Recently Petroteq has been creating press releases and has put out PAID SPONSORED articles on energy websites stating they can produce oil at $20 a barrel. With the price of oil above $45 for the second half of 2016 and averaging about $50 in 2017, why couldn’t they ramp up production of their low-cost $20 a barrel oil? The reason is simple… they can’t produce oil anywhere near $20 a barrel.
Investor warning tar Sands scam! Petroteq is seeking investors to prop up their sketchy project.
excerpts from this article explain the concerns well. I have seen first hand the fraud occurring on land leased from SITLA for tar sands and oil sands strip mining.
“the more research I did on Petroteq and its competitors, the more I was convinced that the company’s claims were too good to be true due to old fashion EROI economics as well as several RED FLAGS.
How so? Well, let’s first start off with first Red Flag that takes place in many small-cap companies. And by that, I am referring to the oldest trick in the book… changing the name of the company. Petroteq Energy was previously called MCW Energy Group. On May 4th, 2017 the company announced the name change:”