Petroteq Energy Inc. (OTC: PQEFF) is a clean energy company with a focus on the development and implementation of environmentally safe extraction technology for removing heavy oils from oil sands and oil shale deposits. Its carbon-neutral process sets it apart from other oil companies but PQEFF caught investors attention after breaking through its resistance to achieve its 52 week high – making it a standout among clean energy penny stocks

Catalysts

The company’s patented CORT technology is already in operation on 2,500 acres at Asphalt Ridge – believed to be one of the US’s most oil-rich geographies. PQEFF has patented their cutting-edge technology in the US, Canada, and Russia, with plans to establish patents in 30 more countries. Planning for the future, PQEFF has also set up licensing agreements which are structured for a $2 million up-front licensing fee and 5% production royalty stream.

At the moment, production comes to a cost of around $25 per barrel, but this is more than offset by the high demand for oil. Clean energy penny stocks have also become popular among investors as companies realize the shift in public opinion. But public opinion aside, the company functions efficiently with a production rate of 500 bpd. PQEFF has long-term goal of reaching 10,000 bpd by 2024 which could be achievable considering its solid business model. Capitalizing on every aspect of its process, PQEFF sells the byproduct sand from its process for $10-$15 per ton.

With such strong fundamentals, its not surprising that PQEFF was offered a takeover deal from an undisclosed party back in August. The deal constituted the sale of 270 million shares at the premium price of 0.5 EUR – a 400% increase over PQEFF’s current share price. Since then, the company has confirmed the bidder’s funds of €120,000,000 through a third party. In order to reveal the bidder’s identity PQEFF signed an NDA and has announced that it is moving forward with its due diligence and has requested a production of documents from the third party in relation to the NDA.

On that note, PQEFF has released PR that confirms Viston United Swiss AG will commence an all-cash offer to acquire Petroteq Energy Inc at a significant premium of 279.49%. Shareholders will receive C $0.74 in cash for each common share and all related documents have been mailed to Petroteq shareholders as of October 25th when the offer commenced.

PQEFF’s CEO R.G. Bailey also released a shareholder update which highlighted the company’s continuous investment in R&D as it improves efficiency to pursue plans for a 5,000 bpd oil extraction plant. Meanwhile, he company is working to be reinstated on the TSX Venture Exchange following a CTO issued in August by the Ontario Securities Commission.

Media Sentiment

@Alexs_trades Despite the recently revealed offer from Viston, there may be negotiations to come…

Technical Analysis

Currently trading at $0.229, this once dead stock has been revived with news. Its 316% pre-market run put the stock well past its previous support near .1377. Having broken past its previous levels of resistance to an ATH, PQEFF has since seen a sharp drop in accumulation. The MACD is on the upside following a bullish crossover and the RSI has settled at 57 after becoming significantly overbought.

Should You Buy?

Clearly, the premium bid has driven investors’ excitement to the next level in recent days. On a macro level, the oil sector is booming and PQEFF will continue to stand out thanks to its patented technologies and carbon-neutral operations – making it among the most attractive clean energy penny stocks. But with shares potentially being bought up at a C $0.74 price point, PQEFF could see a huge jump from its current value of $.234.

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