Increase in the Target Minimum Shareholding for the Purchase Offer in Petroteq Energy Inc. (PQE) Shares by Uppgard Konsult AB.

KRYLBO, August 3, 2021 - Regarding Petroteq Energy Inc. ('Petroteq' or the 'Company'), (CA:PQE), (OTC:PQEFF), (FSE:PQCF)
Uppgard Konsult AB ('Uppgard' or the 'Company') announces that on July 29, 2021, the company officially filed and published an amendment to the takeover offer of April 16, 2021 in the German Federal Gazette.

In order to achieve the first objective of a simple majority, the target minimum holding for the takeover offer of 200 million shares in Petroteq Energy Inc. was increased to 270 million shares at a premium offer price of EUR 0.50 per share on July 29, 2021.

Parallel with our efforts in Germany, the client contacted Petroteq Energy Inc.'s official legal representative, DLA Piper (Canada) LLP, through its Canadian legal counsel, Gowling WLG (Canada) LLP, to discuss the possibility of a friendly takeover, to obtain support for the purchase offer prior to seeking a takeover bid in Canada and/or a tender offer in the United States.

For further information on the voluntary public purchase offer in Germany please visit the website of the German Federal Gazette:

https://www.bundesanzeiger.de/pub/en/start?2

and/or contact Uppgard Consult AB at:

email: info@uppgardab.com
tel.: + 46 (8) 465 026 18

Upon clicking on the link and searching for 'Petroteq' select the latest Business Disclosure from the 07/29/2021 'Freiwilliges öffentliches Kaufangebot an die Aktionäre der Petroteq Energy', Amendment of publication of 04/16/2021, the offer can be reviewed in the German language.

The purchase offer is subject to Uppgard Konsult AB's terms and conditions.

The German federal gazette the 'Bundesanzeiger' , is the official publication of the Federal Department of Justice and Consumer Protection, of the Federal Republic of Germany and the official proclamation and announcement organ for legally mandated announcements by the private sector in Germany.

Please note that this is not investment advice or an offer to purchase investments.

We strongly recommend that all investors consult with their own financial representatives or investment advisors before making any decisions.

Safe Harbor Statement
This press release contains statements that the Company believes to be 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'should', or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Uppgard Konsult AB