Blockchain Spotlight on Petroteq Energy Inc (OTCMKTS:PQEFF)

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Petroteq Energy Inc (OTCMKTS:PQEFF) has been an interesting new focal play for traders on the OTC. The stock has been banging away at key resistance in the $1.75-1.85/share area over the course of the last few months. One of the emerging key drivers in this story is the company’s move to drive efficiencies through its new PetroBLOQ platform – a blockchain system for operations in its oil and gas production segment.

The latest on this story is the company’s announcement of components and features of this platform. According to a recent release, “at the plant level the Company believes that PetroBLOQ’s platform will make oil production, the facilities maintenance and capacity upgrades more cost efficient and transparent. Additionally, PetroBLOQ intends on the platform providing a safer working environment for its users and its employees. These intended benefits will come from the deployment of a network of Internet of Things (IoT) sensors throughout the plant to monitor its operations. In addition to being able to monitor operations PetroBLOQ also intends on being able to use blockchain to start and end processes and adjust parameters using the data collected by its IoT sensor network.”

Petroteq Energy Inc (OTCMKTS:PQEFF) styles itself as a company that is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies.

The proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. The Company is currently focused on developing its oil sands resources and expanding production capacity at its Facility at Asphalt Ridge, Utah.

The Company also (i) owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc., (ii) has a joint venture with Recruiter.com and Oilprice.com that provides internet-based job placement and career services to the increasingly skilled and specialized energy sector, and (iii) is developing through PetroBloq an advanced blockchain solution for the energy industry, with a goal of optimizing petrochemical industry workflow processes.

According to company materials, “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.”

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As noted by the company, the added capability driven by its blockchain focus boils down to efficiency: “eventually reducing the manpower required to operate as the components of a blockchain enabled plant will be able to communicate as a network at the facility and be controlled remotely.”

Management believes that these technologies will extend to wearable devices and smart analytics that will maximize production efficiency in the course of operations.

“PetroBLOQ recently opened its development labs for blockchain solutions for the oil & gas industry and looks forward to being at the forefront of the deployment of technologically advanced solutions for our industry,” stated Mr. Blyumkin, Petroteq’s CEO.

Earning a current market cap value of $, PQEFF has a chunk ($571K) of cash on the books, which is balanced by about $3.7M in total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $PQEFF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $PQEFF, either long or short, and we have not been compensated for this article.