Update on Investee Company: Petroteq Update

Attis Oil and Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG0620A1003 / Sector: Oil and Gas

29 August 2019

Attis Oil and Gas Ltd ("Attis" or "the Company")

Update on Investee Company: Petroteq Update

Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas company, is pleased to note the following update from TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) regarding the Asphalt Ridge heavy oil sands project, Utah. Mayan currently holds 1,035,233 shares in Petroteq Energy Inc. with an associated 1,035,233 3-year warrants at USD $0.90. 

Full Text of Petroteq's Release:

PETROTEQ REPORTS POSITIVE PROGRESS FOR ITS PROPOSED VERNAL, UTAH PLANT 3,000 BARREL EXPANSION

Petroteq Energy Inc. ("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.

"The expansion development of our Asphalt Ridge property is another important step in our long-term growth strategy," said David Sealock, Petroteq Chief Executive Officer. "Building on our current production base is expected to offer several advantages: we know the area geology well, our CORT allows us to minimize potential environmental impacts, and it is relatively straightforward to link the expansion project into existing facility infrastructure."

Mr. Sealock also stated, "Dr. Donald Clark, our Chief Geologist, did an excellent job regarding the environmental and engineering studies and in the preparation for filing of the regulatory application. We believe this work and permit approval demonstrates both the scalability of the technology and economic feasibility".Project cost estimates for the Phase 2 expansion, will be provided to PQE's Board of Directors for final sanctioning once final engineering is completed.

About Petroteq Energy Inc.

Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new ‎proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology ‎for the extraction of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq ‎is engaged in the development and implementation of its patented environmentally friendly heavy oil ‎processing and extraction technologies. Our proprietary process uses no process water, produces nearly zero greenhouse gas and waste and ‎requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and ‎expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility located near Vernal, Utah.

For ‎more information, visit www.Petroteq.energy.‎

**ENDS**

For further information visit www.attisog.com or contact the following:

Notes:

Attis Oil and Gas Ltd is an AIM-traded (London Stock Exchange) North American-based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow from projects that are shallow, low risk with low levels of capex and infrastructure already in place. Attis is also seeking to develop new drill opportunities within both existing & new acreage.