Petroteq Announces Reserve and Economic Evaluation Report on the Asphalt Ridge NW Leases. - Seite 3

The Company filed a statement of reserves data and other oil and gas information (the "Statement") on www.sedar.com‎ on December 14, 2021 as required by NI 51-101. The ‎effective ‎date of the Statement is August 31, 2021‎. As of August 31, 2021, there were no oil or natural gas reserves attributed to the Company's properties. As such no reserve report was prepared for the year ended August 31, 2021, and no bitumen reserves were disclosed in the Company's most recent annual report on Form 10-K. The Statement included an updated evaluation of, among other things, estimates of the Company's contingent resources, effective August 31, 2021, for its working ‎interest in all of its properties located in Utah, USA, including (A) the Asphalt Ridge area and (B) the PR Springs area. The Statement did not include an evaluation of the reserves or resources of the Asphalt Ridge NW Leases. If the Company had completed the acquisition of the Asphalt Ridge NW Leases on or prior to the effective date of the Statement (which acquisition is still pending completion, as described above), the Company's reasonable expectation of how such acquisition would have effected such Statement is that the estimates related to resources for its Asphalt Ridge area and PR Springs properties would have remained unchanged and the estimates related to reserves for the Asphalt Ridge NW Leases would have been included.

Dr. Gerald Bailey, Petroteq CEO, commented, "Once the assignment of the Asphalt Ridge NW Leases to our subsidiary TMC Capital has been finalized, they will provide the Company with a significant asset base from which we can further expand our ability to implement our eco-friendly extraction technology and accelerate commercial oil production". In addition, Dr. Bailey said, "The reserves identified in Chapman Petroleum Engineering's Report should help to unlock access to funding from investors and financial institutions, and enhance our ability to execute on our Company's business plan. These data validate our foresight about the expected value of Asphalt Ridge that led Petroteq to invest in this region. The Company's team is composed of skilled and experienced engineers and operators that have demonstrated their ability to deploy our technology, which is an eco-friendly means of oil production. Petroteq exhibits a sound environmental approach to being a green energy solution for extracting the oil from the soil."