SUGAR LAND, Texas, Dec. 30, 2013 /PRNewswire/ -- Skye Petroleum,
Inc. (Pink Sheets: SKPO) is pleased to announce that chemical sales
have more than tripled in 2013 versus 2012. Skye anticipates
continued strong sales growth in 2014 as the paraffin and aphaltene
dispersant technologies are introduced into more regions of
the United States and in certain
parts of the world. Skye will complete 2013 with its
strongest cash position in recent years, with no short or long term
debt, and with all current liabilities paid.
Gerald Weber, CEO of Skye
Petroleum, Inc. stated, "We have worked hard for several years to
bring Skye Petroleum's Balance Sheet into a place that can produce
the rewards for the shareholders that we are beginning to
see. We enter 2014 on our best financial footing we have seen
since I joined the company, while at the same time we are seeing
the greatest expansion of chemical sales in our history."
Weber further said, "We are expanding our team with the addition of
Robert Reis as VP of
Operations. He brings a wealth of experience and contacts to
the company and has thus far proven to be an exceptional leader and
producer."
Skye Petroleum has begun to introduce its products to new
applications where crude oil releases residue of paraffin and
asphaltene in areas such as tank bottoms, terminals, pipelines and
all manner of crude oil transportation. The company is
experiencing great interest from companies battling these issues
and is in the process of setting up testing on a pipeline in
North Dakota, while currently
testing sludge deposits in Louisiana, whereby converting the sludge into
salable oil.
Halbouty Energy has been instrumental in marketing the products
of Skye Petroleum and is currently reaching out to new areas that
Skye has not penetrated. Michel H.
Hewitt, President of Halbouty Energy stated, "We have never
seen a product line produce this kind of immediate interest as
these products have generated with the companies we have spoken to
in the oil industry. There is a great need for these kinds of
dispersants and we intend to penetrate the market significantly
going forward. We anticipate 2014 to be a great year for both
Halbouty Energy and Skye Petroleum."
Skye Petroleum continues to see strong down hole results as
well. Phoenix Chemical Technologies, of Cuero, Texas recently tested an oil well, the
Joey Smith # 3, in the Eagle Ford formation, that required a hot
oiling treatment every week due to paraffin clogging. The
well produced an average of 10 barrels per day before shutting down
due to the pump becoming inoperable due to paraffin buildup. The
well was placed on a continuous daily injection of 1gallon of Skye
Chem Wax Dispersant-Ready to Use (WD-RTU). At last report,
the well has pumped continuously for 8 weeks without experiencing
any problems, while the well is now producing 12 to 20 barrels of
oil per day. The Gonzales
oil well in Tilden, Texas was
abandoned by its owners due to the costs of operating the
well. Four gallons of Skye Chem WD-RTU was poured down the
annulus and the well was placed on a 1 gallon continuous daily
injection. The oil well has been producing for 6 weeks
without any paraffin issues, while producing 20 barrels of oil per
day. Buck Eaton, COO of Skye
Petroleum said, "These are the kind of results we have seen in
Pennsylvania and North Dakota and we are very excited to see
the same trends in Texas."
Skye Petroleum recently signed an Introducing Agent Agreement
with Brickstone Holdings of New York. Brickstone has many
contacts throughout Central and South
America where the Skye products could prove very
beneficial.
Please visit the company web site, www.skyepetroleum.com or
contact Buck Eaton, COO, at
office@skyepetroleum.com or 281-265-1199. Skye Petroleum,
Inc. is a publicly traded corporation, listed on the "OTC
Pink Current Information" tier on the OTC Markets Group Inc.
electronic quotation venue, under the trading symbol, SKPO.
SOURCE Skye Petroleum, Inc.