year discounted basis.”
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil-shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly, heavy-oil processing and extraction technologies. The company’s proprietary process produces zero greenhouse gas and zero waste, and requires no high temperatures. Petroteq is currently focused on developing its oil-sands resources and expanding production capacity at its Asphalt Ridge heavy-oil extraction and processing facility located near Vernal, Utah. For more information, visit the company’s website at www.Petroteq.energy.
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