Petroteq Energy Announces Production of Initial Load of Sales Oil

Third-Party Verification of CORT Process Is Nearing Completion

SHERMAN OAKS, CA / ACCESSWIRE / June 3, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), focused on the development and implementation of its proprietary oil-‎extraction ‎technologies, is pleased to announce that following the restart of processing operations at its oil sands plant at Asphalt Ridge (the "POSP") 250 barrels of sales oil have now been produced.

As previously advised, a truckload of cleaned sand was collected by a nearby drilling fluids company for evaluation and testing. The initial evaluation showed the sand to be dust free and they have confirmed that they plan to collect up to an additional 500 tons for further evaluation, processing, and possible sale.

The POSP is once again receiving offsite ore and the POSP has begun processing this ore.

The third-party verification exercise on the Clean Oil Recovery Technology ("CORT") process is nearing completion, with all planned on-site activities having been undertaken. It is anticipated that the FEED (Front End Engineering Design) study for a 5,000 barrel per day production train and the third-party verification work will be completed by July 2021.

George Stapleton, Petroteq COO, commented: "The production of the first load of sales oil from the upgraded POSP is an important milestone that demonstrates that heavy oil from the Utah oil sands can be produced using Petroteq's CORT process without the use of water and without any requirement for a tailings pond."

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 which 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 that can be returned to the environment, without the use of tailings ponds or further remediation.