Member Info for LGO-fan

The Company believes that the low sulfur content of Petroteq’s Heavy Sweet Oil, provides it the potential to reduce refining costs and is an attractive blend component ?for refiners, which generates a more valuable product for the Company, increasing our ?net margins and netbacks on a per barrel basis.?

PETROTEQ REACHES NEW PRODUCTION MILESTONE OF 300 BBLS/DAY AND IS NOW OPERATING ON A BREAK EVEN BASIS AT ITS ASPHALT RIDGE PLANTSHERMAN OAKS, Calif., March 02, 2020 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) ??(TSXV:PQE; ?OTC:PQEFF; FSE:PQCF), an integrated oil ?company focused on the development and implementation of its proprietary oil-?extraction and remediation technologies, is pleased to announce that after a scheduled ?temporary maintenance shutdown in January 2020, during which various process ?improvements and adjustments were completed, it re-commenced production at its ?Asphalt Ridge facility located in Vernal, Utah (the “Plant”) and since re-commencement ?on February 19, 2020 has produced approximately 1,900 barrels of oil thus achieving an average ?daily production rate of over 300 bbls/day on a continuous basis. The maintenance ?shutdown allowed the team to make adjustments and complete installation of critical ?additional equipment. Furthermore, Valkor Engineering used this time to run a testing ?regimen on the plant which will provide the final data points needed for a proposed ?expansion of the Asphalt Ridge Facility to up to 4,000 bbls/day of capacity.?RELATED LINKS PDFRelease PDFThe Company is further pleased to report the following:??The technology at the Plant is flexible enough that it can produce a wide range of different characteristics of oils, which enables the Company to cater to the specific needs of its customers.Due to the high ?quality of oil produced at the Plant, the Company’s sweet heavy oil is being ?sold at West Texas intermediate (WTI), less the cost of transportation with no further deductions.Based on the Company’s ?current production rate of 300 bbls/day and production costs of approximately $30-$32 per barrel (inclusive of the costs of all plant expenses), the Plant is currently operating on a break even basis.?The Company has received a payment of $96,500 from the State of Utah ?County Roads Department for delivery of heavy unrefined oil to be used in their road ?paving operations. In addition, the Plant has received an additional purchase order for ?a further $250,000 of the same product from the same state agency.Additional staff training has been completed at the Plant in anticipation of implementing dual shift operations as a result of anticipated increased ?production resulting from various engineering improvements at the Plant.With the International Maritime Organization’s new low sulfur fuel regulations (IMO ??2020) becoming effective on January 1, 2020, the Company is focusing on producing a high ?quality sweet heavy crude oil consistent with refiner and customer demand. Petroteq Heavy Sweet Oil has an American Petroleum Institute (API) gravity in the range of 14 to 20 and a sulfur ?content of less than 0.5%?.

...300 bbls/day...slow progress if you ask me, but at least they claim to be at B/E point. The latter is the more significant, bit of information. Glimmer of hope?

given the SP is now at almost 10% of what it was almost 2 years (May 2018), I may have a point...

Hi Bamps, thank you for clarifying. I quite agree on all counts. Offshore is not for CERP. Do feel WNZ could be really interesting. I see it as a more profitable Goudron in future, but that is a bit speculative on my part.

From everything you have posted WNZ sounds like a long shot. I was more optimistic tbh. Hoping the BOD has more data available to warrant a bit more optimism

we are getting to a point now where it is hard to drop much further

hope you guys are finally starting to realise that a business model that is almost solely dependent on clinical trials simply isn’t going to work.

you say that all the time. Eventually you will be right :-)

Yes, the corona virus is being used as an excuse to drop prices but for us that means the sp went from 2.2p to 2p. So don’t hide behind it: we all know why it went from almost 5p to 2.2p and thy has nothing to do with Corona

now at 2p. bloody hell

hence they should wait till 6/4

So am I....long as it takes us into the new ISA season:-)

Yes, I think you are right. Just reread the corporate deck again :-)

who knows :-) but well spotted!

I have the impression you guys are reading a lot more into the RNSs re Saffron than is actually communicated.

well if we were "told" end March, it is certainly going to land during the new Isa season :-)

As far as I am concerned they can wait to issue any RNS until the new ISA season starts. They made us wait long enough, now they can wait until April 6!

(DO YOU HEAR ME LEO?!) :-) :-)

WTH...It feels like it is going to worse before it gets better...O well....patience is virtue he said

If you think we were around $66 from memory in Jan...this is quite the crash.