On Thursday, Petroteq Energy Inc (OTCMKTS:PQEFF) was back in focus among investors yesterday after the company made a key announcement. However, the stock actually declined by as much as 10% after the integrated oil firm announced that the processing works at the oil sands facility at Asphalt Ridge has been recommenced.
It is a significant development for the company since operations at the facility had been suspended back on May 14, 2021 owing to a Cessation Order issued by the Utah’s Department of Oil, Gas, and Mining.
The order had come down from the department because Petroteq had not specifically notified about the processing of offsite oil sand order at the facility. The restart of operations is expected to come as a boost for the company but the market still seems unsure about the latest development. It now remains to be seen if the Petroteq stock can recover today or over the coming days.