In the epic battle between OPEC and the U.S. for global market share - low cost producers should reap a stunning energy windfall.
We’re focusing on one little company - Petroteq Energy Inc. (TSX:PQE.V; OTCQX:PQEFF) - which is unlocking trapped oil in U.S. oil sands for costs as little as $22/barrel.
Technology is their key advantage. Their patented Liquid Extraction System is the first ever to generate production from Utah’s 32-billion-barrel heavy dry oil sands resource.
It extracts over 99 percent of all hydrocarbons in the sand, generates zero greenhouse
gases and doesn’t require high temperatures or pressures.
In Asphalt Ridge—Petroteq has an estimated 87 million barrels of oil equivalent worth $5.2 billion at today’s prices. The overall cost for production is expected to come in at only $22 a barrel.
The plan is to reach 5,000 bpd by 2019 with a cost of production which could reach as low as $18 per barrel. There’s potential, says Petroteq, to achieve 30,000 bpd with proven reserves.
And that isn’t even their biggest opportunity.
Petroteq’s technology could generate billions in licensing fees around the world, and it is eyeing the opportunity to file patents in all countries with oil sands reserves.
They’re not only targeting the 1 trillion-plus barrels of oil in the sands of Utah, Colorado and Wyoming, but trillions more barrels from oil sands all around the world.
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