Attis Oil and Gas Ltd Update on Investee Company: Petroteq (4977N)
September 24 2019 - 9:02AM
UK Regulatory
TIDMAOGL
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
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Gaby Jenner 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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