Sign up Australia
Proactive Investors - Run By Investors For Investors

Petroteq Energy stock climbs as company eyes Nasdaq up-listing

The oil and gas company, which trades on Canadian and OTC exchanges, submitted an application to list on Nasdaq
Oil barrels
The oil and gas company's shares already trade on the CVE and OTC

Petroteq Energy Inc (CVE:PQE, OTC:PQEFF) has submitted a formal application to list its stock on the Nasdaq Composite Index.

During the uplisting review process, the oil and gas company's shares will continue to trade on the Canadian Venture Exchange as well as the Over-The-Counter (OTC) exchange in the US.

"We believe up-listing in the US from the OTC Market to the Nasdaq Capital Market will increase awareness of Petroteq in the financial community," said CEO David Sealock. "A Nasdaq listing should provide us with more liquidity and a larger pool of investors that use the Nasdaq stock market as a requirement for assembling a portfolio."

The CEO also said that the company has made significant progress in building its "financial and liquidity standards" and strengthening corporate governance to apply for the Nasdaq upgrade.

The company develops environmentally safe technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits.

READ: Petroteq Energy kicks off production at Asphalt Ridge extraction facility

At Asphalt Ridge, Petroteq is extracting oil from oil sands and sandstone rocks using its new patented technology that leaves no waste, requires no high temperatures and produces no greenhouse gases.

The Asphalt Ridge area of Utah is home to sandstone rocks that are full of a sticky, semi-solid petroleum substance called bitumen. The company is pulling bitumen from the rocks and transforming it into heavy oil that is low in sulfur, contains no paraffin and is low in heavy metals like nickel and vanadium. That oil can be turned into diesel, kerosene or jet fuel or mixed with lighter oils.

By the end of the year, Petroteq Energy aims to be producing 1,000 barrels of oil per day. By 2019, the goal is 2,000 barrels per day.

Petroteq Energy shares were up 3.3% to US$1.08 in midday trrading.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

View full PQE profile View Profile

Petroteq Energy Inc Timeline

Related Articles

1537383711_PumpJack.jpg
Thu
Permex has assets across West Texas and southeast New Mexico..
Pulse Oil President Drew Cadenhead and Pulse Oil CEO Garth Johnson
May 09 2018
Investors see future windfall as the firm employs modern oil recovery methods to try to unlock oil trapped in two Nisku reefs in Bigoray.
oil and gas operations
July 20 2018
“To open up the well and have clean oil come to surface with no water meant the Gatwick Gusher gushed again – a lot earlier than we thought,” Lenigas said in exclusive interview with Proactive Investors’ Andrew Scott.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use