Petroteq Energy Inc - PQEFF stock

From OTC Wiki

Description[edit]

Petroteq Energy Inc. (OTC: PQEFF, TSX-V: PQE) is a holding company incorporated in Ontario, Canada. It uses its proprietary oil sand mining and processing technology to extract oil from surface-mined bitumen deposits. The company conducts its business in the United States through its Los Angeles-based subsidiary,  Petroteq Energy CA, Inc. The holding company’s stock trades on the TSX Venture Exchange under the ticker symbol PQE and on the OTC market under the ticker symbol PQEFF. However, trading in the company’s shares on the TSX Venture Exchange was ceased after the order from the Ontario Securities Commission for the company’s failure to file its 2021 Q3 quarterly report on Form 10-Q  before the deadline[1].

Petroteq Energy Inc., and its subsidiaries, are involved in the mining and processing of oil sands in the United States. The company holds the rights to extract and produce oil, hydrocarbons, and minerals from oil sands containing heavy oil and bitumen. These mineral rights cover approximately 1,672 acres in the Asphalt Ridge region of Utah, including 320 acres under the TMC Mineral Lease and an additional 1,352 acres under three Temple Mountain State of Utah's School and Institutional Trust Land Administration Leases. Furthermore, the company has rights under five leases encompassing approximately 5,960 acres located in Uintah, Wayne, and Garfield Counties, Utah. Additionally, Petroteq Energy Inc. is in the process of developing a supply chain management platform for the oil and gas industry, utilizing blockchain technology. The company was originally known as MCW Energy Group Limited and underwent a name change to Petroteq Energy Inc. in May 2017. It was founded in 2010 and is headquartered in Sherman Oaks, California.[2]

Stock Trading[edit]

Petroteq stock is listed as double black diamond by OTC Markets, with the following note: "Warning! This security is eligible for Unsolicited Quotes Only".[3] As of 12/4/2023 the price is showing as 0.0000.[4]

Technology[edit]

According to the company, its oil sand mining technology extracts oil without water, emissions, and waste tailings ponds[5]. The company owns the intellectual property rights to the Petroteq Clean Oil Recovery Technology, being used at its Asphalt Ridge Plant in Utah. The technology extracts and removes all hydrocarbons from sand, ensuring clean and sustainable oil production as part of its ESG strategy. It has produced around 10,000 bbl of oil using the technology as of August 2021[6].

Operations[edit]

The company has acquired operating rights for around 2,500 acres of land in the Uintah Basin, and 8,480 net acres in the Tar Sands Triangle & P.R. Springs, Utah. The area has a nearby rail terminal on the West Coast and has 5 refineries with a total refining capacity of around 200,000 bpd, located at a short trucking distance from Salt Lake City.[7]

Partnerships[edit]

Valkor[edit]

The Company entered into a Technology License Agreement with Valkor whereby Valkor paid $2,000,000 for a non-exclusive license to the Oil Sands Recovery Technology[1].

  1. 1.0 1.1 petroteq.com. SEC Filings - Form 10-Q for the period ending November 30, 2021. January 19, 2022. Archive link.
  2. Yahoo Finance. PQEFF Stock Profile. Retrieved on 12/4/2023.
  3. OTC Markets. PQEFF Overview. Retrieved on 12/4/2023.
  4. Yahoo Finance. PQEFF Chart. Retrieved on 12/4/2023.
  5. petroteq.com. About. Retrieved on 12/4/2022. Archive link.
  6. pertroteq.com. Technology. Retrieved on 12/4/2022. Archive link.
  7. pertroteq.com. Operations. Retrieved on 12/4/2022. Archive link.

OTC Symbol: PQEFF


The page is authored by: Wisdom Tree, Otis Wick