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Update on Investee Company: Petroteq

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RNS Number : 4977N
Attis Oil and Gas Ltd
24 September 2019
 

 

 

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

 

24 September 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.  Attis 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 ANNOUNCES RECOMMENCEMENT OF PRODUCTION AT ASPHALT RIDGE FACILITY

SHERMAN OAKS, Calif., Sept. 24, 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 recommenced production today from the Asphalt Ridge Facility in Utah.

Completing the planned equipment modifications to the sand separation process, fluid extraction process, and the clean sand production process, marks a significant milestone for Petroteq's proprietary oil extraction solvent technology. These modifications are expected to allow the facility to potentially process more oil sands ore per day with a much improved oil production quality which is more suitable and in high demand for the local refineries.

"The technology enhancements completed in the last several months are expected to provide the Company the foundation to consistently increase production to its productive capacity in a step wise approach, and potentially enhance cash flow in what is currently a much more favorable pricing environment," stated David Sealock, Chief Executive Officer. "The strengthening of our balance sheet, consistent production and cash flow remains our top priority."

"The technical and engineering achievements made by Petroteq in recent years have been an important component of the Petroteq business model in value creation for strategic investors" stated Executive Chairman, Mr. Alex Blyumkin. "The work that has been completed to evolve Petroteq's environmentally friendly surface oil sands mining proprietary technology, from a batch process to semi-continuous production process, is the basis of many valuable design lessons learned through the improvement process. The Operations and Engineering staff should be commended for the advances made and implementation in a difficult operating environment." Petroteq and our strategic partners are very excited about the potential future of this technology as the first in Utah and the USA to commercially produce surface oil sands reserves", said Alex Blyumkin, "I wish to thank our shareholders for the extreme patience and long term support offered in allowing Petroteq the time to deliver the potential that the Company's CORT (Clean Oil Recovery Technology) can achieve."

A conference call will be held to review Petroteq's operating results in December 2019. The Company will issue a news release in November to provide the date and time as well as the North American toll-free number and international call number.

 

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.

 

 

**ENDS**

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.

 

 


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Price: 0.0625

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Market Cap: £2.42 m
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