Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has inked new lease exchange agreements. The agreements outline Petroteq’s plans to exchange its Temple Mountain oil sands leases, where its Oil Sands Plant is located, for leases in an area known as Asphalt Ridge NW, located to the north. The company noted that the new leases contain an estimated 85–90 million barrels of oil in place. Specifics of the leases call for Petroteq Oil Recovery LLC and TMC Capital LLC, two of PQEFF’s U.S. subsidiaries, and Valkor Energy LLC, Petroteq Oil and TMC Capital to assign to Valkor all respective rights and interests in the Temple Mountain mineral lease and in three Utah state oil sands leases. In return, Valkor will provide TMC Capital with the right to participate in future operations conducted by Valkor on the Temple Mountain lease. In addition, Petroteq has entered into debt conversion agreements and has amended its debentures. The company noted that it plans to complete debt-conversion transactions with two arm’s length creditors, which will include issuing 4,529,166 common shares of the company. The shares will be issued at $0.119 per share, totaling $538,971. According to the announcement, the company is completing the transaction with its creditors’ consent with the intent of preserving its cash reserves for use on its extraction technology in Asphalt Ridge, Utah, as well as for working capital. The company is seeking approval from its company directors as well as regulatory approval from the TSX Venture Exchange in order to move forward. Petroteq also announced amendments to three previously issued convertible promissory notes; those amendments are also subject to Exchange approval. The company is working with the Exchange on a reinstatement of trading and continues to operate normally. “The overall estimated resource volume of 85–90 million barrels for the Asphalt Ridge NW leases is equivalent to that for the original Temple Mountain leases,” said Petroteq CEO Dr. R. G. Bailey in the press release regarding the lease exchanges. “Because the Asphalt Ridge NW leases provide additional operational and economic benefits, we believe the exchange would be beneficial.”
To view the full press releases, visit https://ibn.fm/00ueE and https://ibn.fm/QqVZc
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 that 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, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.PetroTeq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com
InvestorWire is part of the InvestorBrandNetwork.
