Skye Petroleum, Inc. Adds Two New Oil Leases Covering Ten Producing Oil Wells
May 09 2011 - 11:41AM
Marketwired
Skye Petroleum, Inc. (PINKSHEETS: SKPO) (the "company" or "Skye")
is a publicly traded corporation, listed on the "OTC Pink Current
Information" tier of the OTC Markets Group Inc. quotation venue,
under the trading symbol SKPO. Skye is pleased to announce the
signing of two additional leases with five producing wells on each
lease. The two new leases, totaling 69 acres, increase the total
acreage currently under lease to 211 acres.
Brad Knollenberg, Chief Executive Officer of Skye Petroleum,
Inc., said, "We are excited to continue adding to our holdings in
Warren County. The opportunities are tremendous in northwest
Pennsylvania and since we have opened our regional office in Sugar
Grove, we have seen a significant increase in interest for our well
treatment process throughout the region."
Skye currently has 20 wells under contract and 10 wells under
lease for application of its paraffin treatment process.
Knollenberg added, "This will give us the opportunity to apply our
paraffin control technology to these ten producing wells, as well
as declare a percentage of the recoverable reserves as an asset on
Skye's Balance Sheet." Skye anticipates adding to its overall lease
holdings covering producing oil wells, as it continues to discuss
contractual arrangements with operators who desire to increase
production in their oil wells.
Buck Eaton, Chief Operations Officer of Skye, said, "We believe
that as the oil industry becomes more knowledgeable of this
technology, our growth could increase exponentially."
About Skye Petroleum, Inc. - Skye owns a proprietary chemical
technology consisting of a paraffin treatment process for crude
oil. The technology is applied with Skye's slip-stream well
treatment method to stimulate and improve production profiles of
certain crude oil wells. Skye is capable of identifying problematic
crude oil fields where the composition of the crude oil includes
pressure and temperature sensitive paraffin compounds. Skye's
treatment method reduces and prevents the precipitation of the
paraffin compounds, while increasing the production rate of the
crude oil. Skye contracts with oil companies to treat existing oil
wells, producing revenue by significantly increasing oil production
of currently producing wells with its paraffin control technology.
Skye is also acquiring its own leases on behalf of its
shareholders.
For more information, please visit our web site,
www.SkyePetroleum.com or contact Buck Eaton at
Office@SkyePetroleum.com or 713-254-0176
Buck Eaton Email Contact 713-254-0176
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