Petroteq Energy Inc. is a company focused on the development of and implementation of proprietary technologies for the energy industry. Petroteq’s portfolio includes technology for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The company has announced today that it has received a Notice of Allowance from the United States Patent and Trademark Office for U.S. Patent Application 13/627,518, “Oil From Oil Sands Extraction Process” and a Notice of Allowance from the Canadian Intellectual Property Office for Canadian Patent Application 2,754,355, “Oil Extraction Process.”
“We are very excited to receive the Notices of Allowance from the respective U.S. and Canadian patent offices,” said Alex Blyumkin, CEO and chairman of Petroteq. The patents are part of Petroteq’s intellectual property portfolio that includes patent protection in Russia. The company has applied for protection in all of the countries with significant heavy oil assets that it believes show promise for Petroteq technology. To learn more about Petroteq’s intellectual property protection team click here: www.nydegger.com.
The company would like to remind investors that while the patent is new — the technology has been used by Petroteq in its heavy oil extraction facility:
- Petroteq produced and sold 10,000 barrels of oil in 2015 using this technology at its first facility in Maeser, Utah.
- The company is assembling a facility with the potential for 400 per cent of the initial capacity at its lease site at Asphalt Ridge, Utah (1,000 bpd).
The company is building this expanded oil extraction facility in the U.S., where all industrial processes are expected to be on the Blockchain powered supply chain management PetroBLOQ, being developed in partnership with First Bitcoin Capital Corp. (BITCF) (“First Bitcoin”). The production and refining of oil has risen to unprecedented levels in the past few decades to meet global refined products consumption demand. As a result, there is a great deal of public scrutiny into oil refining practices, its environmental impact, and the sustainability of the oil supply chain.
“This is our first initiative to address the industry’s growing concerns by developing sustainability benchmarks. We believe this is good news for oil producers, regulators, and consumers. Emerging technologies like PetroBloq blockchain platform should have a transformative impact on the global oil industry — not only by creating transparency in the supply chain but also creating value for its stakeholders, upstream, midstream, and downstream,” stated Alex Blyumkin, CEO.
The two patent allowances cover the company’s novel process for extracting bitumen — the heaviest, densest form of petroleum — from oil sands in a highly energy efficient, environmentally friendly manner. Petroteq’s technology utilizes no water in the extraction process, produces no greenhouse gases and requires no high temperatures or pressures. The system extracts up to 99% of all bitumen, heavy oil and other lighter hydrocarbons, while recycling up to 99 per cent of the benign extraction solvents.
“Our technology development has been inspired in large part by witnessing the catastrophic devastation in so many of the world’s major oil sands projects. Petroteq’s driving philosophy has been that the extraction industry must be able to achieve efficiency without leaving a wake of destruction to the surrounding environment,” stated Mr. Blyumkin.
“The patents pave the way for significant potential commercial licensing opportunities,” said Dr. Jerry Bailey, President of Petroteq. “Concurrently we are making progress across a spectrum of development activity that can place Petroteq in a position as an industry technology leader. We have made significant progress on the assembly of our own extraction facility in Utah, home to most of the oil sands reserves in the United States. Meanwhile, our PetroBLOQ joint venture with First Bitcoin is seeking to develop the first supply chain management platform based on blockchain technology for the global transaction needs of the oil and gas industry.”
“Our goal is to create the first extraction facility in the U.S. in which all industrial processes will be powered by our blockchain-based supply chain management system,” continued Dr. Bailey. “We have an expansive vision to leverage technology to make a transformative impact on our industry, and we believe in the power of collaboration. We recently became members of Hyperledger, the open source collaboration to advance cross-industry blockchain technologies, and the American Petroleum Institute (API). We look forward to working with our colleagues across industries and borders to help create lasting improvements in efficiency while being mindful of our environment.”
“As the worldwide demand for fossil fuels continues to increase, new, we believe unconventional, sources and methods for extracting fossil fuels must be developed as traditional sources are rapidly diminishing,” concluded Blyumkin. “Petroteq is committed to ensuring the long term sustainability of the oil and gas supply chain while minimizing the environmental impact of our collective efforts.”