SKYE PETROLEUM, INC.
News Release
Stock Symbol: SKPO December 20, 2010
Skye Petroleum, Inc. Initial Results and Progress
Skye Petroleum, Inc. ("Skye"), using its slip-stream well treatment method for paraffin control on stripper oil wells owned by Universal Resources Holdings, Inc. ("Universal’), has realized significant improvement in total fluid and gas pressure in their initial results.
Brad Hofert, Field Supervisor for Universal, who was present during the treatment process, said, "We have observed a substantial and recognizable increase in gas pressure following the Skye treatments." He also noted that he "heard fluid pouring into the tank batteries after only hearing trickling before."
John Nalbone, Jr., President of Universal, stated, "We have been very encouraged by the initial results from a series of our shallow glade oil wells in Warren County, Pennsylvania. These high paraffin 1980’s vintage wells, which at best produced ¼ BBL of fluid per day, now produce up to five (5) to seven (7) BBLs of fluid per day. We are now proceeding to treat twelve to fourteen additional wells at this time."
The initial contract between Skye and Universal has expanded to cover twenty (20) wells from the initial three (3) wells.
Brad Knollenberg, CEO of Skye, said, "The Skye treated wells displayed wonderful results after our initial treatments. The wells are older and we have since made improvements on some of the wells that we believe will lead to even better results. We are most excited to see significant gas pressure improvement, since that is what drives the fluids." Knollenberg added that, "Skye will soon begin the application process for an oil and gas permit in the State of Pennsylvania, with the intention of leasing our own properties with existing wells." Regarding the area, Hofert said, "There is great potential in northwest Pennsylvania. There are thousands of wells in the area that could benefit from the Skye treatment process."
Skye was recently contacted by Business Day Television, hosted by former Pittsburgh Steelers’ quarterback Terry Bradshaw. Business Day will feature Skye on a television program that will introduce emerging technologies in the energy market. The program will air nationally on the Fox Business Network in 2011.
About Skye: Skye Petroleum contracts with oil companies to treat their existing oil wells with its paraffin control technology and realizes revenue by participating in a significant portion of the increase in the resulting oil production revenue. In addition, Skye intends to acquire and operate its own producing wells on behalf of its shareholders.
Contact: Buck Eaton Phone: 713-254-0176
Chief Operations Officer Email: Office@Skyepetroleum.com
Web Site: www.SkyePetroleum.com