Corporate Update From New Chief Executive Officer Ron

SHERMAN OAKS, CA, Sept. 30, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – 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 and remediation technologies provides the following update from its New Chief Executive Officer.

Petroteq has developed a proprietary technology to extract oil from its reserves in Utah, and has demonstrated in pilot projects the viability of its patented technology (CORT) to extract and produce oil at substantially lower cost comparable to conventional oil reservoir production, and to deliver a high quality product, while alleviating an environmental impact. The Company’s facility has been designed to operate at 500 barrels per day and the Company has designed the next generation oil sands plant with 5,000 barrels per day capacity.

“I am pleased to have the opportunity to lead our dedicated team of professionals at Petroteq Energy. We have a vision to deliver our eco-friendly technology to the broader international oil and gas Industry starting in North America. Our vision is daring, and perhaps even unprecedented, yet it’s consistent with our long-term commitment and track record that includes our operational, technical, and financial accomplishments as well as our commitment to governing ourselves in a manner that also drives environmental and social impact.

“Petroteq has been working diligently, and I would like to take this opportunity to recap and further update you on the company’s operational progress. It is our commitment to place the Company on sound financial footing to successfully pursue the company’s goals,” stated Mr. Miles.

Operational Update

As we have expressed in the past, our team remains focused on three near term objectives:

• We have successfully deployed a 500 BPD pilot plant in Utah, collected fundamental data and sold…