Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has appointed new board members and executive officers. The company announced that Michael Hopkinson and Robert Chenery will join Petroteq’s board of directors; in addition, Vladimir Podlipsky has been named interim CEO, and Michael Hopkinson will serve as the company’s new chief financial officer. According to the announcement, R G Bailey has retired as interim CEO and a company director, although he will continue in a consultant role, providing invaluable expertise in the oil and gas industry. Ron Cook has resigned as CFO; he too will continue working with the company, assisting with accounting and financial reporting. The company noted that it is working with the TSX Venture Exchange to obtain a reinstatement of trading and is optimistic that progress is being made. In addition, the company announced that its board members have unanimously indicated their intention to tender their shares to 2869889 Ontario Inc., an indirect wholly owned subsidiary of Viston United Swiss AG, based on a tender offer to purchase all issued and outstanding common stock of Petroteq. The decision was made with the assistance of Haywood Securities Inc., which the company retained as an advisor to the board as it reviewed the offer.
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About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.PetroTeq.energy.
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