PETROTEQ DOWNSCALES PRODUCTION CITING MARKET CONDITIONS

Announces Addition of Securities Industry Professional to the Board

SHERMAN OAKS, Calif., March 27, 2020 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) ‎‎(TSXV:PQE; ‎OTC:PQEFF; FSE:PQCF), an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces it is ‎reducing production staffing to a single shift daily because of market conditions.

The Company has chosen to cut hours at the plant to reduce costs in a tumultuous ‎market. Management believes it is important to keep the plant operating to continue ‎production, especially to demonstrate operations to the multiple parties currently ‎completing due diligence on Petroteq as part of the technology licensing process.

Petroteq is scaling back to a skeleton crew and intends to store production in ‎anticipation of selling product into a rebounding market in the future.

Because of the effects of the recent decline in oil pricing, the Company is no longer ‎operating (in terms of the cost to produce and sell oil, excluding G&A) on a breakeven basis. However, production costs are also expected to decline as a result of an anticipated decline in solvent cost used in ‎production of Petroteq’s oil.

Petroteq is deploying a proprietary closed-loop extraction process that uses solvent to ‎lift oil from oil sands in a waterless process.

In addition, the Company is pleased to announce the addition of James Fuller to the board of directors. Mr. Fuller brings his experience of over 40 years in the ‎securities industry. Beginning in the brokerage industry, Mr. Fuller quickly rose to the ‎level of Managing Director with J. Barth & Company. His successes included creating ‎the Cash Management Account (CMA) product for Merrill Lynch. He also served as a ‎Senior Vice President of the New York Stock Exchange. Additionally, President Ronald Reagan ‎appointed him to a post in the Securities Industry Protection Corporation (SIPC).

Mr. Fuller handled Marketing for Charles Schwab for a period of four years before ‎taking a role as Senior Vice President of Bridge Information Systems. Mr. Fuller has ‎been active recently as a partner in Baytree Capital Associates LLC, a private equity firm based in San ‎Francisco.

‎“I am proud to welcome a professional with such deep experience to the board” stated ‎Alex Blyumkin, Executive Chairman of Petroteq. “His vast network of contacts built up over the ‎years will undoubtedly help us navigate these difficult market conditions,” Mr. ‎Blyumkin concluded.