Big things are in store for the oil and gas company known as Petroteq Energy Inc. (TSX-Venture:PQE).
The company based in Sherman Oaks, Calif., but which also trades on the TSX Venture Exchange, announced Thursday it had completed its first maintenance turnaround at its oil sands processing facility located near Vernal, Utah, and has recommenced the production of oil from the Plant at 300-350 barrels/day.
During the recent maintenance turnaround, PQE focused primarily on upgrading the front-end and recovery processes at the Vernal plant, of which it harbours the opinion that it will ensure year-round production capability.
The oil currently being produced at the plant is more consistent than previous oil produced and represents higher quality heavy oil than the company’s initial production during the second half of calendar 2018.
Petroteq anticipates increasing production to 700 barrels/day by the end of February and reaching 1,000 barrels/day by the end of March.
Shares in PEQ gushed 4.5 cents, or 9.3%, to 53 cents, on volume of 289,000 shares
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