 SHERMAN OAKS, Calif., Dec. 28, 2020 GLOBE NEWSWIRE -- Petroteq Energy Inc. Petroteq or the Company TSXV:PQE; OTC:PQEFF; FSE:PQCF, an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, announces an intention to complete two shares for debt transactions with an arms length lender wherein the lender will accept an aggregate of 13,145,130 common shares of the Company at a deemed price of US0.039 per share in satisfaction of US512,660, representing the outstanding principal and accrued and unpaid interest up to and including December 28, 2020, under a debenture issued by Company to the lender on July 19, 2019 that matured on October 19, 2020 and a debenture issued by Company to the lender on September 17, 2019 that matured on December 17, 2020. 