Petroteq Energy Inc., announced that George Stapleton has joined Petroteq as Chief Operating Officer.
Mr. Stapleton brings over forty years of experience in all aspects of design, construction, fabrication and project management for onshore and offshore plant and energy infrastructure related projects. Mr. Stapleton spent over 20 years of his career with McDermott, Inc., a premier international engineering, construction and procurement firm. Most recently he held the position of Senior Director for all fabrication operations for McDermott, Inc. in North, Central and South America.
Mr. Stapleton was a Director of E-T Energy Ltd. from 2003-2017 where he was responsible for the definition and development of a pilot program to prove the application of patented environmental remediation technology to the production of bitumen from shallow Athabasca oil sands and managed the design and construction of surface production facilities.
In his capacity as Chief Operating Officer, George will be responsible for overseeing all engineering, planning, procurement, project management and day-to-day operations on behalf of the Company including interfacing with existing engineering and operating partners.
“Mr. Stapleton’s recruitment is certainly a most fortuitous event for Petroteq. George brings a combination of proven engineering, project management and operations experience developed over four decades with world-class companies and projects. Together with his intimate understanding of oil sands and remediation projects, I believe he is the perfect fit for Petroteq and I enthusiastically welcome him as our new Chief Operating Officer. We expect great things from George and look forward to what the future will bring,” stated Chairman Alex Blyumkin.
Steve Byle, CEO of Valkor Engineering, long-time services partner and shareholder of Petroteq said “That Petroteq has attracted someone with George’s experience is a big step forward for the company and I look forward to working with him to continue our work to increase capacity and optimize plant operations to prove the capability of the Asphalt Ridge plant to produce sustainable, economically viable oil and natural fuel products.”
“I am excited by Petroteq’s proprietary technology for extracting oil from oilsands without the use of water and without the need for a tailings pond, unlike the technology currently applied in the Canadian oilsands,” said George Stapleton after his recent visit to the Petroteq plant just outside Vernal, Utah. “The plant upgrades now underway will inform the design of our proposed future 5,000 bpd facility.”
In connection with Mr. Stapleton’s recruitment and as part of his compensation package with Petroteq he was awarded 1,000,000 common shares of the Company and incentive stock options vesting over eight months for 3,000,000 common shares at $0.085 per share expiring after five years.