Petroteq Energy Inc. is a Canadian-registered holding company, publicly trading on the TSX Venture Exchange (Symbol: PQE) and the OTC trading platform (Symbol: PQEFF). Its offices are located in Toronto, Ontario, Canada, and Los Angeles, California; its initial plant location is in Vernal, Utah.
Petroteq is focused on value creation through the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits.
Petroteq by way of its wholly owned subsidiary has a breakthrough, environmentally friendly, proprietary oil sands extraction technology which is suitable for all hydrocarbon deposits. The closed-loop technology may also be applied for remedial projects such as tailings ponds. After the launch of its first extraction plant in Utah, the Company is now intent on scaling up its capacity with several additional, higher-capacity extraction units within the state, which has over 30 billion barrels of undeveloped but recoverable oil. (DOE Estimate.) Asphalt Ridge, the location of Petroteq's first plant, is one of Utah's 8 major oil sands deposits. Chapman Petroleum Engineering, Ltd. estimates that there are 139,539,001 STB (Standard Tank Barrels) of Bitumen in Place on the site. Part of the resource has a lower saturation of oil and is therefore not feasible for extraction. We estimate that 139 million standard tank barrels is equivalent to 87 million barrels of oil equivalent (boe). The Company's Board of Directors, Management Team and Officers form an impressive group of very talented individuals with a diverse range of valuable experience ranging from chemical engineering and solvent research, business development, international project management, entrepreneurial achievements and senior management for global energy companies in North America and the Middle East. They have extensive knowledge of both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.