AMERICA'S FIRST ENVIRONMENTALLY-FRIENDLY OIL SANDS EXTRACTION PLANT SUCCESSFULLY OPENS.
On October 1st, 2014, Petroteq unveiled its benchmark oil sands extraction plant in Vernal, Utah. It's an extraction plant unlike any other in America, or perhaps the world. It's a closed-loop technology and therefore it is environmentally-friendly. It's versatile. It can extract up to 99.9% of hydrocarbons from all kinds of oil sands deposits. And, it's a positive change from all the other oil sands extraction technologies from prior decades that focused on extraction efficiencies and not the resulting state of the environment.
Petroteq's ribbon-cutting event was attended by a group of key investors, shareholders, Utah State officials, Utah Senator Kevin van Tassell, Sonya Norton, Mayor of Vernal, Vernal Chamber of Commerce, local government figures, national/statewide media as well as the members of the Petroteq Team, their friends and families. They were given a fully-operational plant demonstration, as well as an on-site luncheon complete with keynote speeches from Utah's Director of Energy Development, Val Hale and Petroteq's CEO, Dr. R. Jerry Bailey. Each attendee was given a test tube sample of the day's crude oil production, as well as a sample of the cleaned, dry sand.
"UTAH IS SITTING ON AN ENERGY GOLD MINE" (Cody Stewart, Utah Energy Advisor)
As pioneers of oil sands technologies, Petroteq seems to fit well into Utah's reputation of being called "the Pioneer State." The state, as Utah's Energy Advisor, Cody Stewart recently reported, "Utah sits on an energy gold mine. People who work in the field know that the Uinta Basin is a world class energy resource, but it tends to be overlooked."
Not only does Utah have over 30 billion barrels of recoverable oil in its oil sands deposits, it has over 77 billion barrels of oil as the state's share of the Green River Formation's oil shale deposits. At this point, neither has been developed. And just as new technology has unleashed the Bakken's potential, creating a billion dollar surplus in North Dakota's budgets, it is felt that it's time for new technology in Utah to develop its vast oil sands resources.
And Petroteq is now poised to do just that.
In 2014, Utah produced over 30,000,000 barrels of oil (Source: Utah Department of Resources),, primarily all conventional production revenues derived from 11,200 producing wells. Petroteq is basically 'first out of the gate' in the initiation of a new category for Utah - non-conventional oil. The Company's lease is situated on the edge of the Uinta Basin, the location of the Asphalt Ridge deposit (one of 8 major Utah deposits). The nearby city of Vernal buzzes with oil and gas development and has the necessary infrastructures to facilitate Petroteq's expansion plans (Phase #3: 2015 - 2016).
With its initial extraction plant, Petroteq brings with it a new era in oil sands technology and production... one that provides an efficient, safe, commercially-viable extraction, and at the same time, it embraces the environment and all of the ecological values that accompany true stewardship of the land.
Click here to view the "Petroteq's Ribbon-Cutting Video."
Click here for the Utah Government's website article, "Petroteq Demonstrates New Technology in Uintah Basin."
Click here for the Deseret News story, titled, "Crude Reality: North Dakota Oil Boom Has Utah Envying Its Surplus Green..."