Petroteq Energy Inc., a fully integrated oil and gas company, has announced that it has initiated commercial production at its Vernal, Utah facility and publishes the following statement from its CEO, Mr. David Sealock.
The letter in full:
"In my career I have participated in and managed the commissioning of multiple projects that have cost hundreds of millions to build. But, today, I feel that I have really been a part of something special in the North American oil sands industry.
Our “Asphalt Ridge” asset has (from time to time) caught the attention of major oil companies going back 70 years. But nobody has been able to unlock its resources in a financially sound and environmentally friendly manner until the Petroteq team and its proprietary technology came along. I know our investors have been anxiously waiting for updates about our production levels and they should know that I have been taking a calculated approach in initiating production at our new plant in Vernal, Utah.
I know our partners and stakeholders will welcome the approach I’ve implemented; small batch testing of our facility before running it at its intended full capacity of 1000 bpd. Petroteq is launching a “first” in the industry and those types of projects require deliberate caution when getting started.
The oil sand and shale in Utah and neighbouring states is likely the largest known untapped reserve in the United States. That is why what we are doing is so important – we are spearheading a movement that helps towards the goal of the United States becoming energy independent.
I thank Alex Blyumkin, our Chairman and the great team in Utah for letting me come aboard during the crossing of such a significant milestone for Petroteq. I would also like to thank the New York Times for coming to visit us and publishing such a great piece on the Company, in case you missed it the link is here: https://www.nytimes.com/2018/08/21/business/energy-environment/oil-sands-utah.html"
Management has completed the unification, testing, calibration and adjustment of the 14 processes that constitute Petroteq’s patented extraction system. The Asphalt Ridge plant is now in commercial production, adding 200 bbsl (or more) into its storage tanks daily which have a storage capacity of 3000 bbls. Management intends to increase production at a rate of an additional 10% of total capacity in each of the coming weeks until it reaches Petroteq’s goal of 1000 bpd. Transportation of the oil off site into its chosen markets, including the nearby refineries in Salt Lake City, Utah, is subject to the company receiving a business permit, which is anticipated in the coming weeks.
The company is excited for its anticipated delivery of its high quality heavy crude oil into the market which is expected to meet high demand as supplies in the southern states of heavy crude have dwindled with less production coming from traditional heavy oil producers. The company has identified multiple buyers for its product as there are multiple refiners in the Salt Lake area that need heavy crude for their desired refining mixture.
Additionally, Petroteq management is extremely pleased with the response it has received while in New York at the HC Wainwright Conference. It will be posting an updated Corporate Presentation at its website and on SEDAR.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/01102018/petrotech-reaches-commercial-production-milestone-and-publishes-ceo-statement/