Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, today provided an update on the status of the company’s filing of its quarterly report on Form 10-Q (and related certifications) (the “documents”) for the period ended May 31, 2021. Petroteq anticipates that it will be in a position to file the documents by Friday, August 13, 2021, which is ahead of the timeframe the company previously announced anticipated filing of the documents on or about September 10, 2021. According to the update and subsequent to its recent equity and debt financings, the company is now well financed and, with its recent third party reviewed FEED study, looks forward to initiating funding opportunities for its first 5,000-bopd plant while also advancing licensing efforts with third parties. Petroteq also announced its August 2, 2021, receipt of an irrevocable subscription agreement and funds from an arm’s length subscriber for gross proceeds of US$750,000 for 6,250,000 units of Petroteq, each at a price of US$0.12, pursuant to a price reservation filed by the company with the TSX Venture Exchange on July 12, 2021. Upon closing of the transaction, subject to approval by the company’s directors and the TSX, Petroteq will utilize the net proceeds on its extraction technology in Utah-based Asphalt Ridge and for working capital.
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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 that 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 sold or returned to the environment, without the use of tailings ponds or further remediation. For more information, visit www.Petroteq.energy.
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