Petroteq Energy announced that it has acquired additional acreage in the resource-rich Uintah basin. The company has finalized the acquisition at auction of a 100% interest in two leases for 1,312 acres of land within the Asphalt Ridge, Utah, area. A report commissioned by Petroteq from Chapman Petroleum Engineering dated 30 April states that the newly acquired leases contain 7.331 million bbl of contingent resource, expanding Petroteq’s total contingent resources by 8.5% to 93.4 million bbl. Chapman estimated that 93.4 million bbl would, under favorable circumstances, support very positive economics. These 93.4 million bbl would be classified as a Contingent Resource under Canada’s current NI 51-101 standards of disclosure for oil and gas activities and Canadian Oil and Gas Evaluation Handbook guidelines.
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