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PETROTEQ DELIVERS OIL TO THE MARKET

SHERMAN OAKS, CA, Nov. 14, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce that it has begun delivering oil into its regional market.

"Our first sale of our product this week represents a critical milestone in Petroteq’s evolving history,” stated CEO David Sealock. “From a strong entrepreneurial spirit, Petroteq has developed into an oil sands mining producer and technological leader in the sector, and this is due to the hard work of everyone at the Company. Throughout 2018, we've continued to improve on four critical focus areas – focusing of health and safety, increasing production, reducing per barrel costs and working to maximize the value of every barrel we produce.”

The Company goal is to deliver oil on a regular basis while ramping production up to the stated nameplate production capacity of 1,000 barrels per day (bpd).

Additionally, the Company is working with several parties on identifying growth capital for the intended expansion of the Company’s Asphalt Ridge Plant. The predicted economies that come from a larger production capacity could include:

Reduced labor costs as an expanded plant would not require significantly more manpower to operate
Reduced production costs as a result of more efficient purchasing power and bidding of services
Better product pricing as a result of having more leverage with refineries that are looking for reliable sources of oil
A report titled “Evaluation of Contingent Resources” from Chapman Petroleum Engineering, Ltd. dated May 31, 2018 (the “Chapman Report”) states that the Company’s leases contain 93.4 million barrels of contingent resource. Such contingencies are stated below.

The Company has recently released a short video that unveils the completed plant: Click Here to View Video

https://ir.petroteq.energy/press-releases/detail/298

Well if he wasn't in the States I would be disappointed. He is there to oversee the results first hand of the US asset review. He is the interim CEO now not the Chair so that must be expected.

The consolidation is necessary to list on Nasdaq. investors do not understand.

Petroteq will be hugely successful - they are just playing it down until all the ducks are lined up. take advantage imo

Yes hardly surprising - given such low share price.

I am expecting an update on the current US asset review this week. Given the Board desire to crack on asap. 5 weeks is more than adequate in terms of time needed to feedback on the outcomes/necessary actions etc

We also might then get a progress update on Forrest Hill hearing.

Bulletin board in US

RE:We'll have a PR soon that we're selling oil

So we got the PR I was expecting, that we're clear to sell the oil being produced at Asphalt Ridge. News just came a week later than I was thinking, so not too bad. Those on-site tanks got to be full to the brim with that lovely black gold by now...sell it! And now that we don't have to store the production on-site, there's no reason not to ramp up to the target 1,000 bpd. And don't forget, the company has promised us 2,000 bpd by the end of next year!

Shareholder's meeting now only two short weeks away. Maybe we'll get some interesting news there? Maybe an update on the ongoing talks to license our technology?

Anyway, let's get this pending reverse split done, and let it be the last one we ever see. Then, onto the NASDAQ as soon as possible! More visibility, better access to financing, real coverage by the mainstream financial media (CNBC, Fox Business, etc), access to institutional investment funds, strict reporting requirements and accounting, etc. The benefits are truly enormous!

Looks like 2019 could be shaping up to be a banner year for Petroteq! (And any positive developments with Petrobloq is just a pure bonus).

Read more at http://www.stockhouse.com/companies/bullboard/v.pqe/petroteq-energy-inc#VHJPLmdxKXAA5M3S.99

Easily double.

Petroteq Energy Receives Air Quality Exemption at Asphalt Ridge to Begin Oil Sales

https://finance.yahoo.com/news/petroteq-energy-receives-air-quality-174400712.html

"Begin Oil Sales"

That suggests the selling permit has been received or is close to being received. The difficult bit was to get the clean air sign off, so should be pretty much plain sailing from here.

yes great current overview - remember the big value here is in the IP and worldwide licensing. The environmentalists are now happy - the significance of that has not yet really sunk in nor valued - if USA ticks the box as they have done, then they set the worldwide standard. We are told that many countries around the world are talking to Petroteq. "First of a kind in USA......" as the CEO says. First of a kind in many other countries.

Cannot help but think that the fanfare launch is being held back up for the Nasdaq listing - expected in next few weeks.

Mayan and Petroteq investors are well positioned to make significant gains. imo

Digging deeper: so according to PQE website they are going for a Nasdaq Capital Markets listing:

STUDIO CITY, CA, July 12, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, has submitted its formal application to list the Company’s common stock in the U.S. on the NASDAQ Capital Market.

"We believe up-listing in the U.S. from the OTC Market to the NASDAQ Capital Market will increase awareness of Petroteq in the financial community,” said David Sealock, the CEO of Petroteq. “We believe that a NASDAQ listing will help unlock some of the shareholder value we are trying to create for our stakeholders. 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.”

“Being in a position to list our common stock on the NASDAQ Capital Market reflects significant progress that we have made in building our financial and liquidity standards, strengthening our corporate governance, and positioning the Company for future growth and profitability," continued Mr. Sealock.

So go to page 10 on link below - this shows see listing requirements for Nasdaq Capital Markets; so it seems that $160M minimum market cap is not a requirement at this level - plus the process can be done in 6 weeks - so they have had plenty of time.

...so the planned share consolidation for this month (up to 1:10) will give them the $4 required opening share price.

Think they said want to be up and running on Nasdaq by next month.

https://listingcenter.nasdaq.com/assets/initialguide.pdf

a 500K seller wanting out

https://resource.globenewswire.com/Resource/Download/742cf62d-5dbe-4f3f-bcea-887e83d5e2c9

Increasing weekly production by 10% of totally capacity (per RNS below) means 10% x 1,000 = 100 bopd per weekly increments. So Since 27/9 daily production must be getting close to 1,000 bopd; when means they will have to be using mobile tanks to cover production over 3,000 barrels onsite capacity.

It seems the only thing holding PQE back is the permit to sell. Must be due any day.

27/9/2018

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 barrels (or more) into its storage tanks daily which have a storage capacity of 3,000 barrels. 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 1,000 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.

Petroteq update.

Forget about Forrest Hill? Really?

Forest Hill is the quickest route to production and hence cash for the company. A favourable settlement or cheap compromise means the existing wells can literally be turned on.

The US assset review will be largely complete.

Indeed.

Selling permit must follow now.

confidence returning - someone just bought 1 share, lol

Wouldn't mind an update on Petroteq.

yep - that's AIM for you.

2 sells down 18%.

on the move.

Fingers crossed they get Forrest Hill sorted at the hearing today.

5 years on - interesting:

"On March 27, 2013, PQE entered into an intellectual property license agreement with a private arm’s length Canadian company, TS Energy Ltd., which has agreed to act as the sole and exclusive licensee of the Extraction Technology within Canada and the Republic of Trinidad and Tobago."

https://content.equisolve.net/petroteq/media/3ea415b7a1733472183a294070083899.pdf