Markets were humming a merrier tune to begin this week than they were last. Sherman Oaks, Calif-based Petroteq Energy Inc. (TSX-Venture:PQE) announced that the Stage 1 laboratory testing with the oil sands samples provided by a separate Asian energy firm using the Company’s CORT on oil sands samples was completed last week.
The company, whose stock trade on Toronto’s Venture Exchange, revealed that the first stage of testing was undertaken by Petroteq in San Diego to determine the geophysical characteristics of the oil, such as viscosity, API, porosity and permeability. These findings are directly related to the oil recovery factors of this potential oil sands resource.
The successful preliminary Stage 1 test results demonstrated that Petroteq’s proprietary technology was able to recover a maximum oil content of approximately 20% saturation, with results approaching greater than 90% yield of heavy oil from the supplied surface minable heavy oil project samples.
Petroteq claims to be “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.”
Shares in PQE were bouncing upward early Monday afternoon, two cents, or 8.9%, to 24.5 cents, on 140,000 shares.