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Wednesday, December 1, 2021

Petroteq Energy Inc (OTCMKTS: PQEFF) Major Move Northbound as Oil & Gas Innovator Receives C$0.74 Per Share Buyout Offer From Viston United Swiss AG

Petroteq Energy Inc (OTCMKTS: PQEFF) is making a powerful move northbound in recent trading on record volume trading $6.6 million in dollar volume on Tuesday alone. The stock is getting noticed by some big players in small caps and at current market valuation this one has plenty of room to grow. Currently under heavy accumulation PQEFF has emerged in recent days as an investor favorite and is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – PQEFF is moving up with power. 

PQEFF is rocketing up the charts after Viston United Swiss AG tendered a C$0.74 in cash per common share offer to buyout the Company. The offer represents a premium of 279% over the most recent TSX-V closing price. The Offer to Purchase and Circular and related documents were mailed to Petroteq shareholders on October 25, 2021 and the Offer commenced the same day. Under the terms of the Offer, Shareholders will receive C$0.74 in cash for each Common Share. The Offer is open for acceptance until 5:00 p.m. (Toronto time) on February 7, 2022, unless the Offer is extended, accelerated or withdrawn by the Offeror in accordance with its terms. Viston United Swiss AG believes that the Offer is compelling, and represents a clearly superior alternative to continuing on the course set by the current Petroteq board of directors and management team.

Petroteq Energy Inc (OTCMKTS: PQEFF) 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 which 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 that can be sold or returned to the environment, without the use of tailings ponds or further remediation. 

Last week, CEO R. G. Bailey a chemical engineer and seasoned oil & gas executive who previously spent 5 years as President of Exxon in the Arabian Gulf region stated: “My objective is to lead the Company to become a viable competitor in the oil market, utilizing Petroteq’s environmentally-friendly Clean Oil Recovery Technology (“CORT”) for extracting oil from oil sands. Our mission is to turn locked oil sands into a viable source of high-quality crude oil while mitigating soil contamination. I firmly believe that this is a winning solution for using clean technology to produce energy from oil deposits. The COVID-19 pandemic has negatively impacted the oil industry worldwide. Nevertheless, during the last two years we have succeeded in advancing our Company in the face of unprecedented economic and operational challenges: 

  • We successfully completed construction of a 500 bpd oil extraction plant; 
  • We sold our first commercial license to Greenfield Energy LLC for $2,000,000 plus a 5% continuing royalty; 
  • Extensive testing of samples of heavy sweet oil produced by Greenfield Energy LLC using our CORT process at Quadrise Fuels International plc’s research facility in Essex, England, has confirmed that the samples are amenable for use in the production of a low viscosity oil-in-water emulsified synthetic heavy fuel oil utilizing Quadrise Fuels’ MSAR® and bioMSAR™ technologies; 
  • We have analyzed and tested the clean sands produced as a byproduct of the CORT process, and have determined they can be sold as a resource to different industries, including for use as a potential frac sand; 
  • We have received a FEED (Front End Engineering Design) study for a 5,000 bpd oil extraction plant. This study was prepared by Crosstrails Engineering LLC; 
  • We have received a third-party technical evaluation for a 5,000 bpd oil extraction plant. This evaluation was prepared by engineering firm Kahuna Ventures; and 
  • Barr Engineering, through close collaboration with the Petroteq team, is working on a full set of permits and mining plan for the 5,000 bpd plant. 

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We believe that our CORT process is unique and stands alone as the most eco-friendly and cost-effective oil sands oil extraction method. It is waterless, and our solvent is recyclable and highly efficient with minimal ecological footprint or emission to land or air. Based on Kahuna Ventures’ third-party technical evaluation report, the cost of production of one bb of oil based on our proposed 5,000 bpd plant would be less than $25 which would be highly competitive compared to conventional methods of oil sands extraction. Our initial objective was to prove the economic model and environmental validity of the CORT process, and the initial commercial venture was construction of a 500 bpd plant in Vernal, Utah, to demonstrate the feasibility and economy of scale. 

The market opportunity for our CORT process is exceptional, with WTI (West Texas Intermediate) currently above $80 per barrel, we believe that there are oil sands around the globe that need our technology and I plan to seek agreements in such locations where we and our partners can deploy this solution. The approach with other groups is to license the technology and to offer joint ventures to assist other entities. We have already achieved an initial license contract. 

As shortages of oil propel higher prices, we will aim to expand our production capacity. We are working on the second stage (full engineering drawings) of the design of an even larger plant with expected daily capacity of up to 5,000 barrels per day. The feasibility study (first stage) of the plant design and our CORT process has been verified by an independent third-party engineering group. We have leased more acreage near Vernal, Utah with the view to expanding our bitumen resources, while maintaining agreements to outsource the operations to other entities. Nevertheless, we will keep a small core team of experts to manage the business, without the expense of a large manpower payroll. Additionally, we anticipate further expanding our efforts to license our technology worldwide, which would have the potential result of licensing fees and royalties from production. 

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Petroteq Energy Inc  is making a powerful move northbound in recent trading on record volume trading $6.6 million in dollar volume on Tuesday alone. The stock is getting noticed by some big players in small caps and at current market valuation this one has plenty of room to grow. Currently under heavy accumulation PQEFF has emerged in recent days as an investor favorite and is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – PQEFF is moving up with power. PQEFF is rocketing up the charts after Viston United Swiss AG tendered a C$0.74 in cash per common share offer to buyout the Company. The offer represents a premium of 279% over the most recent TSX-V closing price. The Offer to Purchase and Circular and related documents were mailed to Petroteq shareholders on October 25, 2021 and the Offer commenced the same day. Under the terms of the Offer, Shareholders will receive C$0.74 in cash for each Common Share. The Offer is open for acceptance until 5:00 p.m. (Toronto time) on February 7, 2022, unless the Offer is extended, accelerated or withdrawn by the Offeror in accordance with its terms. Viston United Swiss AG believes that the Offer is compelling, and represents a clearly superior alternative to continuing on the course set by the current Petroteq board of directors and management team. We will be updating on PQEFF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PQEFF.

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Disclosure: we hold no position in PQEFF either long or short and we have not been compensated for this article.

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