Petroteq Energy Inc (CVE:PQE, OTC:PQEFF) has submitted a formal application to list its stock on the Nasdaq Composite Index.
During the uplisting review process, the oil and gas company's shares will continue to trade on the Canadian Venture Exchange as well as the Over-The-Counter (OTC) exchange in the US.
"We believe up-listing in the US from the OTC Market to the Nasdaq Capital Market will increase awareness of Petroteq in the financial community," said CEO David Sealock. "A Nasdaq listing should provide us with more liquidity and a larger pool of investors that use the Nasdaq stock market as a requirement for assembling a portfolio."
The CEO also said that the company has made significant progress in building its "financial and liquidity standards" and strengthening corporate governance to apply for the Nasdaq upgrade.
The company develops environmentally safe technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits.
At Asphalt Ridge, Petroteq is extracting oil from oil sands and sandstone rocks using its new patented technology that leaves no waste, requires no high temperatures and produces no greenhouse gases.
The Asphalt Ridge area of Utah is home to sandstone rocks that are full of a sticky, semi-solid petroleum substance called bitumen. The company is pulling bitumen from the rocks and transforming it into heavy oil that is low in sulfur, contains no paraffin and is low in heavy metals like nickel and vanadium. That oil can be turned into diesel, kerosene or jet fuel or mixed with lighter oils.
By the end of the year, Petroteq Energy aims to be producing 1,000 barrels of oil per day. By 2019, the goal is 2,000 barrels per day.
Petroteq Energy shares were up 3.3% to US$1.08 in midday trrading.
Contact Uttara Choudhury at [email protected]
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