Petroteq Energy Inc (CVE:PQUE, OTC:PQEFF), the Canadian-listed oil and gas group, is expanding its advisory board in a bid to respond to a wave of inquiries about its oil extraction operations.
In its first move on this front, Petroteq has brought on Heriberto “Eddie” Gonzalez, who is currently a managing director with Mayan Energy Limited, an AIM-listed energy company, to its board.
As a native Spanish-speaker with cross-border experience, Gonzalez will aim to provide relationships that might lead to opportunities and partners in Mexico as well as Central and South America for Petroteq.
The move to bolster its board follows the breaking of ground at its Asphalt Ridge heavy oil extraction plant located in the resource-rich Uintah Basin of Utah.
“With the recent initiation of production at our facility, we have a backlog of interest from partners around the world for which a visit to an operating facility was the logical next step,” said Alex Blyumkin, Petroteq’s executive chairman.
“Our plan is to add experienced energy entrepreneurs and executives to our ranks to handle the inquiries we have been fielding, as well as develop new opportunities that will help the company grow,” he added.
At Asphalt Ridge, Petroteq is extracting oil from oil sands and sandstone rocks using its new patented technology that leaves no waste, requires no high temperatures and produces no greenhouse gases.
The Asphalt Ridge area of Utah is home to sandstone rocks that are full of a sticky, semi-solid petroleum substance called bitumen. The company is pulling bitumen from the rocks and transforming it into heavy oil that is low in sulfur, contains no paraffin and is low in heavy metals like nickel and vanadium. That oil can be turned into diesel, kerosene or jet fuel or mixed with lighter oils.
By the end of the year, Petroteq Energy aims to be producing 1,000 barrels of oil per day. By 2019, the goal is 2,000 barrels per day.
Petroteq Energy shares were flat in afternoon trade at C$1.05.