Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) is an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies. The company today provided an update with respect to the extension of the all-cash takeover-offer of Viston United Swiss AG, which announced that the time for acceptance of the offer has now been extended until 5:00 p.m. (Toronto time) on June 17, 2022. According to the update, the offer is being extended in order to allow additional time for the offeror to obtain clearance under U.S. national security regulations. Except for the extension, all other terms and conditions of the offer continue to remain in effect and unchanged. “Pursuant to our announcement on Feb. 25, 2022, in which we indicated our willingness to assist Viston with the CFIUS filings and following discussions between representatives of the offeror and Petroteq, the offeror’s U.S. counsel engaged with representatives of Petroteq in order to jointly prepare the notice. On April 6, 2022, the offeror and Petroteq pre-filed the notice with CFIUS. We will continue to assist Viston with its CFIUS filings,” said Petroteq’s CEO and CTO Vladimir Podlipsky, Ph.D. “The board still believes that the ‎immediate cash value offered to shareholders under the Viston offer is more favorable to shareholders ‎than the potential value that might otherwise result from other alternatives reasonably available to ‎Petroteq. The Petroteq board of directors unanimously recommended acceptance of Viston offer on Jan. 4, 2022, and voted unanimously on Jan. 26, 2022, to tender its shares also.”

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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 that 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 about the company, visit www.Petroteq.energy.

NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF

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