Testing Confirmed MSAR^® and bioMSAR™ Fuels Can Be Produced from Asphalt Ridge Heavy Oil

SHERMAN OAKS, CA / ACCESSWIRE / September 27, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE;)(OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction ‎technologies, is pleased to announce that Quadrise Fuels International plc ("Quadrise") recently provided an update on its testing of an oil sample supplied by TomCo's 100% owned subsidiary Greenfield Energy LLC ("Greenfield") taken from the Petroteq Oil Sands Plant ("POSP") and produced from oil sands ore using Petroteq's Clean Oil Recovery Technology ("CORT") process.

Quadrise reported that an extensive program of testing on the Greenfield oil sample was completed at the Quadrise Research Facility ("QRF") in Essex on schedule.

The testing program at the QRF confirmed the ability to produce commercial MSAR^® and bioMSAR™ fuels from the sample of heavy sweet oil provided by Greenfield and a report of the testing results has been issued to Tomco. Simulations of storage and handling of both MSAR^® and bioMSAR™ produced were also completed during the program which indicated that commercial production of MSAR® and bioMSAR™ fuels would be possible in Utah for potential power and marine end-user applications domestically and internationally.

Quadrise further noted that this testing concludes the proof-of-concept work that was scheduled in Phase 1 of the Commercial Trial Agreement between Greenfield and Quadrise announced on 18 August 2020. TomCo will now review the report and it is expected that Greenfield and Quadrise will enter discussions regarding potential future trials and deployment of the technology to produce MSAR^® and/or bioMSAR™ fuel at a commercial scale.

Greenfield has entered a non-exclusive, multi-site license with Petroteq for the use of the CORT process for the production of heavy oil.

Tomco's announcement can be found at:

https://polaris.brighterir.com/public/tomco/news/rns/story/x491l0w

George Stapleton, Petroteq COO, commented: "Confirmation that heavy oil extracted from Utah oil sands using our CORT process is suitable for production of MSAR^® and bioMSAR™ fuels could allow for the production of fuel and biofuel with significant environmental benefits, while creating a higher value product stream for Petroteq's future commercial production."

About Petroteq Energy Inc.

Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits - outputting high-quality oil and clean sand.

Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq's process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.

For more information, visit www.Petroteq.energy.

Forward-Looking Statements

Certain statements contained in this press release contain forward-looking statements within the meaning of the ‎U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," ‎‎"intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as ‎they relate to the ‎Company are intended to identify forward-looking information, including: the Company expecting the FEED Study to be delivered to Petroteq later this week; the Company anticipating that the FEED can become the basis for future 5,000 bopd train designs for use in Utah by Petroteq and potentially by additional licensees in Utah, the US, and other locations worldwide; the Company expecting that any customization for local site conditions and ore characteristics will be minor; and the Company expecting third party certification of the "standard" CORT process train to be done shortly. ‎Readers are cautioned that there is no certainty that it will be commercially viable to produce ‎any portion ‎of the resources. All statements other than statements of historical fact may be forward-looking ‎‎information. Such statements reflect the Company's current views and intentions with respect to future ‎events, ‎based on information available to the Company, and are subject to certain risks, uncertainties and ‎assumptions. ‎Material factors or assumptions were applied in providing forward-looking information. While forward-looking ‎statements are based on data, assumptions and analyses that the Company believes are reasonable under the ‎circumstances, whether actual results, performance or developments will meet the Company's expectations and ‎predictions depends on a number of risks and uncertainties that could cause the actual results, performance and ‎financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that ‎could cause ‎actual results to differ materially from the Company's forward-looking statements in this press release ‎‎include, without limitation: uncertainties inherent in the estimation of resources, ‎including whether any reserves will ever be attributed to the Company's properties; since the Company's ‎extraction technology is proprietary, is not widely used in the industry, and has not been used in consistent ‎commercial production, the Company's bitumen resources are classified as a contingent resource because they are ‎not currently considered to be commercially recoverable; full scale commercial production may engender public ‎opposition; the Company cannot be certain that its bitumen resources will be economically producible and thus ‎cannot be classified as proved or probable reserves in accordance with applicable securities laws; changes in laws ‎or regulations; the ability to implement business strategies or to pursue business opportunities, whether for ‎economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of ‎capital markets and the ability of the Company to raise capital; litigation; the commercial and economic viability ‎of the Company's oil sands hydrocarbon extraction technology, and other proprietary technologies developed or ‎licensed by the Company or its subsidiaries, which currently are of an experimental nature and have not been ‎used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key ‎personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company's ‎business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; ‎uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated ‎costs and expenses, availability of financing and other capital; potential damage to or destruction of property, ‎loss of life and environmental damage; risks associated with compliance with environmental protection laws and ‎regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks related to ‎COVID-19 including various recommendations, orders and measures of ‎‎governmental authorities to try to limit the ‎pandemic, including travel restrictions, border closures, ‎‎non-essential business closures, quarantines, self-‎isolations, shelters-in-place and social ‎distancing, ‎disruptions to markets, economic activity, financing, supply ‎chains and sales channels, ‎and a ‎deterioration of general economic conditions including a possible national or ‎global ‎recession; and other general economic, market and business conditions and factors, including the risk ‎factors discussed or referred to in the Company's disclosure documents, filed with United States Securities and ‎Exchange Commission and available at ‎www.sec.gov (including, without limitation, its most recent annual report ‎on Form 10-K ‎under the Securities Exchange Act of 1934, as amended), and with the securities ‎regulatory ‎authorities in certain provinces of Canada and available at www.sedar.com.‎

Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- ‎looking information prove incorrect, the actual results or events may differ materially from the results or events ‎predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. ‎Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking ‎information. The forward-looking information included in this press release is made as of the date of this press ‎release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, ‎other than as required by applicable law.‎

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

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Contact Information

Petroteq Energy Inc.
R.G. Bailey
Chief Executive Officer
Tel: (800) 979-1897

SOURCE: Petroteq Energy Inc