PQEFF - NetworkNewsBreaks - Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Obtains Licensing Contract for Proprietary Clean-Surface Oil-Extraction Technology
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an oil and gas industry technology innovator that developed Clean Oil Recovery Technology (“CORT”) for surface tar-sands oil extraction, recently entered into a nonexclusive technology licensing agreement with Valkor LLC. An article further discussing the company reads, “Since last year, Petroteq has been putting its technology to work at the Utah site it leases, aptly named Asphalt Ridge because of the surface bituminous resource located there. The company has been using its CORT, which is a closed-loop system that extracts fuel oils from the ground and returns the sands ‘cleaned’ to the earth. . . . Valkor’s agreement to license CORT grants Valkor the nonexclusive right to use Petroteq’s patented technology to engineer, construct, operate and finance oil-sands extraction from mining operations to heavy crude at Valkor’s bases of operation. . . . Petroteq, in return, gains a nonrefundable license fee of $2 million per extraction plant and a five% royalty based on Valkor’s annual gross sales, excluding solvent and water, for so long as the technology is covered by a valid claim in the country in which it is used. Valkor also stipulates that it will invest (or secure investment of) at least $20 million for building a plant by December 2020 and will have in production a minimum of 1,000 barrels per day.”
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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 oils 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. The company’s proprietary process produces zero greenhouse gas and 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. For more information, visit the company’s website at www.Petroteq.energy.
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