Business
Skye Petroleum Acquires Oil Lease in NW Pennsylvania
Skye Petroleum Acquires Oil Lease in NW Pennsylvania.
About this update from Skye Petroleum, Inc.
[{"type":"text","content":" SKYE PETROLEUM, INC. PRESS RELEASE Stock Symbol: SKPO SKYE PETROLEUM, INC. ACQUIRES 142 ACRE OIL LEASE IN NW PENNSYLVANIA April 18, 2011 Skye Petroleum, Inc (the “company” or “Skye”) is pleased to announce that it has leased 142 acres in Northwest Pennsylvania for oil up to 1500 feet. Skye anticipates that this will be the first of several leases that will be acquired in NW Pennsylvania this year. Several of these anticipated leases have existing oil wells and additional wells may be drilled on acreage covered by such leases. Skye Petroleum, Inc.'s Chief Executive Officer, Brad Knollenberg said, “Since we came into the area nearly a year ago, we have developed valuable relationships in Northwest Pennsylvania. Our hope is to use our technology and geology to tap what appears to be significant reserves, as well as see increased production in the existing wells.” Knollenberg added, “We believe our paraffin control technology will continue to be a successful tool with existing wells, but could also potentially make a powerful impact on new drilling in these high paraffin areas in order to minimize future problems with paraffin.” As Skye acquires each lease, the company will make a public announcement of the acreage and if it covers existing wells. This first lease does not cover any existing wells. “We are further along in our Business Plan than I expected as this point.” Knollenberg said, “Our expectation was to continue to add existing operators before acquiring our own leases. But, the opportunities have presented us with the potential to maximize revenue, reserve assets and sharehold...