Attis Oil and Gas Ltd Update on investee company: Petroteq Energy Inc. (5924Q)
22 October 2019 - 12:22AM
UK Regulatory
TIDMAOGL
RNS Number : 5924Q
Attis Oil and Gas Ltd
21 October 2019
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN:
VGG6622A1057 / Sector: Oil and Gas
21 October 2019
Attis Oil and Gas Ltd ('Attis' or 'the Company')
Update on investee company: Petroteq Energy Inc.
Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas
company, is pleased to note the following update from TSX listed
Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) regarding
the Asphalt Ridge heavy oil sands project, Utah. Mayan currently
holds 1,035,233 shares in Petroteq Energy Inc. with an associated
1,035,233 3-year warrants at USD $0.90.
Full Text of Petroteq's Release
PETROTEQ DEMONSTRATES STABILIZED PRODUCTION
COMPLETES CUMULATIVE SALES OF 1,000 BARRELS SINCE
RE-COMMISSIONING
SHERMAN OAKS, Calif., Oct. 21, 2019 (GLOBE NEWSWIRE) -- Petroteq
Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF;
FSE: PQCF), a fully integrated surface oil sands clean recovery
mining oil company with proprietary technology, is pleased to
announce that the Company has achieved stabilized production rates
and sales of heavy oil from its Asphalt Ridge Facility in Utah.
Since re-commissioning the plant in September 2019, the Company has
achieved the following:
-- cumulative sales of 1,000 barrels of heavy oil
-- stabilized production rate of 200 bbl/per day from the facilities current daily 12 hour shift
-- oil quality (namely, clay percent and oil thickness) to meet
the requirements of specific buyers
In addition, production numbers are anticipated to improve from
an expected automation of the facilities centrifuge process which
is due to begin shortly and the initiation of a 24 hour shift of
plant operations.
"We believe our ongoing drive to deliver innovative Clean Oil
Recovery Technology ("CORT") is paying off, and our most recent
advances in oil quality, oil sales and consistent production, holds
the additional promise of increased economic performance that
should help us strengthen our balance sheet and our corporate
value," said David Sealock, Petroteq's CEO.
The Company's optimization strategy of complete automization of
the facility also has the potential to further reduce the costs of
production through lower labor costs, and increase the price paid
by refiners as automation is expected to result in higher quality
oil.
As Petroteq prepares for the next 30 to 60 days of production,
the Company expects that the estimated production rates will be
increased incrementally to ensure that the oil meets or exceeds the
local refineries' requirements. Petroteq's 30 to 60 day forecast is
to potentially achieve production and sales rates of approximately
up to 600 bbls/d, with continued weekly sales in the interim.
While the Company's projected production figures are preliminary
estimates that are subject to adjustments, based on current
projections the Company expects for its cash-flow to breakeven with
its operating and general and administrative expenses in the first
calendar quarter of 2020, which is anticipated to eliminate the
need for further share issuances and dilution to the Company's
stock to cover monthly expenses (excluding additional capital
expenditures).
Petroteq believes that the Asphalt Ridge facility is the first
known commercial plant demonstrating this technology. The patented
technology, which has already been licensed to one US company, has
the potential to be licensed globally.
For more insight into the potential for the CORT technology and
the Company's growth please watch this video: "Petroteq Vision"
Phase 2 Asphalt Ridge Expansion Plans
Petroteq has begun the preliminary engineering and
pre-construction activities with Valkor Engineering for a proposed
expansion to 3,000 bbl/d.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on
the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and
sustainable technology for the extraction of heavy and bitumen from
oil sands, oil shale deposits and shallow oil deposits. Petroteq is
engaged in the development and implementation of its patented
environmentally friendly heavy oil processing and extraction
technologies. Our proprietary process produces zero greenhouse gas,
zero waste and requires no high temperatures. Petroteq is currently
focused on developing its oil sands resources and expanding
production capacity at its Asphalt Ridge heavy oil extraction and
processing facility located near Vernal, Utah.
**ENDS**
For further information visit www.attisog.com or contact the
following:
Charlie Wood Attis Oil & Gas Ltd +44 20 7236 1177
Thom Board Attis Oil & Gas Ltd +44 20 7236 1177
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Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar/
Megan Dennison St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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About Us
Attis Oil & Gas Ltd is an AIM-traded (London Stock Exchange)
North American-based energy company. It is actively pursuing a
primary recovery oil strategy focused on re-stimulating wells
within mature producing basins with immediate cash flow from
projects that are shallow, low risk with low levels of capex and
infrastructure already in place. Attis is also seeking to develop
new drill opportunities within both existing & new acreage.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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