Petroteq Energy Announces Update on Private Placements

STUDIO CITY, CALIFORNIA--(Marketwired - Jan. 26, 2018) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Petroteq Energy Inc. (the "Company") (TSXV:PQE)(OTCQX:PQEFF)(FRANKFURT:MW4A), announces that, further to its news releases of November 8, 2017, November 23, 2017 and December 7, 2017, disclosing the receipt of subscriptions for 1,624,830 shares at US$0.27, the Company has received final approval from the TSX Venture Exchange ("TSXV") for the issuance of 754,461 of such shares for gross proceeds of $203,704.47. The balance of the shares issued pursuant to the subscriptions received did not receive final approval from the TSXV.

The Company also announces that, further to its news release of December 7, 2017, it has closed a private placement of 253,802 common shares of the Company for gross proceeds of US$180,199.81, pursuant to a TSXV price reservation at US$0.71. The private placement has received final approval from the TSXV. All of the shares issued are subject to a four month hold period from the date of issuance.

The net proceeds from the financings will be used by the Company for general corporate purposes and working capital. Including the foregoing issuances of shares, there will be 56,698,059 common shares of the Company issued and outstanding.

In addition, the Company announces that it has filed a TSXV price reservation at US$1.06 to raise gross proceeds of up to US$1,000,000 on a non-brokered basis. The shares issued pursuant to this private placement will be subject to a four month hold period from the date of issuance. The net proceeds will be used by the Company for general corporate purposes and working capital. The issuance will be subject to final approval of the TSXV.

About Petroteq Energy Inc.

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. For more information, visit www.Petroteq.energy and PetroBLOQ.com.