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 Office@SkyePetroleum.com
or 713-254-0176. You can also visit the web site of Business
Day TV at www.businessdaytv.com
SOURCE Skye Petroleum, Inc.