Petroteq Energy Inc (OTCPk:PQEFF) ended Tuesday’s trading session at $0.1520, a gain of 26.67 percent, and has been trading in a range of $0.1200 to $0.1550 throughout the day. PQEFF stock rose over 92.41% in the last month, with average volume for the month exceeding 2.01 million shares. During the three-month period, PQEFF stock gained over 13.77%, with an average daily volume of 2.37 million shares. It has been a good year for PQEFF stock with over 111.27% gain in value, reaching a high of $0.2495 with a market cap of $90.19M. A letter to shareholders triggered a surge in PQEFF stock.
What does PQEFF share in its letter?
Petroteq develops, implements, and licenses a patented, safe, and sustainable technology for extracting heavy oil from oil sands and mineable oil deposits, and for reclaiming the oil. Water-wet deposits and oil-wet deposits can both be processed with PQEFF’s versatile technology, producing high-quality oil and clean sand.
The Interim CEO and Chairman of Petroteq Energy, R.G. Bailey, sent a letter to shareholders. PQEFF shared the following information about the appointment of Mr. Bailey.
Bayley has served as a member of the Petroteq Board of Directors since 2011 and was appointed as the Company’s Interim CEO and Chairman in August 2021 with the goal of enhancing PQEFF’s reputation in the energy industry and assisting with its growth. In addition to his lifelong career in the petroleum industry, Bailey spent five years serving as President of Exxon in the Arabian Gulf.
Oil companies worldwide have been negatively affected by the COVID-19 pandemic. Although PQEFF has faced unprecedented economic and operational challenges during the last two years, it continued to advance as follows:
- PQEFF constructed a 500 bpd oil extraction plant successfully.
- Greenfield Energy LLC purchased PQEFF’s first commercial license for $2,000,000 plus a 5% continuing royalty.
- The PQEFF CORT process was employed at Quadrise Fuels International plc’s Essex, England, research facility to test a variety of heavy sweet oil samples produced by Greenfield Energy LLC.
- Using Quadrise Fuels’ MSAR and bioMSAR technologies, the samples can be used in producing a low viscosity oil-in-water emulsified synthetic heavy fuel oil.
- As a result of analyzing and testing the clean sands produced by the CORT process, PQEFF has determined that they are a valuable resource for different industries, including potential use as frac sand.
- FEED (Front End Engineering Design) study for a 5,000 bpd oil extraction plant has been received by PQEFF.
- A third-party technical evaluation has been completed for PQEFF’s plan for a 5,000 bpd oil extraction plant. Kahuna Ventures conducted the analysis.
- Barr Engineering, in close collaboration with PQEFF, is developing a full set of permits and a mining plan for the 5,000 bpd plant.
What makes PQEFF stand out?
Oil sands oil extraction technology developed by Petroteq (PQEFF) is unique and stands alone as the most environmentally preferable and cost-effective oil sands oil extraction method. The PQEFF solvent is environmentally friendly, recyclable, and highly efficient, with minimal environmental impact or air or land pollution.