“Canada’s oil sands would play the biggest role in the government’s pledge to boost crude and natural gas exports by 300,000 barrels a day this year to compensate for Russian supplies,” as reported by Bloomberg. In fact, “Oil sands companies are able to increase crude output by about 130,000 barrels a day, conventional drillers can add another 60,000 and a platform off Newfoundland could raise production by 10,000 barrels.” That could be significant news for related oil sands companies, such as Petroteq Energy Inc. (TSXV: PQE) (OTC PINK: PQEFF), Suncor Energy Inc. (TSX: SU) (NYSE: SU), Imperial Oil Ltd. (TSE: IMO) (NYSE: IMO), Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE), and Enbridge Inc. (TSX: ENB) (NYSE: ENB).

Look at Petroteq Energy Inc. (TSXV: PQE) (OTC PINK: PQEFF), For Example

Petroteq Energy Inc., an oil company focused on the development and ‎implementation of its proprietary oil-extraction and remediation technologies, announces that Valkor, LLC, has updated and completed the design for the planned 5,000 BPD day extraction plant.

Valkor signed a Technology License Agreement with Petroteq on July 1, 2019, and has been operating at the plant in Vernal, Utah under a Service Master Agreement signed in November 1, 2018. Valkor is fully cognizant of the engineering and technical aspects needed for the process to have this update done to incorporate all additional data into the original FEED (front end engineering and design).

Petroteq’s management believes that an updated FEED design is unique to the patented Petroteq technology permitting a highly effective oil extraction process from oil-sands in an eco-friendly method and can be seen as a true green energy technology.

Following the FEED, Valkor conducted various additional design studies to prepare the final engineering plans. A primary part of this was a design study with M-I SWACO, a Schlumberger company, for the backend processes for sand separation and drying. The system is a conventional sand dryer modified for service with petrochemical solvents in a closed loop. A combined unit has been proposed as a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand. Design performance, budget and schedule have been determined. M-I SWACO did a full 3D model of the design.

Other studies were conducted on optimizing an ore mixing and decanting system. Valkor advises that it is ready to implement a 5,000 BOD plant design. All necessary equipment has been verified as available on the market on lead times that result in an 18 month build. Petroteq’s management is confident the updated plant design is of the highest technical quality and will exhibit superior operating performance.

Vladimir Podlipsky, Petroteq’s CEO and CTO has commented, “Our advances in engineering work exemplify our intentions to continue to operate the Company toward future expansion and revenue growth, regardless of the on-going offer from Viston United Swiss AG. Management will continue to handle business as usual and make utmost efforts to enhance shareholder value.”

The tender offer by 869889 Ontario Inc., an indirect wholly-owned subsidiary ‎of Viston United Swiss AG‎, to purchase all of the issued and outstanding common shares of ‎Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, ‎unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its ‎terms.‎

Other related developments from around the markets include:

Suncor Energy Inc. announced the appointment of Peter Zebedee as the executive vice president of Mining and Upgrading, effective April 11, 2022. Peter comes to Suncor from LNG Canada where he had been seconded by Shell as the chief executive officer since 2019. Prior to his secondment into the LNG Canada joint venture, Peter’s last position with Shell was vice president Canada Manufacturing and general manager Scotford.

Imperial Oil Ltd. declared a quarterly dividend of 34 cents per share on the outstanding common shares of the company, payable on April 1, 2022, to shareholders of record at the close of business on March 3, 2022. This first quarter 2022 dividend compares with the fourth quarter 2021 dividend of 27 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 27 consecutive years.

Cenovus Energy Inc. delivered record oil sands production in the fourth quarter of 2021, contributing to total upstream output of more than 825,000 barrels of oil equivalent per day (BOE/d)¹ and almost 792,000 BOE/d¹ for the full year. The company generated fourth-quarter cash from operating activities of $2.2 billion and adjusted funds flow of $1.9 billion. With free funds flow of $1.1 billion in the quarter, and proceeds from recent divestitures, net debt was below $9.6 billion at year end, a reduction of more than $1.4 billion from the end of the third quarter and $3.5 billion in 2021 following the acquisition of Husky Energy. Total long-term debt was $12.4 billion as at December 31, 2021, down nearly $1.7 billion from January 1, 2021, and expected to decrease by approximately US$384 million on February 9 when Cenovus redeems the remaining principal amount of its notes due in 2023 and 2024. As part of its plan to enhance shareholder returns, Cenovus continues to buy back common shares under its previously announced Normal Course Issuer Bid (NCIB) and as of February 7 had repurchased approximately 26 million common shares at a volume weighted price of $16.31 per share.

Enbridge Inc. reported strong full year 2021 financial results, reaffirmed its 2022 financial outlook, and provided a quarterly business update. As noted by Al Monaco, President and CEO, "The last year has once again demonstrated the importance of reliable and affordable energy to the world's social and economic well-being. While it's clear we need to reduce global emissions to achieve our climate objectives, it's also important that we transition our energy systems prudently by ensuring adequate supply of conventional energy, while increasing lower-carbon forms of energy. That approach is driving our strategies at Enbridge, including investment in renewables and new low-carbon energy infrastructure, and setting near-term emissions reduction targets and net zero by 2050. 2021 was a pivotal year for Enbridge; we delivered strong safety, operating and financial performance, advanced our strategic priorities, and strengthened the competitive positioning of our conventional and low-carbon businesses.”

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Petroteq Energy Inc. by Petroteq Energy Inc. We own ZERO shares of Petroteq Energy Inc. Please click here for full disclaimer.

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