SUGAR LAND, Texas, April 16, 2012 /PRNewswire/ -- Skye Petroleum, Inc. (Pink Sheets: [ SKPO ]), ("Skye" or the "Company") has received approval from the Department of Environmental Protection in Pennsylvania and is a bonded operator in Pennsylvania. Skye has identified 33 new oil well locations on 2 of its existing leases in northwest PA and is currently seeking the permits to drill wells on six of those locations this year. Skye anticipates expanding on its leased acreage this year in northwest PA.

Skye is currently in its 4th consecutive quarter of producing positive revenue. The Company has experienced repeat sales of its paraffin inhibitor technology to a major oil company, as well as sales to smaller operators. The Company anticipates oil sales from its own wells in this quarter.

Our Wax Dispersant chemical process has produced significant results in both clean-out and stimulation of oil wells. Skye is currently treating one of its own wells which produced an increase in oil production of over 300%. The formation below the well opened up significantly after the treatment process was applied and the Wax Dispersant technology reached far back into the formation. A significant increase in gas pressure developed after Skye's treatment was applied. Skye will continue to apply its own technology in its oil wells in order to increase production and gather further information that can be presented to other oil operators.

Our Wax Dispersant technology was recently reviewed by Larry W. Gatlin, an oilfield chemist who began working in the oil industry in 1965. He has worked with down hole chemistry for 40 years in all parts of the world. He began his oilfield chemical career with Champion Chemicals in 1969. Regarding Skye's paraffin inhibitor technology, Larry stated, "Skye's Wax Dispersant ("WD") is a calculated mixture of solvents, penetrants, non-emulsifying surfactants, pour point depressants ("PPD") and dispersants. The WD is designed for rapid penetration into the granular areas of paraffin matrix and disrupts the cohesive binding, allowing the waxes to mix with the produced oil, thus allowing the oil to aid in dissolving the wax. The PPD and dispersants keep the wax from re-precipitating from the crude oil." Gatlin currently holds 25 patents with other patents pending approval. He serves Skye as an Advisor to the Board of Directors.

Please visit the company website, [ www.skyepetroleum.com ] or contact Buck Eaton, COO, at [ Office@skyepetroleum.com ] or 713-254-0176. 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.

SOURCE Skye Petroleum, Inc.

[ Back to top ]

RELATED LINKS
[ http://www.skyepetroleum.com ]

Contributing Sources

Market Wire

N@N

Skye Petroleum, Inc. Receives Well Operator Approval in Pennsylvania

Skye Petroleum, Inc. Receives Well Operator Approval in Pennsylvania