Two years of hard work has paid off for the team at Petroteq Energy Inc. (OTCPK:PQEFF) (TSX-V:PQE), as the company on Tuesday unveiled its all-new environmentally friendly heavy oil processing and extraction plant located at the Asphalt Ridge in Uintah Basin, near Vernal, Utah.
The facility was relocated and upgraded to employ Petroteq's proprietary technology to extract nearly 100% of hydrocarbons without using water, high temperature or high pressure, all the while generating zero greenhouse gases from a small geographic footprint.
The patented technology is safe and sustainable for use extracting heavy oils from oil sands, shale deposits and shallow oil deposits. The plan is to produce 1,000 barrels of oil per day initially from the facility and to increase that to 2,000 barrels per day in 2019 and 5,000 barrels per day in 2020, capital permitting.
"We now have a plant that has the level of scale that allows us to be self sufficient and generate cash flow to add value to our shareholders," said Petroteq Chairman Alex Blyumkin in today's news release.
Petroteq gave local and national media a peek at the new plant, using the demonstration as a milestone to kick-off production at Asphalt Ridge as management explained how the process works to create clean energy with no waste. A formal grand opening is planned for September.
U.S.-listed shares of PQEFF have edged ahead 1.97%, or two cents, to 84 cents a little over an hour into Tuesday's trading session. Canadian listed shares of PQE are up three cents, or 2.87%, to $1.11.
