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Petroteq Energy (OTC:PQEFF) resumes production at Utah facility

Tony Zerucha

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Petroteq Energy (TSXV:PQE) (OTC:PQEFF), a fully integrated oil and gas company, has completed its first maintenance turnaround at its oil sands processing facility located near Vernal, Utah, and has recommenced the production of oil at 300-350 barrels/day.

During the recent maintenance turnaround, Petroteq focused primarily on upgrading the front-end and recovery processes at the plant, which they believe will ensure year-round production capability. They added the oil currently being produced at the plant is more consistent than previous oil produced and represents a higher quality heavy oil than initial production during the second half of calendar 2018. Petroteq said it anticipates increasing production to 700 barrels/day by the end of February and reaching 1,000 barrels/day by the end of March.

Working with Crosstrails Engineering, a subsidiary of Valkor, Petroteq recently completed a series of operations maintenance, enhancements and upgrades at the plant as part of a US$2.5 million expansion. These process and enhancement upgrades are intended to facilitate a more seamless integration with a proposed 3,000 barrel/day expansion at the plant as production capacity expands.

“Petroteq executed its first maintenance turnaround during the Christmas break, during which our analysis of Q4 2018 operations confirmed that there were process efficiencies needed to increase the integrity of the older pilot plant equipment,” said David Sealock, CEO. “Our main focus during the recent turnaround was on the plant’s solvent recovery processes, distillation processes, and our front-end feedstock mixing operations that have been brought online. The maintenance and upgrades that we completed in these areas will allow us to run at higher production levels.”

Petroteq intends to continue its efforts to maximize the production of high-quality heavy oil at the plant over the next several months. Production sales will be reported in upcoming news releases and quarterly financials as the company brings on line the second processing train at the plant and has fully commissioned the new recovery process equipment. 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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