Information contained in this Petroteq Energy Inc. ("Petroteq") website is for information purposes only. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice. In consideration for using Petroteq's website, the visitor agrees to hold Petroteq and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website. As visitors access this website on a server in Canada, the information contained in this website is deemed to be provided in Canada and is subject to laws of Canada applicable therein. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international laws including, without limitation, securities laws and import and export laws.
Disclaimer of Warranties
In addition to the above disclaimers of warranties, Petroteq hereby expressly disclaims any liability for errors or omissions in the information contained in this website. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. Information that may be or previously disclosed under corporate securities legislation of Canadian, U.S. or other jurisdictions applicable to Petroteq, e.g. Annual Report, Quarterly Reports, Annual Information Forms or press releases, is not intended in any way to be qualified, amended, modified or supplemented by information available in, through or on this Petroteq website. Although Petroteq believes this information to be correct at the time it is posted, Petroteq does not warrant the accuracy, completeness or currency of this information at all times. All information contained in this website is provided on an as-is and as-available basis without any representations, warranties or endorsements whatsoever.
No warranty of any kind, implied, expressed or statutory, warranty of merchantability and non-infringement of intellectual property rights, third party rights, title, and fitness for any particular purpose or freedom from computer viruses or other contaminating or destructive properties is given in conjunction with the information contained in this website.
Certain statements and graphs in this website contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities legislation. Such statements or information (together "forward-looking statements") are generally identifiable by the forward-looking terminology used such as "anticipate", "believe", "intend", "plan", "expect", "estimate", "budget", "outlook", "forecast" or other similar words. Forward-looking statements in this website include, but are not limited to, any statements as to possible future natural gas, natural gas liquids, crude oil or other commodity prices; future production levels and growth rate; future royalties and tax levels; future capital expenditures, their timing and their allocation to exploration and development activities; future earnings and cash flows; future asset acquisitions or dispositions; future sources of funding for our capital program; future debt levels; availability of committed credit facilities; development plans or capacity expansions; the expectation of cost reductions, improved margins and more technologically advanced operations; future ability to execute dispositions of assets or businesses; future sources of liquidity, cash flows and their uses; future drilling of new wells; recoverability of reserves or resources; expected supply costs; expected operating costs; estimates on a per share basis; future foreign currency exchange rates, future expenditures and future allowances relating to environmental matters and our ability to comply therewith; dates by which certain areas will be developed or reach expected operating capacity; expected future demand opportunities in transportation, power generation and exports of liquefied natural gas to new markets; and changes in any of the foregoing are forward-looking statements. Statements relating to "reserves" or "resources" are forward-looking statements, as they involve the implied assessment, based on estimates and assumptions that the reserves and resources described exist in the quantities estimated, and can be profitably produced in the future.
You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the company's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: volatility of and assumptions regarding commodity prices; assumptions based upon Petroteq's guidance; the risk that the company may not conclude potential joint venture arrangements with others and raise third party capital investments; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the company's and its subsidiaries' marketing operations, including credit risks; imprecision of reserves and resources estimates and estimates of recoverable quantities of bitumen, oil or natural gas from resource plays and other sources not currently classified as proved, probable or possible reserves or economic contingent resources; the company's and its subsidiaries' ability to replace and expand reserves; marketing margins; potential disruption or unexpected technical difficulties in developing new facilities; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; risks associated with technology; the company's ability to generate sufficient cash flow from operations to meet its current and future obligations; the company's ability to access external sources of debt and equity capital; the timing and the costs of processing plants, excavations, well and pipeline construction; the company's and its subsidiaries' ability to secure adequate product transportation; changes in royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or regulations or the interpretations of such laws or regulations; political and economic conditions in the countries in which the company and its subsidiaries operate; terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions made against the company and its subsidiaries; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Petroteq. Although Petroteq believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. You are cautioned that the foregoing list of important factors is not exhaustive. Forward-looking statements with respect to anticipated production, reserves and production growth are based upon numerous facts and assumptions including a projected capital program that underlies the long range plan of Petroteq which is subject to review annually and to revision for factors including the outlook for commodity prices and the expectations for capital investment by the company, achieving a target average drilling rate per year, production expectations made in light of advancements in oil sands processing and recovery, multi-stage fracture stimulation, the current and expected productive characteristics of various existing resource plays, Petroteq's estimates of reserves and economic contingent resources, expectations for rates of return which may be available at various prices for oil sands and current and expected cost trends.
Assumptions relating to forward-looking statements generally include Petroteq's current expectations and projections made by the company in light of, and generally consistent with its perception of historical trends, as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified above.
Furthermore, the forward-looking statements contained in this website are made as of the date of hereof, and, except as required by law, Petroteq does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this website are expressly qualified by this cautionary statement.
Petroteq Disclosure Policies
National Instrument (NI) 51-101 of the Canadian Securities Administrators imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities. Petroteq is providing disclosure which complies with the annual disclosure requirements of NI 51-101 in its Annual Information Form (AIF). The estimates of economic contingent resources contained in this website are based on definitions contained in the Canadian Oil and Gas Evaluation Handbook. Contingent resources do not constitute, and should not be confused with, reserves. Contingent resources are defined as those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic contingent resources are those contingent resources that are currently economically recoverable. In examining economic viability, the same fiscal conditions have been applied as in the estimation of reserves. There is a range of uncertainty of estimated recoverable volumes. A low estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate, which under probabilistic methodology reflects a 90% confidence level. A best estimate is considered to be a realistic estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate, which under probabilistic methodology reflects a 50% confidence level. A high estimate is considered to be an optimistic estimate. It is unlikely that the actual remaining quantities recovered will exceed the high estimate, which under probabilistic methodology reflects a 10% confidence level. There is no certainty that it will be commercially viable to produce any portion of the volumes currently classified as economic contingent resources. The primary contingencies which currently prevent the classification of Petroteq's disclosed economic contingent resources as reserves are the lack of a reasonable expectation that all internal and external approvals will be forthcoming and the lack of a documented intent to develop the resources within a reasonable time frame. Other commercial considerations that may preclude the classification of contingent resources as reserves include factors such as legal, environmental, political and regulatory matters or a lack of markets.
The estimates of various classes of reserves (proved, probable, possible) and of contingent resources (low, best, high) in this website represent arithmetic sums of multiple estimates of such classes for different properties, which statistical principles indicate may be misleading as to volumes that may actually be recovered. You should give attention to the estimates of individual classes of reserves and contingent resources and appreciate the differing probabilities of recovery.
Exclusion of Liability
In no event shall Petroteq be liable for any damages, including without limitation, direct or indirect, special, incidental or consequential damages, loss of profits, opportunities or information arising in connection with the Petroteq website or with any linked website even if Petroteq is made aware of the possibility of such damages, losses, claims or expenses.
Trademark and Copyright
All material and information found in this website is protected under the copyright and trademark laws of Canada and other applicable jurisdictions.
The display of trademarks, tradenames or design marks in this website does not imply that a license of any kind has been granted to any other party.
Any unauthorized use regarding publication, copying or modification of information on this website, including trademarks, tradenames and design marks, may violate applicable legislation and may result in legal action.
Links to Third Party Sites
This website contains links to third party sites. These links have been provided solely as a convenience for users of this website and do not constitute an endorsement by Petroteq of the content of such third party sites. Links to this website may also be provided from other sites either known or unknown to Petroteq. Access to any other website linked to or from this website is at your own risk. Petroteq has not reviewed and is not responsible for the content of any third party sites linked to or from this website and does not make any representations regarding the privacy practices, content or accuracy of materials on such third party sites.
Talk to Us
The Internet is not a fully-secure medium and is subject to possible interception, loss, corruption, or alteration of communication. Petroteq is not liable for any damages resulting from the transmission, interception or corruption of communications to or from this website. Any visitor to this website providing information to Petroteq agrees that Petroteq shall have no obligation with respect to such information and shall be free to use, distribute, disclose and reproduce the information to others and shall be free to use any ideas, concepts, know-how or techniques contained in the information for any purpose whatsoever. Any information provided by a visitor to the Petroteq website shall be non-proprietary and deemed to be non-confidential and must be truthful, legal and not violate the rights of others.
References to Petroteq
For convenience, references in this website to "Petroteq", the "Company", "us", "we" and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Petroteq and the assets, activities and initiatives.
Terms of Legal Notice Binding
Your access and use of this website constitutes your agreement to be governed by the contents of the Legal Notice set forth above. If you do not agree with them leave this website immediately.