Petroteq Energy, an oil company focused on the development and ‎‎implementation of its proprietary oil-extraction and remediation technologies, provides a corporate update and continuously emphasizes the importance of developing and extraction of US oil sands reserves.

The global need for energy continues to grow and has shown no signs of slowing down. The need for more oil, especially heavy oil, is required for more than just transportation fuel (vehicular demand and air travel requirements) as oil is the primary building block for plastics of all kinds, for the automotive industry, pharmaceuticals, cosmetics, pesticides, fertilizers, and paint, to name a few. This is of particular importance to the US, as the need for energy independence has become more evident from the geopolitical disputes now facing the global market. The significant U.S. oil reserves with low sulfur content, which have not yet been untapped, are located in Utah, where Petroteq has accumulated significant oil reserves available for development.

Petroteq has developed a proprietary technology to extract oil from its reserves in Utah, and has demonstrated in pilot projects the viability of its patented process to produce at an attractive economic level, comparable to conventional oil reservoir production, and to deliver a high quality product. The Company's facility has been designed to operate at 500 barrels per day and the Company has designed the next generation oil sands plant with 5,000 barrels capacity. All engineering aspects of the proposed 5,000 barrels plant have been confirmed by an independent third party as commercially viable and technically sufficient to achieve the desired plant performance within a budget. Petroteq management believes this design is solely unique to the patented Petroteq process, to achieve oil extraction from sands in an eco-friendly method, and can be seen as a true green energy technology.

The Petroteq technology is unique because it uses no water, produces no emissions, and uses a facility that has a small land footprint. Its patented solvent washes the sand of oil and is almost 100% recycled for continued use with no negative environmental impact. The cleaned sand can be utilized economically for the broad range in residential and commercial use.

Petroteq's CEO and CTO, Vladimir Podlipsky, PhD, commented, 
"Our management team is pleased that Petroteq has unlocked an economically feasible process that is eco-friendly, which I believe positions our company to contribute to solving the global energy crisis. Our intentions are to continue evolving toward future expansion and revenue growth, regardless of the on-going takeover-bid from Viston United Swiss AG. Management of Petroteq continues to manage the business of Petroteq, while making utmost effort to maximize shareholder value."

KeyFacts Energy: Petroteq US country profile