Earlier this week, Petroteq Energy (OTCQX: PQEFF), a company focused on using proprietary technologies to extract heavy oils in an environmentally safe manner, confirmed they had made their first sale of oil from the Wardlaw field in Texas. The Wardlaw field is held by GR Energy (Accord). Accord sold the first shipment of oil on last Saturday, June the 10th. The second shipment was picked up yesterday, June the 14th. Petroteq is satisfied with Accord’s accomplishments and believes this signals the next stage of development.
The shipped oil was produced in the Wardlaw field, which is a Permian basin assets in Edwards County, Texas. While Accord has 90 wells in the field, the three latest were a part of the company’s Phase-2 “Proof of Technology Concept” plan. The oil was produced utilizing a proprietary technology, a process referred to as S-BTF. This process is owned by Galex Energy Corporation (Galex). The S-BTF is a handful of technologies licensed to Accord.
Accord has worked with closely with Galex to adjust and optimize the technology to better maximize its economics and oil recovery. Petroteq plans to keep an eye on the process made by Accord, as well as the company’s development of the Wardlaw field assets. More information can be found here.