Skye Petroleum, Inc. Becomes Revenue Positive and Increases Acreage

SUGAR LAND, Texas, Sept. 7, 2011 /PRNewswire/ -- Skye Petroleum, Inc. (the "company" or "Skye") (Stock Symbol: SKPO) is pleased to announce that the company has become revenue positive.  This initial revenue will be reflected in our September 30, 2011 quarterly report.  Skye has also increased its oil and gas lease holdings by 435 acres, while adding another producing oil well.  This increase brings Skye's lease holdings to 646 acres with 11 producing oil wells.  

The revenue has been derived through the partnership with Universal Resources Holdings, Inc. for wells treated by our paraffin inhibitor chemical process.  Also, Skye will be receiving revenue in this quarter from its own oil wells located on its leases.  The company will be treating these wells with the paraffin inhibitor in order to increase production and revenue for the company.  

Brad Knollenberg, Chief Executive Officer of Skye Petroleum, Inc., said, "We continue to receive strong interest from landowners and other significant operators in northwest Pennsylvania to work with us on both our paraffin inhibitor process for existing oil wells and new drilling prospects.  We believe this area, with its strong untapped oil reserves, along with its high paraffin content, gives Skye a tremendous potential for growth."  Knollenberg added, "Skye has also seen improvements within our chemical process to handle the harsh winters in northwest Pennsylvania. The lab results have demonstrated that our process will continue to keep paraffin in suspension down to -12 degrees F."

Business Day TV, hosted by former Pittsburgh Steelers quarterback Terry Bradshaw, will be hosting a program focusing on the paraffin inhibitor technology owned by Skye Petroleum, Inc.  The filming of the segment was completed in the spring of this year and editing is now complete.  The company anticipates the airings of the program to begin this Fall.

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.

Safe Harbor Act Disclaimer

Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Certain statements in this press release may contain words such as "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "projects", "plans", "targets" and other similar language and are considered forward-looking statements. These statements are based on management's current expectations, estimates, forecasts and projections. These forward-looking statements are subject to important assumptions, risks and uncertainties, which are difficult to predict and therefore the actual results may be materially different from those discussed.

For more information, please visit the company web site, www.SkyePetroleum.com or contact Buck Eaton, Chief Operations Officer at [email protected] or 713-254-0176.  You can also visit the web site of Business Day TV at www.businessdaytv.com

SOURCE Skye Petroleum, Inc.