22 Oct 2019 07:00
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.