Petroteq provides update on progress at Asphalt Ridge facility in Utah

7/9/2018

STUDIO CITY, California -- Petroteq's Asphalt Ridge Facility, a company focused on the development and implementation of proprietary technologies for the energy industry, has updated investors on the progress at its oil extraction facility in Asphalt Ridge, Utah.

Second-quarter activities secured the completion of construction at the Asphalt Ridge facility, which is designed to produce 1,000 bpd. The Company's recent news for the first half of 2018 has been very exciting:

  • new capital of approximately $3.86 million to date in 2018
  • the placement of key technical advisors to Petroteq's advisory board
  • initial production.

News in July is what the project's current and future investors will be most interested in … the company is on track to initiate "full on" operations at the end of July and ramp up production to an anticipated 1,000 bpd.

On June 14, Petroteq commenced its process train commissioning and start-up, with the successful completion of "first commissioning oil production" at its operations of the Phase 2 expansion at the Asphalt Ridge heavy oil extraction facility, near Vernal, Utah, designed to produce 1,000 bpd.

These operational developments have driven multiple initiatives at the Company that are anticipated to help the Company grow from its current position:

  1. New R&D projects are underway, which should further increase the efficiency and applicability of Petroteq's patented extraction technology.
  2. Petroteq has staffed up its internal team and advisory board to handle multiple business development initiatives related to domestic and international opportunities.

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