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Oil Price Jumps as Saudi Arabia Expects to Reduce Exports
NEW YORK, July 24, 2018 /PRNewswire via COMTEX/ -- Copyright (C) 2018 PR Newswire. All rights reserved

Oil prices rose last Friday as top exporter, Saudi Arabia, expects to reduce oil exports in August, easing concerns of the oversupply in the oil market. Brent crude future for September delivery was up 0.76% to USD 73.13 a barrel during Friday's trading session, while U.S. West Texas Intermediate (WTI) crude for August delivery rose 2.13% to USD 69.46 a barrel. Saudi Arabia's OPEC governor said in a statement that its oil exports in August will drop by around 100,000 barrels a day. A weakening dollar on Friday also helped support the oil price. Petroteq Energy Inc. (OTC: PQEFF), BP plc (NYSE: BP), ConocoPhillips (NYSE: COP), Kinder Morgan Inc. (NYSE: KMI), Hess Corp. (NYSE: HES)

The oil price is under pressure in recent weeks as trade-war tensions between the United States and China have increased. Price of benchmark Brent crude hit a high of more than USD 79 a barrel at the end of June. However, it dropped later due to concerns over the global trade war and oversupply. According to MarketWatch, Tyler Richey, Co-Editor of the Sevens Report, said, "Despite the recent weakness and volatility in the energy markets, the longer-term trends do still favor the bulls although the case for WTI is more favorable than Brent on the charts as the latter just hit fresh 3-month lows this week."

Petroteq Energy Inc. (OTC: PQEFF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: PQE). Just earlier today, the company announced breaking news that, "it has signed a Letter of Intent to pursue additional acreage and resources in Utah.

Petroteq has reached an agreement with Mareton Alliance LP with a view to acquiring leases and resources within the Utah Oil Sands Region. These assets meet all of the criteria set by Petroteq's Management and Board. The Company believes that growing its asset base is crucial at this juncture. It is in the process of bringing its new facility in Asphalt Ridge up to its nameplate production capacity of 1000 bod.

David Sealock, Chief Executive Officer stated, "Growing our asset base is a key initiative that I have been pushing since my arrival at Petroteq this year. I know that our valuation will be driven by our production and technology, as well as our assets in the ground. The discussions with Mareton Alliance have the potential to significantly increase the resource assets on our balance sheet."

The pricing and structure of the transaction have yet to be finalized, but Petroteq Management is confident that an attractive transaction can be structured. The Letter of Intent is non-binding and the transaction contemplated is subject to board and exchange approval.

About Petroteq Energy Inc. - Petroteq is 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 oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com.

BP plc (NYSE: BP) is the Company's main global brand. It is the name that appears on production platforms, refineries, ships and corporate offices as well as on wind farms, research facilities and at retail service stations. BP, and its partners in the Shah Deniz consortium, recently announced the start-up of the landmark Shah Deniz 2 gas development in Azerbaijan, including its first commercial gas delivery to Turkey. The BP-operated USD 28 Billion project is the first subsea development in the Caspian Sea and the largest subsea infrastructure operated by BP worldwide. It is also the starting point for the Southern Gas Corridor series of pipelines that will, for the first time, deliver natural gas from the Caspian Sea directly to European markets. Shah Deniz 2 is BP's largest new upstream project in 2018, and, following Atoll in Egypt, is the second of six project start-ups expected for the year. This string of developments will follow from 2017's seven major project completions and is key to delivering the 900,000 barrels of oil equivalent new production that BP expects from new upstream major projects by 2021. At plateau, Shah Deniz 2 is expected to produce 16 Billion cubic meters of gas per year (bcma) incrementally to current Shah Deniz production. Together with the output from the first phase of development, total production from the Shah Deniz field will be up to 26 bcma of gas and up to 120,000 barrels of condensate a day. BP Group Chief Executive, Bob Dudley, said, "Shah Deniz 2 is one of the biggest and most complex new energy projects anywhere in the world, comprising major offshore, onshore and pipeline developments. BP and our partners have safely and successfully delivered this multi-dimensional project as designed, on time and on budget.

ConocoPhillips (NYSE: COP) is the world's largest independent E&P company based on production and proved reserves. ConocoPhillips recently announced that it has entered into an agreement to sell a ConocoPhillips subsidiary to BP for an undisclosed price. The subsidiary will hold a 16.5% interest in the BP-operated Clair Field, with ConocoPhillips retaining a 7.5% interest in the field. The sale is subject to regulatory approval. ConocoPhillips also announced that it has entered into simultaneous agreements to acquire BP's 39.2% interest in the Greater Kuparuk Area in Alaska and BP's 38% interest in the Kuparuk Transportation Company for an undisclosed price "These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska, while retaining an interest in the Clair Field in the U.K.," said Ryan Lance, Chairman and Chief Executive Officer.

Kinder Morgan Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. It owns an interest in or operates approximately 85,000 miles of pipelines and 152 terminals. Kinder Morgan Texas Pipeline LLC, a subsidiary of Kinder Morgan Inc., recently announced that it has signed a Letter of Intent for the development of the proposed Permian Highway Pipeline Project (PHP Project), which will provide an outlet for increased natural gas production from the Permian Basin to growing market areas along the Texas Gulf Coast. The approximately USD 2 Billion PHP Project is designed to transport up to 2.0 Billion cubic feet per day (Bcf/d) of natural gas through approximately 430 miles of 42-inch pipeline from the Waha, Texas, area to the U.S. Gulf Coast and Mexico markets.

Hess Corp. (NYSE: HES) is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. Recently, the Company announced an eighth oil discovery offshore Guyana at the Longtail-1 exploration well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The well encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 meters) of water. The Stena Carron drillship began drilling on May 25th, 2018. The Longtail-1 well is located approximately 5 miles west of the Turbot-1 well and follows previous world-class discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot, Ranger and Pacora. Longtail drilling results are under evaluation; however, the combined gross recoverable resources of Turbot and Longtail are estimated to exceed 500 Million barrels of oil equivalent. Following completion of the Longtail-1 well, the Stena Carron drillship will move to drill the Hammerhead-1 well located approximately 9 miles southwest of the Liza discovery.

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