MCW is now Petroteq

MCW now called Petroteq Energy Inc, a Canadian-registered holding company is a regular participant in tar scams at Asphalt Ridge near Vernal Utah.

Petroteq makes false claims about green house gas emissions

They will use electricity and front loaders to mine.

Mine plan

Entrance to Petroteq near Vernal Utah.

MCW now called Petroteq is a penny stock scam.

The production of tar sands in Utah is a story of false claims and impossible promises. Including a long history of failed companies, bankruptcies and name changes. Foreign owned company heads and insiders walk away with invested money. Utah politicians provide legitimacy to magical mine plans and accept corporate money. The local communities suffer from economic swings created by the scams.

Petroteq site near vernal

Recently Petroteq energy has been actively pursuing investors, by generating press releases and soliciting press coverage to boost the stock price of Petroteq.

Petroteq has used GlobeNewswire, a paid service to make a press releases on August 3rd, July 24, July 18, July 12, July 11, July 10, July 9, July 3, May 22, and May 23. They use PR Newswire a paid press service in London to re-churn their press releases in Europe.

From GlobeNewsire site: “GlobeNewswire is one of the world’s largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.”

This paid for saturation has generated dozens of actual articles in newspapers and mainstream media reports. There is also noticeable increase in the share price of Petroteq stock. PQEFF on the Canadian stock exchange.

These news reports contain impossible claims made by Petroteq about their Utah project.

Petroteq mine site with generator power.

Petroteq claims they produce no green house gases however their generator is shown in this picture. When we asked about it onsite Petroteq said: “ Everything is electric.” “Once we get electricity down here it won’t be run on a diesel generator”

In June we went to visit Petroteq in person to see for our selves. W spoke to Donovon and Paul at the Asphalt Ridge site. They repeated the same claims made in the press. We discussed their recent public statements and questioned them about this claim:

“the extraction process, produces no greenhouse gases “

Their answers:

“ Everything is electric.” “Once we get electricity down here it won’t be run on a diesel generator”

“Right now it is running on a generator while we are waiting for Rocky Mountain power to get down here.“

They think electric means no greenhouse gases. Since our visit in June they have installed a giant propane tank. 

Petroteq is a Penny stock scam banners

UTSR visits Petroteq’s tar sands strip mine site at Asphalt Ridge in Uintah county.

I contacted UDOGM on July 25:

Dear April

I have been following the progress of Petroteq and their compliance with state law.

I see that in this letter dated June 4 Petroteq is asked to respond to the division of oil gas and mining by June 29 2018.

https://fs.ogm.utah.gov/FILES/MINERALS/PERMITS/047/M0470089/2018/Outgoing/06042018.pdf

Can you tell me if Petroteq has responded or if any other agency actions have occurred.

Also Petroteq is claiming that they produced and sold 10,000 barrels of oil in 2015-2016. Is there a record of oil sales in Utah where this might be documented?

On Fri, Jul 27, 2018 at 9:58 AM, April Abate <aprilabate@utah.gov> wrote:

Hi Raphael,

We are expecting a revised Notice from Petroteq any day now.  They have been in to talk to us about their process and we have asked for an update to their mine plan.  The revision will be subject to the public comment process. I am also aware that the Division of Water Quality has asked for an update to their groundwater discharge permit.  

I put in a call to SITLA to ask them about whether or not they reported the oil production to them when they operated their plant in Maeser.  I’ll let you know what I find out.

Regards, April

Currently Petroteq is not in compliance with the Utah Division of oil gas and mining (UDOGM) who issued a “division directive to post additional reclamation surety” demand letter on June 4 2018 noting several concerns and requesting a response by June 29. Petroteq has not posted sufficient surety for the mine and factory they claim to be producing oil from. 

UDOGM minerals inspection report dated 5/24/2108 also states the the Utah division of water quality has requested that Petroteq file for a Utah pollution prevention permit and that the groundwater discharge permit the company currently holds be updated for their records.

Before these same operators changed the name to Petroteq they ran a similar scam as MCW Energy

The UDOGM mineral permit file M0470089 shows the company currently known as Petroteq has been previously known as MCW energy LLC, Amerisands, TMC Capital lle, TME asphalt ridge.

MCW had to pay a settlement agreement to SITLA in 2016.

MCW also had it’s lease with SITLA terminated.

This article gives a really good breakdown of MCW’s actual production, spending and earnings. The author points out many red flags and inconsistencies in claims made by Petroteq.

Tar Sands investors, Vernal residents and others deserve to know who Petroteq really is. SITLA’s board of trustees, Governor Herbert, and Uintah county representatives should be held accountable for supporting this unproven project.  

Recent Posts

Vivakor is scamming SITLA

Public comment to SITLA board of trustees Aug 13 2020.

Raphael Cordray Utah Tar Sands Resistance

Good Morning. I want to tell the board how they are being used to defraud investors and local communities as well as defrauding the Trust through questionable business practices. And I ask you to stop this. SITLA and the board of trustees have a duty to make sure that they and the trust are not being used to generate transactions for pump and dump penny stock scams. SITLA has spent trust money to create an OBA for Viva Ventures Oil Sands LLC. On March 20, 2019, the School and Institutional Trust Lands Administration Board of Trustees approved this OBA for Viva Ventures Inc. Viva ventures subsequently made a the following paid press release:

“Utah Trust Lands Board Approval Substantially Increases Vivakor Oil Sand Resources LAS VEGAS, NV / ACCESSWIRE / March 25, 2019 / Vivakor, Inc. (OTC PINK: VIVK ), a technology and asset acquisition company with a focus in the area of natural resources, received approval from the Board of Trustees for the Utah School and Institutional Trust Lands Administration (SITLA) for a bituminous/Asphaltic sands mineral lease in a 1440 acre area of Eastern Utah known to have enormous heavy crude, bituminous sand deposits. ″We are pleased the SITLA Board unanimously approved this mineral lease, allowing us to work with the State organization in verifying the asset reserve and ultimately deploying our technology on this vast 1440 acre area. We have a great working relationship with them, successfully operating on their properties previously, demonstrating our commitment to the area and the viability of our technology. Our Remediation Processing Centers (RPCs) are the key to unlocking and finally monetizing the literal billions of barrels of heavy crude trapped within sands in Eastern Utah,″ stated Vivakor Chief Executive Officer Matt Nicosia.”

#END OF PRESS RELEASE#

On March 20, 2019 Trent Staggs appeared before the SITLA board and agreed to terms for a special lease with SITLA, he made inaccurate claims and promises to the SITLA board who approved the contract. I understand that Vivakor never signed the contract with SITLA and VIVAKOR is not leasing anything from SITLA.

However the VIVAKOR press release was used to stimulate stock transactions and generate investment and trust in Viva Ventures and Vivakor. This was a classic pump and dump. VIVAKOR issued mis-information to drive up their stock price and then the directors dumped their worthless stock options into the heated market. At the March 20, 2019 SITLA meeting it was shown by a member of the public that Viva Ventures Oil Sands Inc. had an expired business registration and thus was not authorized to do business with SITLA or anyone in Utah. Further questions were raised at the meeting about this transaction by Director Foote and Director Woodbury. however the board still approved the contract. Riverton Mayor Trent Staggs represented Viva Ventures Oil Sands at the public meeting and testified on behalf of the company in their effort to gain approval from the board for an OBA they had no intention of executing. Here is a portion of his statement: “Um I’m here, I’m an elected official in this state. I’m very vested in this community and our our company is as well” …. Most absurdly he claimed they would clean up mother nature’s mess in Eastern Utah:

“This land owned by sitla, the sitla property can be successfully a remediated we view it all the same it is remediation whether we are cleaning up a oil spills in the middle east or we like to say we are cleaning up mother nature’s mess in eastern Utah” -Trent Staggs

Vivakor is scamming SITLA

Trent Staggs says he will clean up mother natures mess. Here is an area Vivakor will “remediate”

Mr Woodbury pointed out that remediation is not the same as subsurface mining. SITLA director, David Ure vouched for Viva Ventures and encouraged the approval. It was stated by Jerry Mansfield that they have a process to check if a company is licensed to do business in Utah before they sign the lease.

Why doesn’t the staff verify the license of an applicant for an OBA before spending staff time and resources on creating an OBA that may never be signed?

What follow up has been done on this contract why has the board and the public not been told that the deal never went through?

How much time and money was spent on this OBA arrangement?

What will the board do to keep from being used like this to manipulate stock prices?

Tar sands and oil shale are frequently used as a tool for scamming investors

This board has a duty to respond to the repeated use of SITLA lands, lease holds, resources and staff to perpetuate false value in impossible plans to turn rocks into oil. How many companies will you aid in defrauding communities, investors, tax payers and most importantly the school trust?

Here are some of the tar sands and oil shale projects which have used SITLA

and never completed there project or made money for SITLA: US Oil Sands now renamed 2020 resources, Red Leaf Resources, MCW Energy now renamed as Petroteq energy and  Enefit. These companies have however generated significant financial investments from investors and local communities. Although none of these companies are profitable they do pay large salaries to their ceo’s.

Shame on SITLA for continuing to ignore this scam.

 

  1. SITLA board meeting Leave a reply
  2. Trent Staggs a bad choice for county mayor Leave a reply
  3. Tar sands future looks bleak Leave a reply
  4. US Oil Sands changes it’s name AGAIN!?! Leave a reply
  5. US Oil sands Bankrupt 2 years ago today Leave a reply
  6. Change SITLA 2 Replies
  7. Air and water pollution in Uintah County 1 Reply
  8. American Badger on SITLA land leased for strip mining 1 Reply
  9. Public scoping begins on Uinta Basin Railway Leave a reply