We still don’t know for certain who will take home the prize in the election, but some things are certain. One big point that has been central in the politics of the day and clearly messaged by the market in numerous ways is that the energy industry is at a crossroads.
The future is about “clean oil” and renewable energies.
With that in mind, we cast a spotlight today on Petroteq Energy Inc (OTCMKTS:PQEFF), an integrated oil company focused on the development and implementation of proprietary oil extraction technologies that represent a cleaner, more environmentally friendly version of fossil fuel production.
This theme has enormous potential ahead, particularly as the ESG movement presses the advantage for ecologically sensitive innovations.
While the electric vehicle and renewable energy revolutions have been highly visible, with Tesla and TAN going wild, the niche defined as more environmentally friendly oil production hasn’t been nearly as sewn up, which is why one might want to keep a close eye on PQEFF in the weeks ahead.
Upgrade
To add to that story, Petroteq Energy Inc (OTCMKTS:PQEFF) just recently announced that work to upgrade the capacity and reliability of its oil sands plant at Asphalt Ridge (the “POSP”) continues on schedule with restart of the plant on track for late November 2020.
According to the company’s release, a recent survey of Petroteq’s lease properties has identified three key areas where the oil sands ore appears to have higher oil saturations than what was previously mined. Samples were taken from each location and lab assays of the samples are in progress and are close to being completed. These areas are currently anticipated to be the focus of Petroteq’s mining efforts during the initial operation of the POSP following its pending restart. In addition, six corehole locations were staked and, subject to rig availability, will be drilled during November. This work would allow Petroteq’s mining consultant to develop a detailed mining plan which would direct future mining operations for extended plant operation.
George Stapleton, Petroteq COO, commented: “Despite some vendor delays, we were able to remain on schedule and are still on track to begin starting up the POSP in late November. I am very much looking forward to the results of our ore sample assays and, in particular, evaluating the results of our core drilling program. Although some critical pumps were delayed two weeks, all equipment needed for the upgrade has now been shipped to the site in Vernal with the final deliveries scheduled for next week. Installation and tie-in of the third mixing tank is complete. All control system components and instrumentation have been received at site and installation is underway.”
Looking Ahead
Petroteq Energy Inc (OTCMKTS:PQEFF) also recently released its management’s vision of what it believes to be the company’s edge – what gives the company a unique advantage in the market as it positions itself as a provider of a clean technology for the recovery of oil from oil sands.
According to the release, the company’s Clean Oil Recovery Technology (or its “CORT”, as it terms the proprietary tech) integrates clean technology with oil sands production.
We would also note that the Company intends to complete three shares for debt transactions, pursuant to which it will issue an aggregate of 7,222,221 common shares in satisfaction of US$360,000 of indebtedness. The Company determined (with the creditors’ consent) to satisfy the foregoing indebtedness with common shares in order to preserve the Company’s cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital.
As noted by management, the transactions are subject to completion and execution of a definitive agreements and all necessary approvals, including from the TSX Venture Exchange. The securities issuable pursuant to the transactions will be issued in reliance on exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and will be issued as ”restricted securities”. In addition, such securities will be subject to a Canadian four-month hold period.
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