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Petroteq Energy Inc. Update

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RNS Number : 5288J
Attis Oil and Gas Ltd
19 August 2019

Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas

19 August 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:



Receives Positive Lab Results on the Recovery of Oil from International Ore Samples

Successful Testing Completed proving Oil Extraction and Recovery with QEM


SHERMAN OAKS, Calif., Aug. 19, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with proprietary technology‎, is pleased to announce that the Stage 1 laboratory testing with the oil sands samples provided by a separate Asian energy firm using the Company's CORT on oil sands samples was completed on August 15, 2019.


The first stage of testing was undertaken by Petroteq in San Diego to determine the geophysical characteristics of the oil, such as viscosity, API, porosity and permeability. These findings are directly related to the oil recovery factors of this potential oil sands resource. The successful preliminary Stage 1 test results demonstrated that Petroteq's proprietary technology was able to recover a maximum oil content of approximately 20% saturation, with results approaching greater than 90% yield of heavy oil from the supplied surface minable heavy oil project samples.


Due to the reservoir characteristics and the shallow, mining related geophysical structures, there is a degree of uncertainty in the potential oil in place and recoverable calculations. However, mining production may be deemed to be the most efficient process to produce this heavy oil. These efforts underscore the potential demand of deploying Petroteq's technology worldwide.


Petroteq is also pleased to report results from its Stage 2 laboratory testing with oil shale samples provided by Queensland Energy Mining Limited ("QEM") (www.qldem.com.au) using Petroteq's CORT (Clean Oil Recovery Technology) on previously drilled QEM core samples that was completed last month (as reported by QEM on July 17, 2019).


The geotechnical testing by QEM was undertaken by the independent laboratory PRI Asphalt Technologies Inc. ("PRI") to determine the percentage of oil that could be recovered from QEM's activated oil shale. The preliminary Stage 2 QEM test results demonstrated that the Company's proprietary technology was able to recover up to 65% of the contained oil from Julia Creek project samples.


It was also noted by QEM, that from Petroteq's process, an average 20% of residual material from the original mass (after oil recovery), contained metals including Vanadium. The PRI results also show that the Vanadium (V205) is contained only in this material.


"While our primary focus is on completing the Asphalt Ridge facility maintenance program and planned equipment modifications to the sand separation process, fluid extraction process, and the clean sand production process, this month," stated CEO David Sealock, "we are pleased with the advancements in potential future technology licensing opportunities for Petroteq's CORT for QEM's Julia Creek project and the additional Asian sands project. Petroteq's CTO Dr. Vladimir Podlipskiy's hard work and testing has been extremely valuable for Petroteq and the results help to quantify the technical advantages of Petroteq's proprietary oil extraction solvent technology."


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 oils 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. For more information, visit www.Petroteq.energy and on Twitter @petroteqenergy.




For further information visit www.attisog.com or contact the following:


Charlie Wood

Attis Oil & Gas Ltd

+44 20 7236 1177

Roland Cornish

Beaumont Cornish Ltd

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400


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 [email protected] or visit www.rns.com.

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