WTI Price Paid for The First Truck Load Of Oil Produced After Restart of Operations

Development of Sales Channels for Produced Sand Continues

SHERMAN OAKS, CA / ACCESSWIRE / June 17, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE; ‎OTC PINK:PQEFF; FSE:PQCF), a ‎company focused on the development and implementation of its proprietary oil-‎extraction ‎technologies, is pleased to announce that the oil produced last week at Asphalt Ridge (the "POSP") Petroteq's oil sands facility was sold and collected by a buyer last Friday as expected. The buyer was only able to load 200.52 barrels of crude, owing to trucking weight limitations. The buyer paid West Texas Intermediate ("WTI") pricing of US$70.91 per barrel for the 10.2° API heavy sweet crude oil produced by the POSP. Transport costs of US$13.00 per barrel to the refinery in Nevada reduced the net realized price to US$57.91 per barrel.

A sample of produced oil is also being prepared for shipment to Quadrise Fuels International Plc in the United Kingdom, for the purpose of assessing the suitability of the heavy sweet oil produced by the POSP for their MSAR^Ò technology. It is expected that this sample will leave the US before the end of June 2021, with testing taking place following arrival in the UK.

As previously announced, Petroteq and Greenfield are continuing to work with a local drilling fluids company to identify customers for the clean sand that results from the POSP for use as a potential frac sand. The fluids company has, to date, taken an initial 40 tons and it is expected that they will take the additional 700 tonnes of processed sand currently available, together with further sand as it is produced, over the coming weeks. The proceeds from the sale of sand are expected to be approximately US$15-20 per ton.

George Stapleton, Petroteq COO, commented: "The fact that we were able to receive WTI pricing for the oil produced by the POSP demonstrates that the heavy, sweet (low sulfur) oil produced from Utah's tar sands will likely command a premium price relative to other heavy oils. There also appears to be a market for our produced sand, which is a bonus."

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.