Will The Rally Continue? Petroteq Energy Inc (OTCMKTS:PQEFF) Updates About Production Status

Petroteq Energy Inc (OTCMKTS:PQEFF) is trading up nicely as the stock made a new 52-week high on higher than usual volume. The stock has been in uptrend over the past couple of weeks and gained about 250%.

Petroteq Energy Announces that Production of Oil from the POSP has Recommenced

  • announced that processing operations at its oil sands plant at Asphalt Ridge (the “POSP”) has been restarted after a suspension of operations following receipt on 14 May 2021 of a Cessation Order (“CO”) from Utah’s Department of Oil, Gas and Mining (“DOGM”).
  • One concern articulated in the CO dealt with the processing of offsite oil sands ore, which had not been specifically addressed in the Company’s existing Notice of Intent (“NOI”) filed with the DOGM. Following a conference with the DOGM on 21 May 2021, Petroteq received notice from DOGM on 25 May 2021 that DOGM was modifying the CO such that operations could immediately recommence at the site.
  •  The modified CO allows for processing and testing operations at the POSP to take place until 30 June 2021, utilizing both local and offsite oil sands ore. Operation of the POSP after that date will be subject to Petroteq submitting an updated NOI before 1 July 2021, satisfactory to DOGM, covering sources of ore to be processed, mineral processing methods and facilities, management and handling of clean sand tailings, and a mine reclamation plan.

Market Action

As of 1:20, PQEFF stock has moved up 16.60% to $0.14. The stock has traded 19.05 million shares, compared to its average volume of 2.13 million shares. After opening at $0.15, the stock has moved within a wide range of $ 0.1366 – 0.1794.

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