Petroteq Energy Announces Appointment of Dr. R. Gerald Bailey to Board of Advisors of PetroBLOQ - Seite 2

The Company also announces that it has received subscriptions from three arm's length investors for 377,777 common shares of the Company for gross proceeds of US$101,999, pursuant to a previous TSX Venture Exchange ("TSXV") price reservation at US$0.27. The shares will be subject to a four month hold period from the date of issuance. The issuance is subject to final approval of the TSXV. The net proceeds will be used by the Company for general corporate purposes and working capital. Including the foregoing issuance of shares, there will be 56,280,144 common shares of the Company issued and outstanding.

In addition, the Company announces that it has received new subscriptions from three arm's length investors for 113,380 common shares of the Company for gross proceeds of US$80,500, pursuant to a TSXV price reservation at US$0.71. The shares will be subject to a four month hold period from the date of issuance. The issuance is subject to final approval of the TSXV. The Company may raise an additional US$419,500 at US$0.71 in accordance with TSXV policies. It is anticipated that the net proceeds will be used by the Company for general corporate purposes and working capital.

About PetroBLOQ

PetroBLOQ is a collaboration formed by the Company and First Bitcoin Capital Corp. to develop the first supply chain management platform based on advanced blockchain technology for the global transaction needs of the oil and gas industry.

About First Bitcoin Capital Corp.

First Bitcoin Capital Corp. is engaged in developing digital currencies, proprietary blockchain technologies, and the digital currency exchange -- www.CoinQX.com (in beta). For more information visit: www.BitcoinCapitalCorp.com.

About Petroteq Energy Inc.

The Company 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 an advanced blockchain solution for the energy industry, in a project called PetroBloq, with a goal of optimizing petrochemical industry workflow processes.