RE: Petroteq RNS28 Apr 2021 15:10
April 28, 2021
Petroteq Energy Announces That
Production of Oil From its Oil Sands Plant
has Recommenced After Implementing
Certain Process Enhancements
Fine Tuning of Plant Systems For Continuous Operation Is Underway
SHERMAN OAKS, CA / ACCESSWIRE / April 28, 2021 /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
technologies, is pleased to announce that its oil sands plant at Asphalt Ridge (the "POSP")
has been restarted after a shutdown to allow for certain additional enhancements that were
required to be made to the POSP in order to allow for a more efficient and optimised
extraction process. The required additional equipment has now been successfully installed
and tested, and the POSP is again producing oil.
George Stapleton, Petroteq's COO, commented: "After optimizing the extraction process
following initial plant start-up, we determined that certain equipment additions would improve
not only the process of extracting bitumen from the oil sands ore but also the removal of clay
fines from produced oil. The required equipment has now been installed and commissioned,
and we expect that the projected improvement in operating efficiencies will help support the
third-party review of the commerciality of the extraction process. We will look to fine-tune the
various plant systems with the view to increasing production rates and, if warranted by
operational and economic conditions, moving to a two-shift operation. Much has been
learned from operation of this demonstration plant and all of these lessons learned are now
being incorporated into the Front End Engineering Design ("FEED") of a 5,000 barrel per day
("BPD") production train, which is currently underway