We were just talking about PETROTEQ ENERGY IN (OTCMKTS:PQEFF) here on Street Register last week, looking at the company’s recent announcement that it would be pursuing a complementary new direction using blockchain technology to optimize oil & gas supply chain management with its ‘PetroBloq’ system.
Just days later, we’d like to circle back to PQEFF once again as the company happened to release a couple of key PRs over the two trading days that followed our last mention, pertaining to both its oil recovery and blockchain projects.
On Friday, PETROTEQ ENERGY IN (OTCMKTS:PQEFF) announced the acquisition of the equipment related to the expansion of its heavy oil extraction facility located at Asphalt Ridge, Utah. The Company had previously announced that it has successfully moved the equipment from its 250 bpd facility in Maeser, Utah to the lease site at Asphalt Ridge.
The Company has purchased approximately $3 million of equipment at a discounted price of $838,000, which was well belowits budgeted purchase price. This reduces the Capex required by the Company to increase the production capacity of the Facility from 250 bpd to 1,000 bpd.
The primary reason for expanding the production capacity of the facility is to increase the potential revenue generation capacity. The more production, the more efficient the facility can operate, driving down the cost per barrel. The Company also believes that the man power required to run a 250 barrel production facility can also safely run a facility 4x in size, thereby increasing the bottom line.
“We are extremely excited at this equipment purchase, as it is expected to knock 90 days off of the payback period for the plant expansion,” stated Alex Blyumkin, CEO. “We are looking forward to announcing further progress on our new plant in Utah. The recent decision by OPEC to extend the production cuts will also be a tailwind for us, in that we anticipate that our production supply will find a ready market when we begin production in the New Year.” (Source: Marketwired)
This week, the company revealed that PetroBloq has become the latest member to join the Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative. EEA’s membership represents a wide variety of business sectors from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance.
“We are very pleased to be part of the 200-member Enterprise Ethereum Alliance,” said Alex Blyumkin, CEO of Petroteq Energy. “Joining this community of forward-looking enterprises and blockchain innovators is an important step for PetroBLOQ as we develop transformative solutions for the oil and gas industry.”
Petroteq will also be presenting at the 10th annual LD Micro Main Event on December 6th at 12:00 PM PST at the Luxe Sunset Boulevard Hotel in Los Angeles, California. Petroteq’s President Dr. R. Gerald (“Jerry”) Bailey will be presenting and meeting with investors. (Source: Globe Newswire)
Meanwhile, on the chart, PQEFF, like many other blockchain related plays, has been enjoying some solid growth. For a stock that was trading in the mid-.40’s at the beginning of last month, its latest highs in the 1.70 range have been quite impressive. We’ll be sure to continue to track this story closely moving forward. Stay locked to Street Register for updates, and we’ll deliver important developments on PQEFF as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in PQEFF stock, short or long.