Skye Petroleum, Inc. Chemical Sales Orders Continue Strong Growth

SUGAR LAND, Texas, April 3, 2014 /PRNewswire/ -- Skye Petroleum, Inc. (Pink Sheets: SKPO) is pleased to announce that chemical sales orders continue to grow strongly on both a year over year and a quarter over quarter basis.  As of this date, sales orders since the beginning of the year have surpassed $90,000 or 55% of total revenue in 2013.  The company experienced a surge in orders late in the first quarter of 2014 as the weather improved.  Purchase Orders issued in the last week of the first quarter will be reported as revenue in the second quarter, based on delivery.

Skye Petroleum turned its focus entirely to chemical sales at the beginning of the second quarter of 2013, after determining the oil leases should be sold.  In the company's first full year of focusing on chemical sales, Skye has received orders totaling more than $250,000 for its proprietary chemicals.  The company is optimistic that sales will continue to grow strongly over the course of 2014.  Skye has recently completed several Master Service Agreements and will be conducting extensive testing with its product on a pipeline and oil wells in North Dakota.
The company has hired a Field Service technician to assist the growing opportunities in the region.

The company also anticipates its first test with the Skye Chem Wax Dispersant and Sludge Buster products outside of the United States in the coming months.  Buck Eaton, Chief Operations Officer of Skye Petroleum, Inc. said, "We are excited to see the sales momentum continue to grow.  We are experiencing repeat business which is an indication of the ability of the products, as well as new interest from companies in the United States and abroad."

Skye Petroleum ended the first quarter in its strongest financial position since the company was restructured into a chemical sales company.  Eaton stated further, "Our Balance Sheet continues to show improvement with a much stronger cash position than we ended the year, while being free of any debt, as a result of selling more common stock during the quarter.  We are very hopeful of the future; the opportunities before us are significant and the company is being positioned to take full advantage of the challenges paraffin, asphaltene, sludge and phosphate create throughout the oil production stream."  The Company's goal is to build up a recurring sales base so that the cash flow from chemical sales is strong enough to fund our on-going operations in 2015.

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.