Petroteq Announces Exchange of Temple Mountain Leases for Leases in NW Asphalt Ridge - Seite 3

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 sold or returned to the environment, without the use of tailings ponds or further remediation.

For more information, visit www.Petroteq.energy.

Forward-Looking Statements

Certain statements contained in this press release contain forward-looking statements within the meaning of the ‎U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," ‎‎"intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as ‎they relate to the ‎Company are intended to identify forward-looking information, including: the Company's expectation that the oil content in the new Asphalt Ridge NW leases is expected to average in the range of 12% by weight, and that this higher oil content should provide for better yields per ton of bulk oil sand processed and improved project economics for a 5,000 barrel per day commercial plant; and the Company's expectation that because the ore on the new Asphalt NW leases is closer to the surface, less overburden will need to be moved before initiating mining operations. ‎Readers are cautioned that there is no certainty that it will be commercially viable to produce ‎any portion ‎of the resources. All statements other than statements of historical fact may be forward-looking ‎‎information. Such statements reflect the Company's current views and intentions with respect to future ‎events, ‎based on information available to the Company, and are subject to certain risks, uncertainties and ‎assumptions. ‎Material factors or assumptions were applied in providing forward-looking information. While forward-looking ‎statements are based on data, assumptions and analyses that the Company believes are reasonable under the ‎circumstances, whether actual results, performance or developments will meet the Company's expectations and ‎predictions depends on a number of risks and uncertainties that could cause the actual results, performance and ‎financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that ‎could cause ‎actual results to differ materially from the Company's forward-looking statements in this press release ‎‎include, without limitation: the risk that SITLA will not approve the exchange of the Temple Mountain leases for the Asphalt Ridge NW leases; uncertainties inherent in the estimation of resources, ‎including whether any reserves will ever be attributed to the Company's properties; since the Company's ‎extraction technology is proprietary, is not widely used in the industry, and has not been used in consistent ‎commercial production, the Company's bitumen resources are classified as a contingent resource because they are ‎not currently considered to be commercially recoverable; full scale commercial production may engender public ‎opposition; the Company cannot be certain that its bitumen resources will be economically producible and thus ‎cannot be classified as proved or probable reserves in accordance with applicable securities laws; changes in laws ‎or regulations; the ability to implement business strategies or to pursue business opportunities, whether for ‎economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of ‎capital markets and the ability of the Company to raise capital; litigation; the commercial and economic viability ‎of the Company's oil sands hydrocarbon extraction technology, and other proprietary technologies developed or ‎licensed by the Company or its subsidiaries, which currently are of an experimental nature and have not been ‎used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key ‎personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company's ‎business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; ‎uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated ‎costs and expenses, availability of financing and other capital; potential damage to or destruction of property, ‎loss of life and environmental damage; risks associated with compliance with environmental protection laws and ‎regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks related to ‎COVID-19 including various recommendations, orders and measures of ‎‎governmental authorities to try to limit the ‎pandemic, including travel restrictions, border closures, ‎‎non-essential business closures, quarantines, self-‎isolations, shelters-in-place and social ‎distancing, ‎disruptions to markets, economic activity, financing, supply ‎chains and sales channels, ‎and a ‎deterioration of general economic conditions including a possible national or ‎global ‎recession; and other general economic, market and business conditions and factors, including the risk ‎factors discussed or referred to in the Company's disclosure documents, filed with United States Securities and ‎Exchange Commission and available at ‎www.sec.gov (including, without limitation, its most recent annual report ‎on Form 10-K ‎under the Securities Exchange Act of 1934, as amended), and with the securities ‎regulatory ‎authorities in certain provinces of Canada and available at www.sedar.com.‎