Business
Sky Quarry Highlights Growing Nevada Oil Exploration Activity and Potential New Regional Supply for Foreland Refinery
Recent federal leasing and drilling permits, together with a USGS estimate of approximately 1.4 billion barrels of undiscovered oil resources beneath Nevada
About this update from Sky Quarry Inc.
Recent federal leasing and drilling permits, together with a USGS estimate of approximately 1.4 billion barrels of undiscovered oil resources beneath Nevada federal lands, reinforce the state's potential for expanded domestic production WOODS CROSS, UT / ACCESS Newswire / August 4, 2026 / Sky Quarry Inc. (NASDAQ:SKYQ) ("Sky Quarry" or the "Company"), an energy infrastructure company focused on domestic refining and resource development, today highlighted recent federal oil and gas leasing and drilling-permit activity that the Company believes demonstrates renewed interest in Nevada oil exploration and could support increased in-state crude oil production.During the first half of 2026, the Bureau of Land Management ("BLM") completed two Nevada competitive oil and gas lease sales covering approximately 30,168 acres. The BLM's March 31 sale included 11 parcels totaling approximately 19,957 acres, all of which received bids.1 The agency's June 23 sale included four parcels totaling approximately 10,211 acres, all of which were acquired by Reanco Enterprises LP.2In addition to this leasing activity, two significant Nevada exploration wells have recently received federal and state approvals:Unionville Royalty Company LLC's proposed Trap Springs 11-42 exploration well in Railroad Valley, which received BLM approval in December 2025, and Nevada Division of Minerals permit 0987 in February 2026;3 andGreat Basin Operating LLC's proposed North Diamond Valley Great Basin Unit 1-A exploration well, approximately 45 miles south of Elko, which received BLM approval and Nevada Division of Minerals permit 0988 in April 2026.4The Company believes these leasing and permitting developments represent important steps toward accessing Nevada's petroleum potential. Successful exploration and development are expected to increase the volume and diversity of crude oil available within Nevada.The recent activity is occurring against a substantial geological resource backdrop. A 2025 U.S. Geological Survey assessment estimated that federal lands in Nevada contain a mean allocated resource of approximately 1.407 billion barrels of undiscovered, technically recoverable oil, placing Nevada third among U.S. states in the assessment, behind Alaska and New Mexico.5"The USGS assessment demonstrates that Nevada possesses a potentially significant domestic oil resource, while the recent lease...