Petroteq Energy Inc. has initiated commercial production at its Vernal, Utah facility and publishes the following statement from its CEO, Mr. David Sealock.In my career I have participated in and managed the commissioning of multiple projects that have cost hundreds of millions to build. But, today, I feel that I have really been a part of something special in the North American oil sands industry.
Statement from the CEO:
Our “Asphalt Ridge” asset has (from time to time) caught the attention of major oil companies going back 70 years. But nobody has been able to unlock its resources in a financially sound and environmentally friendly manner until the Petroteq team and its proprietary technology came along. I know our investors have been anxiously waiting for updates about our production levels and they should know that I have been taking a calculated approach in initiating production at our new plant in Vernal, Utah.
I know our partners and stakeholders will welcome the approach I’ve implemented; small batch testing of our facility before running it at its intended full capacity of 1,000 bpd. Petroteq is launching a “first” in the industry and those types of projects require deliberate caution when getting started.
The oil sand and shale in Utah and neighboring states is likely the largest known untapped reserve in the United States. That is why what we are doing is so important – we are spearheading a movement that helps towards the goal of the United States becoming energy independent.
I thank Alex Blyumkin, our Chairman and the great team in Utah for letting me come aboard during the crossing of such a significant milestone for Petroteq. I would also like to thank the New York Times for coming to visit us and publishing such a great piece on the Company, in case you missed it the link is here: https://www.nytimes.com/2018/08/21/business/energy-environment/oil-sands-utah.html
