24th Sep 2019 15:33
(Alliance News) - Attis Oil & Gas Ltd on Tuesday said Petroteq Energy Inc has recommenced production at the Asphalt Ridge facility in Utah.
Attis holds 1.0 million shares in surface oil sands clean recovering mining oil firm Petroteq, plus 1.0 million of associated three-year warrants at USD0.90 each.
The equipment for the sand separation process, as well as fluid extraction and clean sand production, has now been modified. These modifications are intended to allow Petroteq's Utah facility to process more oil sand ore per day and to improve oil production quality so as to meet the demand of local refineries.
Petroteq Chief Executive David Sealock said: "The technology enhancements completed in the last several months are expected to provide the company the foundation to consistently increase production to its productive capacity in a step wise approach, and potentially enhance cash flow in what is currently a much more favorable pricing environment."
"The strengthening of our balance sheet, consistent production and cash flow remains our top priority."
Shares in Attis were down 4.4% at 0.11 pence in London on Tuesday afternoon.
By Anna Farley; [email protected]
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