Attis Oil and Gas Ltd Update on investee company: Petroteq Energy Inc. (6231Q)
October 22 2019 - 2:00AM
UK Regulatory
TIDMAOGL
RNS Number : 6231Q
Attis Oil and Gas Ltd
21 October 2019
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN:
VGG6622A1057 / Sector: Oil and Gas
21 October 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.
UPDATE - PETROTEQ ACHIEVES CONTINUOUS PRODUCTION
SHERMAN OAKS, Calif., Oct. 21, 2019 (GLOBE NEWSWIRE) -- Petroteq
Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF;
FSE: PQCF), a fully integrated oil sands mining and oil production
company, is pleased to announce that the Company has achieved
continuous production in the quantities of oil extracted, processed
and sold at its Asphalt Ridge Facility in Utah (the "Plant").
Following the completion of certain design changes at the Plant and
the installation of additional equipment to fulfill the design
changes, the Company has achieved the following milestones:
-- production and sale of 1,000 barrels of oil, achieved in one
work week of continuous operations at the Plant;
-- a production rate of 200 barrels of oil per day utilizing an
eight-hour work shift each day; and
-- a higher quality of oil on a consistent basis that meets the
specifications of refiners and other buyers.
We anticipate oil production rates to increase once ongoing
automation of the Plant's centrifuge unit is completed and a second
and then third 8-hour shifts are added, achieving around the clock
24 hour/day operations and our goal of 1,000 barrels of daily oil
production. The automation of the Plant also has the potential to
reduce labor costs and increase the quality of oil produced at the
Plant, potentially allowing us to command a higher price in the
marketplace.
According to David Sealock, CEO, "The Company has been working
with Valkor Engineering, a U.S. engineering firm in charge of the
project, together with Alfa Laval, a leading global provider of
engineering solutions, separation and fluid handling, and a
centrifuge manufacturer, in improving existing processes and
installing additional equipment to achieve higher production rates
and to provide increase efficiencies at our Utah facility. We
believe that all production issues have been resolved and the plant
is now achieving continuous and stable production rates."
The Company believes that the Plant may be the first commercial
plant in the U.S. to demonstrate a technically and economically
viable technology for the extraction and upgrade of crude oil from
U.S. oil sands and bituminous sandstones. For more insight into the
Company's proprietary technology, referred to as a "Clean Oil
Recovery Technology" or "CORT", and the potential growth
opportunities the Company may have using CORT, please watch the
video entitled "Petroteq Vision".
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 and bitumen 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.
**ENDS**
For further information visit www.attisog.com or contact the
following:
Charlie Wood Attis Oil & Gas Ltd +44 20 7236 1177
Thom Board 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
---------------------------- -----------------
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 rns@lseg.com or visit www.rns.com.
END
MSCPGGAWUUPBGRG
(END) Dow Jones Newswires
October 22, 2019 02:00 ET (06:00 GMT)
Attis Oil And Gas (LSE:AOGL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Attis Oil And Gas (LSE:AOGL)
Historical Stock Chart
From Jul 2023 to Jul 2024