SUGAR LAND, Texas, April 16, 2012 /PRNewswire/ -- Skye
Petroleum, Inc. (Pink Sheets: SKPO), ("Skye" or the "Company") has
received approval from the Department of Environmental Protection
in Pennsylvania and is a bonded
operator in Pennsylvania. Skye has identified 33 new oil well
locations on 2 of its existing leases in northwest PA and is
currently seeking the permits to drill wells on six of those
locations this year. Skye anticipates expanding on its leased
acreage this year in northwest PA.
Skye is currently in its 4th consecutive quarter of producing
positive revenue. The Company has experienced repeat sales of
its paraffin inhibitor technology to a major oil company, as well
as sales to smaller operators. The Company anticipates oil
sales from its own wells in this quarter.
Our Wax Dispersant chemical process has produced significant
results in both clean-out and stimulation of oil wells. Skye
is currently treating one of its own wells which produced an
increase in oil production of over 300%. The formation below
the well opened up significantly after the treatment process was
applied and the Wax Dispersant technology reached far back into the
formation. A significant increase in gas pressure developed
after Skye's treatment was applied. Skye will continue to
apply its own technology in its oil wells in order to increase
production and gather further information that can be presented to
other oil operators.
Our Wax Dispersant technology was recently reviewed by
Larry W. Gatlin, an oilfield chemist
who began working in the oil industry in 1965. He has worked
with down hole chemistry for 40 years in all parts of the
world. He began his oilfield chemical career with Champion
Chemicals in 1969. Regarding Skye's paraffin inhibitor
technology, Larry stated, "Skye's Wax Dispersant ("WD") is a
calculated mixture of solvents, penetrants, non-emulsifying
surfactants, pour point depressants ("PPD") and dispersants.
The WD is designed for rapid penetration into the granular areas of
paraffin matrix and disrupts the cohesive binding, allowing the
waxes to mix with the produced oil, thus allowing the oil to aid in
dissolving the wax. The PPD and dispersants keep the wax from
re-precipitating from the crude oil." Gatlin currently holds
25 patents with other patents pending approval. He serves
Skye as an Advisor to the Board of Directors.
Please visit the company website, www.skyepetroleum.com or
contact Buck Eaton, COO, at
Office@skyepetroleum.com or 713-254-0176. Skye Petroleum,
Inc. is a publicly traded corporation, listed on the "OTC Pink
Current Information" tier on the OTC Markets Group, Inc. quotation
venue, under the trading symbol SKPO.
SOURCE Skye Petroleum, Inc.
