Over the course of the past one week, the integrated oil firm Petroteq Energy Inc (OTCMKTS:PQEFF) has seen its stock go on a downward spiral and during the period, the stock has actually declined by as much as 12%.
In this regard, it is also necessary for investors to keep in mind that there has been no news at all about the company in August so far and the decline may actually be a bit random. However, at the same time, it might be a good move to take a look at a key development with regards to the company from back in July.
At the time, the company had announced that Crosstrails Engineering LLC completed a Front End Engineering and Design (FEED) Study with the deployment of Petroteq’s Clean Oil Recovery Technology at a production facility with a capacity of as much as 5000 barrels per day. It was a significant development for Petroteq and had brought the stock into focus among many investors as well.
In this regard, it should be noted that the company’s technology has the capability of processing as much as 5000 barrels of oil per day from mined oil sands ore.