UDOGMUtah Division of Oil, Gas and Mining
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('Petroteq' or the 'Company') (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with patented - proprietary clean oil recovery technology (CORT), is pleased to announce that the 30-day comment period for the Company's 3,000 barrel per day expansion permit has ended and the State of Utah, Department of Oil, Gas, and Mining Division (UDOGM) did not receive any comments on the Company's Significant Revision Notice of Intent (NOI).
The UDOGM has indicated that based on the tentative approval letter issued on July 23, 2019, and since UDOGM received no comments, UDOGM can now formally approve the Company's proposed expansion NOI, contingent on the final modification to the reclamation contract and an increase to the surety bond currently in place with the UDOGM to meet the requirements of the modified reclamation contract.
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, including: UDOGM formally approving the Company's proposed expansion NOI; the Company building a 3,000 barrel per day plan and the advantages of building on our current production base and the work and permit approval demonstrating both the scalability of the technology and economic feasibility; are intended to identify forward-looking information.