Plans For The Future
PETROTEQ PLANS FOR THE FUTURE.
In 2012, Petroteq set out a three phase plan for the development and implementation of its unique, proprietary extraction technology:
- Secure a 1128 acre oil sands lease in Utah in the Uinta Basin area with resources of 20 million bbl oil. (Confirmed by Chapman Petroleum Engineers, 2012).
- Secure a lease purchase agreement on a nearby 2000 acre oil sands lease owned by Temple Mountain Energy Inc.. with a recoverable resource of 80 million bbl oil. (Confirmed by Chapman Petroleum Engineers, 2014)
- Identify a third oil sands lease in the Uinta Basin area for purchase.
- Complete a 250 bbl/day extraction plant on Petroteq's Asphalt Ridge lease location.
- Complete all the required production/environmental permit applications for production commencement in 2015.
- Fund, Design, Fabricate and Assemble a 5,000 bbl/day extraction plant either on the Petroteq lease location or the Temple Mountain Energy lease site (Cost: $ 70mm).
- Finalize purchase of Temple Mountain Energy lease site.
- Secure funding for purchase of an additional oil sands lease location in the Uinta Basin.
- Intensify negotiations on funding, joint venture and licensing opportunities with entities/countries with significant oil sands/shale deposits.
For decades, the oil industry has been seeking an environmentally-friendly oil sands extraction technology in order to safely process the world's oil sands resources. After many years of research, testing of components, solvent combinations and processing alternatives, Petroteq has emerged as a pioneer with an extraction solution that will satisfy most of the world's environmental requirements as it moves forward into more satisfactory answers to everyone who cares about the future of the Earth.
Petroteq's Team has a philosophy that energy developers and the stewards of the environment do not have to be at odds with each other as these valuable resources are developed. You might say that with Petroteq's breakthrough extraction technology, it's a large leap for the Earth's environment and a small step towards America's energy independence.