Skye Petroleum, Inc. to Report Significant Third Quarter Revenue Increase

September 16, 2014 8:20 am Published by Skye Petroleum

SUGAR LAND, Texas, /PRNewswire/ — Skye Petroleum, Inc. (Pink Sheets: SKPO) is pleased to announce that revenues will exceed $500,000 in the third quarter of 2014, an increase of more than ten times the prior year’s third quarter. Also, as of this date, sales in 2014 have increased nearly eight times sales through the first three quarters of 2013. Skye received large orders for its Skye Chem Wax Dispersant paraffin technology (WD-RTU), which was delivered into the Permian Basin region of west Texas during the quarter.

Buck Eaton, Chief Operations Officer of Skye Petroleum, said, “We are pleased with the trajectory of sales at this point in the year. We are working hard to continue the momentum into the fourth quarter and hope to continue strong sales growth in 2015.” Eaton further stated, “We are beginning to expand our product line with a high quality Degreaser, as well as drilling and completion technologies, that are necessary in order to continue to penetrate and gain market share.”

The Company recently completed a very successful test on two oil wells in the Coleman, TX area using Skye Chem WD-RTU through Patriot Pump & Supply. Before the treatment, the down hole pumps would require frequent pulling and cleaning due to paraffin build up. After treating each oil well with 10 gallons of WD-RTU, the pumps were cleaned down hole by the chemistry and oil production increased significantly. Steve Hale, owner of Patriot, said, “Our customers love WD-RTU and continue to come back for more.” Skye will be treating four more oil wells in the Coleman area next week.

Skye Petroleum recently completed a proof of concept test on a pipeline in North Dakota using its Sludge Buster chemical product. The test proved very successful as the sludge was significantly reduced to the point that the pipeline was able to flow without any inhibition. Skye has been informed that another order will be placed soon to treat other lines. Brandon Rhodes, Chief Development Officer of Skye Petroleum, said, “We have been working toward proving out the chemistry in other applications, beyond down hole, and this pipeline result was very good. We anticipate this project expanding significantly as we enter into a new phase with the pipeline operator.”

Gerald Weber, Chief Executive Officer of Skye Petroleum, said, “We continue to see our chemistries work well in different regions of the United States. We started in Pennsylvania where we continue to see great results. The results we are now seeing in North Dakota, and in the Permian Basin and the Eagle Ford shale formations of Texas, continue to give us confidence that we have broad based wax and asphaltene dispersants and inhibitors that work well in numerous locations. This is important to know as we begin to expand internationally.”