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

Petroteq NOI revoked for Asphalt Ridge

Petroteq has been successfully using our system to scam investors and residents of Vernal Utah for years. The Utah Division of Oil Gas and Mining has finally ended the NOI permit at TMM Asphalt Ridge and ordered Petrorteq to begin reclamation in April 2022 that was to be completed by July 30 2022. It is unclear if they have done any reclamation. 

asphalt ridge

A February 4, 2022 letter from Asphalt Ridge Inc of Reno Nevada indicates that Pertoteq has been evicted from their mine site at Temple Mountain for non-payment of rent. Asphalt ridge Inc. is the owner of the land where Petroteq was operating their project.  The termination of Petoteq’s right of Entry onto the property effectively terminates their mine permit at Asphalt Ridge outside of Vernal Utah.    

I have been warning folks that this project is a scam for several years. The company run by Aleksandr Blyumkin has had name changes and multiple partners throughout the life of the project which was permitted in 2013. During the time they were operating as MCW they were evicted from land held by SITLA. 

In June 2022 the SEC filed  cease and desist proceedings against Petroteq.

SEC filing against Petroteq  

They are ordered to correct the fraudulent statements in their SEC filings and pay these fines:

Petroteq shall pay civil penalties of $1,000,000 to the SEC in 4 installments within, 10 days, 180, days, 270 days, and 364 days of the court order on June 13 2022. 

Aleksandr Blyumkin shall pay civil penalties of $450,000 to the SEC on a similar schedule.  

Protest at PR Springs Utah

The connection should be made that David Sealock was the CEO of Petroteq from March of 2018 until 2020 when he left Petroteq and bought the bankrupt “US Oil Sands” tar sands strip mine at PR Springs which was called “2020 Resources”. Now it is called “Sky Quarry” owned by David Sealock who moved from Canada to Salt Lake City to run the Sky Quarry scam

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