It isn’t easy to find interesting speculative small-cap plays in the energy space, which makes Petroteq Energy Inc (OTCMKTS:PQEFF) something for the radar on its own. While the stock is still developing and has plenty of existential risks, there are catalysts lining up that present interesting elements.
As a case in point, the company just announced that it has engaged MetzOhanian, a software engineering firm based in Austin, Texas, to develop blockchain applications for PetroBLOQ. According to the release, “MetzOhanian specializes in blockchain engineering, supply chain management software development, and digital security consulting. MetzOhanian will be working with PetroBLOQ to develop blockchain applications aimed at increasing supply chain transparency and efficiency in the oil and gas sector.”
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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Recent action has seen 21% tacked on to share pricing for the company in the past month, a bounce that has taken root amid largely bearish action over the larger time frame. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of topping 220% above its longer-run average levels.
“The use by Petroteq of a blockchain based platform designed by PetroBLOQ is anticipated to provide Petroteq with the latest administrative technology to interface with our customers, vendors, and suppliers in a real-time. Internally it will enhance the efficiency of operations, reduce administrative costs, and provide support to our departmental systems, so that our team can be in touch anywhere in the world. We believe that petroleum companies will find blockchain to be a useful tool in sharing information within the industry and will allow them to better service their clients and provide a level of transparency between the parties,” stated Dr. Jerry Bailey, Advisor to PetroBLOQ and President & Director of Petroteq.
Earning a current market cap value of $88.75M, PQEFF has a store ($318K) of cash on the books, which must be weighed relative to about $3.6M in total current liabilities. The company is pre-revenue at this point. As more color becomes clear on the name, we will review the situation and update our take. 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.