Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has announced that COO George Stapleton is leaving the company. Taking over some COO responsibilities will be chief technology officer Vladimir Podlipskiy, who will oversee operations activity, development of new facilities and the emphasis on deploying the soil remediation benefits of the company’s proprietary eco-friendly technology. In addition, Petroteq announced that it had entered into a nonexclusive, nontransferable technology licensing agreement with New-York-based Big Sky Resources LLC for the use of Petroteq’s proprietary oil sands extraction technology. According to the announcement, Big Sky is granted the rights to use the proprietary patented technology to design, construct, operate and finance oil sands extraction plants for up to two locations in the continental United States. In addition to an initial fee of $2 million, Big Sky will pay Petroteq a 5% royalty on any net revenue received by Big Sky from the production, sale or other disposition of licensed product from the plants. “If Big Sky successfully advances its plans to develop, build and operate up to two oil sands plants utilizing our technology, the company would have a potential long-term revenue stream through a royalty,” said Petroteq CEO Dr. Gerald Bailey. “I believe that our technology offers an ecofriendly means of oil production. This is a sound environmental approach to be a green-energy solution for extracting the oil from the soil. Our ability to license this technology provides us with the opportunity to potentially realize nondisruptive sources of income for the company, while giving licensees like Big Sky the ability to develop attractive oil sources for the benefit of the communities being served.”
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About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.PetroTeq.energy.
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