ACCESS Newswire

Petroteq Energy Inc

Share
Commercialization of Petroteq's Technology Has Been Verified by Reputable Third-Party Engineering Firm

Technical Review Indicates Production Costs of Approximately $22 per Barrel of Oil Produced

SHERMAN OAKS, CA / ACCESSWIRE / August 2, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎‎‎(TSXV:PQE)(‎OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction ‎technologies, is pleased to announce that Kahuna Ventures LLC ("Kahuna") has reviewed operating data, process simulation data, and the Front End Engineering and Design ("FEED") study for the purposes of a third-party technical evaluation. This FEED encompasses a production train capable of processing 5,000 bopd from mined oil sands ore. The Company anticipates that this FEED can become the starting basis for future 5,000 bopd train designs for use in Utah by Petroteq and potentially by additional licensees in Utah, the US, and other locations worldwide. This "standard" design may need some customization for local site conditions and ore characteristics, but differences are expected to be insignificant.

The FEED incorporates a number of lessons learned from operation of the demonstration plant into the proposed design including improvements in the mixing of crushed ore and solvent, solids separation and solvent recovery. The third-party technical verification report from Kahuna indicated extraction costs of approximately US$13.50 per barrel of oil produced. Mining and ore transport costs will add another $8.50 per barrel for an estimated operating cost of approximately $22.00 per barrel of oil produced for a 5,000 bopd plant operating 24 hours a day, 360 days a year, before corporate and SG&A costs and royalty fees.

The FEED study describes the design data, design requirements, detailed major equipment requirements and general operating philosophies for the development of the 5,000 bopd production train, including a Class 3 (± 25%) cost estimate of approximately US$110 million for construction of the plant on an undeveloped site. This provides for a capital cost of $22,000 per daily barrel of production. The proposed plant covered by the FEED study will consist of an initial 5,000 bopd production train but provides for the possible future expansion to 10,000 bopd through the addition of a second parallel 5,000 bopd train.

Preliminary estimates for the longest lead equipment items are 48-54 weeks. The overall engineering, procurement and construction of the 5,000 bopd plant are estimated to require 54-62 weeks, barring any significant supply chain upsets or adverse weather conditions during construction and commissioning of the plant. Once constructed and operating, it is estimated that each production train will employ 40-50 persons between mining and plant operations.

George Stapleton, Petroteq COO, commented: "The estimated operating cost of $22 per produced barrel of oil falls well within the $20-25 range previously estimated for a 5,000 bopd commercial plant and does not take into account the reduction in net operating costs resulting from the possible sale of produced sand. The capital cost of $22,000 per daily barrel for an initial 5,000 bopd production train installed on an undeveloped site compares very favorably against the cost of plants using more traditional methods of extracting oil from oil sands. We are very pleased with the FEED study results and will now look to move forward on funding for our first 5,000 bopd plant while also advancing licensing efforts with third parties."

About Kahuna

Kahuna, founded in 1999, has decades of experience in the midstream energy industry. Kahuna provides engineering, design and full project execution services to midstream oil and gas limited partnerships, private equity-backed companies and major oil and gas producers. Kahuna has an established culture dedicated to quality workmanship and delivering superior products and services tailored to each client's specific needs based upon the precepts of sound project management, quality engineering and outstanding safety measures. Kahuna has a reputation for diligently representing its clients' interests and providing on-time engineering while developing technically sound and cost-effective solutions with its project teams.

For further information see: www.kahunausa.com

About Petroteq Energy Inc.

Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits - outputting high-quality oil and clean sand.

Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq's process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.

For more information, visit www.Petroteq.energy.

Forward-Looking Statements

Certain statements contained in this press release contain forward-looking statements within the meaning of the ‎U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," ‎‎"intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as ‎they relate to the ‎Company are intended to identify forward-looking information, including: the Company expecting the FEED Study to be delivered to Petroteq later this week; the Company anticipating that the FEED can become the basis for future 5,000 bopd train designs for use in Utah by Petroteq and potentially by additional licensees in Utah, the US, and other locations worldwide; the Company expecting that any customization for local site conditions and ore characteristics will be minor; and the Company expecting third party certification of the "standard" CORT process train to be done shortly. ‎Readers are cautioned that there is no certainty that it will be commercially viable to produce ‎any portion ‎of the resources. All statements other than statements of historical fact may be forward-looking ‎‎information. Such statements reflect the Company's current views and intentions with respect to future ‎events, ‎based on information available to the Company, and are subject to certain risks, uncertainties and ‎assumptions. ‎Material factors or assumptions were applied in providing forward-looking information. While forward-looking ‎statements are based on data, assumptions and analyses that the Company believes are reasonable under the ‎circumstances, whether actual results, performance or developments will meet the Company's expectations and ‎predictions depends on a number of risks and uncertainties that could cause the actual results, performance and ‎financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that ‎could cause ‎actual results to differ materially from the Company's forward-looking statements in this press release ‎‎include, without limitation: uncertainties inherent in the estimation of resources, ‎including whether any reserves will ever be attributed to the Company's properties; since the Company's ‎extraction technology is proprietary, is not widely used in the industry, and has not been used in consistent ‎commercial production, the Company's bitumen resources are classified as a contingent resource because they are ‎not currently considered to be commercially recoverable; full scale commercial production may engender public ‎opposition; the Company cannot be certain that its bitumen resources will be economically producible and thus ‎cannot be classified as proved or probable reserves in accordance with applicable securities laws; changes in laws ‎or regulations; the ability to implement business strategies or to pursue business opportunities, whether for ‎economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of ‎capital markets and the ability of the Company to raise capital; litigation; the commercial and economic viability ‎of the Company's oil sands hydrocarbon extraction technology, and other proprietary technologies developed or ‎licensed by the Company or its subsidiaries, which currently are of an experimental nature and have not been ‎used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key ‎personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company's ‎business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; ‎uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated ‎costs and expenses, availability of financing and other capital; potential damage to or destruction of property, ‎loss of life and environmental damage; risks associated with compliance with environmental protection laws and ‎regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks related to ‎COVID-19 including various recommendations, orders and measures of ‎‎governmental authorities to try to limit the ‎pandemic, including travel restrictions, border closures, ‎‎non-essential business closures, quarantines, self-‎isolations, shelters-in-place and social ‎distancing, ‎disruptions to markets, economic activity, financing, supply ‎chains and sales channels, ‎and a ‎deterioration of general economic conditions including a possible national or ‎global ‎recession; and other general economic, market and business conditions and factors, including the risk ‎factors discussed or referred to in the Company's disclosure documents, filed with United States Securities and ‎Exchange Commission and available at ‎www.sec.gov (including, without limitation, its most recent annual report ‎on Form 10-K ‎under the Securities Exchange Act of 1934, as amended), and with the securities ‎regulatory ‎authorities in certain provinces of Canada and available at www.sedar.com.‎

Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- ‎looking information prove incorrect, the actual results or events may differ materially from the results or events ‎predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. ‎Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking ‎information. The forward-looking information included in this press release is made as of the date of this press ‎release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, ‎other than as required by applicable law.‎

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

Petroteq Energy Inc.
Alex Blyumkin
Executive Chairman
Tel: (800) 979-1897

SOURCE: Petroteq Energy Inc



View source version on accesswire.com:
https://www.accesswire.com/657950/Commercialization-of-Petroteqs-Technology-Has-Been-Verified-by-Reputable-Third-Party-Engineering-Firm

To view this piece of content from www.accesswire.com, please give your consent at the top of this page.

About ACCESS Newswire

DK

Subscribe to releases from ACCESS Newswire

Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from ACCESS Newswire

Gun, Cocaine, and a High-Speed Chase: Luton Crime Haul Sparks Fresh Questions and Public Appeal11.7.2025 13:45:00 CEST | Press release

Officers discovered an estimated 25 kilograms of suspected Class A drugs, tightly packed and hidden in secret compartments. Alongside the drugs, they recovered a Beretta 92FS 9mm semi-automatic handgun, loaded with 38 rounds of ammunition. LUTON, GB / ACCESS Newswire / July 11, 2025 / A dramatic police pursuit through Luton on the night of June 29 resulted in the seizure of a loaded firearm and an estimated £600,000 worth of suspected cocaine. Nearly a week later, crucial questions remain unanswered, and police are still searching for individuals who fled the scene. The incident, which unfolded between 11:30 PM and 1:00 AM, began in Marsh Farm when Bedfordshire Police officers attempted to stop a vehicle as part of a proactive investigation into organised criminal activity. The driver failed to stop, sparking a high-speed chase that stretched through Dallow, Farley Hill, and eventually ended on Beechwood Road, where the vehicle was forcibly brought to a halt. Inside, officers discovere

The Battery Show Europe Showcases Global Acceleration10.7.2025 10:00:00 CEST | Press release

Europe's flagship event advancing the battery and EV industry from cell design to policy frameworks STUTTGART, GERMANY / ACCESS Newswire / July 10, 2025 / The Battery Show Europe and Electric & Hybrid Vehicle Technology Expo Europe, co-located with Energy Storage Summit Germany (ESG), welcomed over 17,000 industry professionals and more than 1,100 exhibitors to Messe Stuttgart. This combined event represents the only place where the entire advanced battery, electric & hybrid vehicle technology and energy storage supply chain can be accessed under one roof. From breakthrough technologies and policy insights to hands-on demos and global partnerships, the 2025 edition captured the rapid pace of industry evolution and the growing international significance. Keynote sessions across the three-day event featured high-profile speakers from across the battery, automotive and energy sectors, including BMW Group, Verkor, Mercedes-Benz, CATL and Shanghai Putailai New Energy Technology Co., Ltd. Th

Eagle Football Chairman John Textor Congratulates Olympique Lyonnais on Qualification for Ligue 1 and UEFA Europa League9.7.2025 18:55:00 CEST | Press release

PALM BEACH GARDENS, FL / ACCESS Newswire / July 9, 2025 / John Textor, Chairman and CEO of Eagle Football Holdings, today issued the following statement in response to the decision by the French Football Federation (FFF) to uphold Olympique Lyonnais's (OL) appeal, reversing the earlier decision of the DNCG, and confirming OL's participation in Ligue 1 and UEFA Europa League: John Textor, Chairman and majority owner of Eagle Football Holdings, stated: "I would like to congratulate our whole team at Olympique Lyonnais for demonstrating clearly what we have long known, that our great club in Lyon is financially strong and ready to continue its climb up the tables in France and in Europe. We previously cleared through a rigorous sustainability review by UEFA, and now, under the remarkable leadership of our Chair Michele Kang, OL has succeeded on appeal, in cooperation with the DNCG, to confirm our place in Ligue 1 and in Europa League." He continued, "Today's decision is a vital recognitio

Sandline Global Expands International Presence with New London Office9.7.2025 15:15:00 CEST | Press release

LONDON, GB / ACCESS Newswire / July 9, 2025 / Sandline Global, a leading provider of legal technology, eDiscovery, and litigation support services, is proud to announce the opening of its new office in London. This milestone marks a strategic expansion of Sandline's international footprint and reinforces the company's commitment to serving clients across the UK and broader EMEA region.Sandline Global Logo Sandline Global Logo The decision to establish a permanent presence in London was driven by significant and sustained demand for Sandline's services in the region. With a growing number of cross-border matters and increasing interest in Sandline's capabilities-including digital forensics, eDiscovery services, and managed review-the new location will enable the company to deliver tailored, more localized support to clients with complex legal and regulatory needs. "Our expansion into London reflects both the strength of our partnerships in the UK and our long-term vision for internation

Agassi Sports Entertainment Engages IBM to Help Elevate Racquet Sports Experience9.7.2025 14:30:00 CEST | Press release

LAS VEGAS, NV / ACCESS Newswire / July 9, 2025 / Agassi Sports Entertainment Corp. (OTC PINK:AASP), an emerging leader in sports entertainment and innovation, is pleased to announce an exciting collaboration with IBM (NYSE:IBM) which includes the planned use of AI aimed at transforming the digital landscape for various racquet sports worldwide. As two iconic brands with strong connections to racquet sports, and a shared commitment to excellence, Agassi Sports Entertainment has engaged IBM to help create what Agassi Sports Entertainment believes will be an unrivaled digital experience that caters to players and fans alike. This relationship represents a unique fusion of passion, technology, and innovation that Agassi Sports Entertainment expects will not only enhance the way people engage with racquet sports but will also elevate the sport's overall accessibility and enjoyment. Our joint efforts are planned to focus on harnessing cutting-edge technology to deliver personalized experienc

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye