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CORRECTION: Skye Petroleum Acquires Proprietary Chemical Technology
CORRECTION: Skye Petroleum Acquires Proprietary Chemical Technology.
About this update from Skye Petroleum, Inc.
[{"type":"text","content":"SKYE PETROLEUM, INC.News ReleaseSKYE PETROLEUM, INC. ACQUIRES PROPRIETARY CHEMICAL TECHNOLOGYStock Symbol SKPONovember 1, 2010For immediate release Skye Petroleum, Inc. is pleased to announce that is has completed the acquisition for certain proprietary chemical technology that was developed by a privately owned Canadian company. The chemistry is applied with Skye’s slip-stream well treatment method to stimulate and improve the production profiles of certain crude oil. Skye is capable of identifying problematic crude oil fields where the composition of the crude oil includes pressure and temperature sensitive paraffin compounds. Under typical circumstances, the crude oil and its paraffin compounds will undergo changes during production and will precipitate out of the crude oil within the geological formation, within the well casing, and in the gathering piping on surface. Depending on the severity and sensitivity of the paraffin precipitate, it can be observed as a very difficult to pump viscous thick oil fluid, or as a solid waxy sludge that can completely plug a production casing or block the porosity within the geological formation. Skye’s treatment method reduces or prevents the precipitation of the paraffin compounds and improves the production rate of the crude oil. Skye acquired this technology for 20 million restricted common treasury shares. Skye is very excited about the potential of this technology and the long term opportunity it presents, as paraffin is a major problem in the oil fields of America and around the world.About Skye Petroleum: Skye Petroleum contracts with oil companies to treat existing oil wells, producing revenue by significantly increasing oil production of currently producing wells with its paraffin control technology. In addition, Skye Petroleum intends to acquire, operate and treat its own producing wells on behalf of its shareholders. Contact: Buck Eaton &nbs...