Sky Quarry Appoints Refining Industry Veteran Ray Hansen as President of Foreland Refining Corporation
Rhea-AI Summary
Sky Quarry (NASDAQ: SKYQ) appointed refinery veteran Ray Hansen as President of wholly owned subsidiary Foreland Refining Corporation.
Hansen will oversee the Eagle Springs refinery near Ely, Nevada and support development of the PR Spring oil sands processing facility in Vernal, Utah.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Seasoned executive with over 35 years refining experience appointed to lead Foreland Refining
- Leadership background includes managing a 140,000 barrel-per-day refinery and over 260 operations personnel
- Experience in renewable fuels conversion may support PR Spring and Foreland Refinery development plans
Negative
- None.
Market Reaction – SKYQ
Following this news, SKYQ has declined 15.29%, reflecting a significant negative market reaction. Our momentum scanner has triggered 34 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $3.24. This price movement has removed approximately $3M from the company's valuation.
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Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 22 | production ramp update | Positive | +59.0% | Announced Foreland Refinery entering production phase with initial inventory and storage. |
| Jun 03 | drilling initiative | Positive | -11.0% | Launched Nevada drilling and production plan to supply crude to Foreland Refinery. |
| May 11 | fuel security update | Positive | -9.5% | Highlighted role of Eagle Springs refinery in Nevada’s fuel resiliency planning. |
| May 07 | strategic MOU | Positive | -11.2% | Signed multi-party MOU to pursue low‑carbon and recycled fuels initiatives. |
| May 04 | asset commercialization | Positive | +0.3% | Issued RFP to advance commercialization of 180‑million‑barrel PR Spring oil sands. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Sky Quarry has often sold off on expansion or strategic announcements, with the notable exception of the Foreland production-phase news, which saw a sharp gain.
Regulatory & Risk Context
Short interest is in a moderately elevated range, indicating scope for amplified volatility and potential squeeze dynamics if sentiment shifts sharply.
An effective Form S-3 shelf allows the company to offer up to $1,000,000,000 of various securities over time, giving flexibility to raise capital but also creating ongoing dilution risk if primary equity is issued.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Former HF Sinclair executive brings more than 35 years of refinery operations, engineering, and leadership experience to support the Company's next phase of growth.
WOODS CROSS, UT / ACCESS Newswire / July 9, 2026 / Sky Quarry Inc. (NASDAQ:SKYQ) ("Sky Quarry" or the "Company"), an energy infrastructure company focused on domestic refining and resource development, today announced the appointment of Ray Hansen as President of its wholly owned subsidiary, Foreland Refining Corporation ("Foreland Refining").
The appointment follows the Company's recent announcement that Foreland Refining has entered its production phase, with refinery operations commencing, and represents an important step toward building Sky Quarry's operational leadership team.
As President, Hansen will lead the Company's refining operations, including oversight of the Eagle Springs refinery near Ely, Nevada (the "Foreland Refinery"), and the continued development of PR Spring, the Company's oil sands processing facility in Vernal, Utah.
Hansen brings more than 35 years of refining industry experience, including senior leadership positions with HF Sinclair, CITGO Petroleum, and Chevron. Most recently, he served as Vice President of HF Renewable Fuels. Prior to that, he led operations at HF Sinclair's 140,000 barrel-per-day El Dorado refinery, where he was responsible for refinery operations, engineering, logistics, environmental performance, and the management of more than 260 operations personnel. Over the course of his career, Hansen has built a reputation for improving refinery reliability, increasing throughput, and executing major capital projects.
"Ray has successfully led large-scale refinery operations, including the execution of a highly successful renewable fuels conversion project," said Marcus Laun, Interim Chief Executive Officer of Sky Quarry. "That's the kind of operational focus we need at Foreland Refining as we look to ramp production and prepare PR Spring for its next stage of development."
"The Foreland Refinery and the PR Spring facility represent unique assets with tremendous potential," said Hansen. "I'm looking forward to working with the team, building on the progress that's already underway, and finding new opportunities to improve performance. I've learned that some of the greatest gains can come from unlocking potential from existing assets, and I see similar opportunities here."
Hansen holds Bachelor of Science degrees in Chemical Engineering and Materials Science Engineering from the University of California, Berkeley.
About Sky Quarry Inc.
Sky Quarry is an energy infrastructure company focused on domestic refining and resource development. The Foreland Refinery in Nevada, once operational, will be the state's only operating refinery, producing diesel, vacuum gas oil (VGO), naphtha and asphalt for western U.S. markets. Sky Quarry is also advancing development initiatives at its PR Spring facility in Utah.
For more information, visit www.skyquarry.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "expect," "anticipate," "believe," "intend," "plan," "will," "may," "should," "estimate," "potential," "project," "continue," and similar expressions, or the negative of such terms. These forward-looking statements include, but are not limited to, statements regarding: the expected timing for the commencement of refinery operations; the anticipated benefits of the Company's strategic position within the Western United States fuel market; expectations regarding refining capacity trends and their impact on the value of refining assets; the expected operational flexibility provided by storage capacity and on-site inventory; the Company's ability to generate cash flow, strengthen its balance sheet, and create shareholder value; the Company's plans for production ramp-up, customer deliveries, and operating margins; and the Company's beliefs regarding its unique market position and competitive advantages.
These forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: risks related to the Company's ability to successfully commence and sustain refinery operations; fluctuations in crude oil prices, refined product prices, and refining margins; the Company's ability to obtain adequate supplies of crude oil feedstock at competitive prices; regional competition from other refineries and fuel suppliers; changes in demand for refined products in the Western United States; the Company's ability to attract and retain customers; risks associated with the operation of refining facilities, including equipment failures, unplanned downtime, and regulatory compliance requirements; the Company's ability to manage costs and maintain operational efficiency; the availability and cost of labor, equipment, and materials; changes in environmental, health, safety, or other regulations affecting the refining industry; the Company's ability to maintain adequate liquidity and working capital to support operations; general economic conditions, including inflation, interest rates, and recessionary pressures; and other factors described in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date hereof, and except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
Investor Relations
Jennifer Standley
Director of Investor Relations
ir@skyquarry.com
SOURCE: Sky Quarry
View the original press release on ACCESS Newswire