Petroteq Energy Inc. announced the signing of a technology license agreement for the use of its proprietary oil sands extraction technology. The Company has entered into a non-exclusive, non-transferable technology licensing agreement dated for reference October 27, 2021 with Big Sky Resources LLC. The Agreement grants to Big Sky the right to use Petroteq's proprietary patented technology to design, construct, operate and finance oil sands extraction plants for up to two locations in the continental United States. Under the Agreement, Big Sky has agreed to pay Petroteq a one-time, non-refundable license fee of USD 2 million, which will become payable upon the commencement by Big Sky of construction of its first plant. The Agreement further provides that Big Sky will pay Petroteq a 5% royalty on the net revenue received by Big Sky from the production, sale or other disposition of licensed product from the plants, for so long as Petroteq continues to hold enforceable and protected intellectual property rights in the licensed technology in the United States. Pursuant to the Agreement, Big Sky is obligated to engage Valkor LLC (or an affiliate named by Valkor) as the sole and exclusive provider of engineering, planning, and construction services for all oil sands plants built by or under the direction or on behalf of Big Sky. Big Sky has indicated it will work closely with Valkor to identify plant locations in the State of Utah.