Skye Petroleum, Inc. Acquires Asphaltene Flow Assurance Technology

SUGAR LAND, Texas, Oct. 10, 2013 /PRNewswire/ -- Skye Petroleum, Inc. (Pink Sheets: SKPO) is pleased to announce that it has acquired a newly developed asphaltene chemical technology that will enhance Skye's ability to help oil companies battle flow assurance issues throughout the production stream.

Asphaltenes are molecular substances that impart high viscosity to crude oil, negatively impacting production.  Asphaltene can create clogging in the wellbore, surface facilities and subsurface formations in a similar fashion as paraffin blockages.  This treatment process allows Skye Petroleum to expand its reach into new markets and provide a further depth of solutions in regions where both paraffin and asphaltenes are present.

Chief Development Officer, Brandon Rhodes, stated, "The Skye Chem AD (Asphaltene Dispersant) chemistry is a complement to our existing product line.  Our customers are looking for solutions in dealing with high pour point crude and sludge with asphaltene deposits.  This is a hot topic among some of our distribution partners and the potential is enormous.  The Skye Chem AD is an effective asphaltene dispersant anywhere in the production, transportation, storage and refining phases.  The chemistry works at a low parts per million (PPM), so the return for our customers is significant.  This technology places Skye in a stronger overall competitive position in providing flow assurance solutions."

Skye Petroleum is expanding into the Completion fluids arena, as well.  Skye continues to work toward being able to offer a full range of oil field chemicals to our distributors and oil producers.

As the third quarter of 2013 came to a close, Skye's sales crossed $53,000 for the quarter and over $100,000 for the full year.  Skye began selling chemicals in late 2011 with $4,800 in sales before seeing an increase in chemical sales in 2012 to $48,000.  "We are very excited to see our sales expanding at a rapid pace year over year and quarter over quarter.  With what we see in the pipeline and the new markets we are expanding into, we anticipate sales continuing to grow at a rapid pace.  We are also continuing to add distribution partners in more regions," said Buck Eaton, COO.

Please visit the company web site, www.skyepetroleum.com or contact Buck Eaton, COO, at [email protected] 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.