Energy Tech company Petroteq is using a new proprietary enhanced oil recovery (EOR) system that could completely revolutionise oil sands extraction.
This technology just might be the key to unlocking the next wave of the energy boom leading to domestic energy independence.
Through a closed-loop system, Petroteq can extract 99% of all hydrocarbons without releasing any greenhouse gases.
At their Asphalt Ridge property in Utah, Petroteq is sitting on a contingent deposit of 86 million barrels … and their extraction facility is now fully operational.
The grand opening, according to CEO David Sealock, "was the culmination of two years of hard work by our entire team…as well as the harbinger of value creation to come".
The company can produce oil for as little as $28 per barrel, they're already set to produce 1,000 bpd by the end of this year and 5000 bpd by the end of 2020.
Scattered throughout Utah, Colorado, and Wyoming are oil sands deposits equal to 1 trillion barrels. There are trillions more locked away in deposits around the world. And Petroteq's proprietary oil tech can get to it. The company is filing patents around the world, and the licensing opportunities for its EOR closed-loop system are enormous.