Shares of Petroteq Energy Inc (OTCMKTS:PQEFF) have been on the move in recent days in a big way, breaking above the stock’s major moving averages in a clear increase in trading volume. The recent move also represents a breakout back above the $1/share level as we enter mid-week.
To help foment that move, the company just announced an agreement with Cavitation Technologies, Inc (OTCQB: CVAT) (Berlin: WDC), a company providing highly scalable and cost-effective solutions to various fluids processing industries. According to the release, “the companies have entered into a licensing agreement to test its equipment during oil production for workflow efficiencies and to lower its cost of production obtained through Petroteq’s oil sands extraction process.”
Petroteq Energy Inc (OTCMKTS:PQEFF) styles itself as a company that is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies.
The proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. The Company is currently focused on developing its oil sands resources and expanding production capacity at its Facility at Asphalt Ridge, Utah.
The Company also (i) owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc., (ii) has a joint venture with Recruiter.com and Oilprice.com that provides internet-based job placement and career services to the increasingly skilled and specialized energy sector, and (iii) is developing through PetroBloq an advanced blockchain solution for the energy industry, with a goal of optimizing petrochemical industry workflow processes.
According to company materials, “Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits, and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly-owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector.”
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“We are excited to be partnering with CTi. With our recent upgraded facility site, we are now exploring opportunities to make our products more cost-effective and efficient. We feel that it is important to engage on the innovation of our R&D with other compelling technologies that have the potential of generating scalable solutions within the industry,” commented David Sealock, Chief Executive Officer of Petroteq.
Additionally, CTi’s Founder and Global Technology Manager Roman Gordon stated, “Over the last decade we have introduced our proprietary technology in a number of different verticals while creating partnerships with industry leaders. This agreement provides our companies the opportunity to develop and implement technologically advanced processes that will greatly improve efficiencies over conventional methods while achieving increased margins and profitability.”
Currently trading at a market capitalization of $72M, PQEFF has a stash ($110K) of cash on the books, which is balanced by about $5.2M in total current liabilities. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $PQEFF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PQEFF, either long or short, and we have not been compensated for this article.