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 asphaltene 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 [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.