Technology developer Petroteq Energy Inc. has signed a nonbinding letter of intent with Mareton Alliance LP to buy acreage and resources in the Utah oilsands. The pricing and structure of the transaction, which is subject to board approval, have yet to be finalized. The company is in the process of bringing its Uinta Basin facility in Asphalt Ridge up to its nameplate production capacity of 1,000 b/d.
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