Sky Quarry Issues Request for Proposals to Accelerate Development of One Hundred Eighty Million Barrel PR Spring Oil Sands Asset Amid Tightening Western U.S. Fuel Supply
Sky Quarry (NASDAQ:SKYQ) issued a Request for Proposals to accelerate development and commercialization of its ~180 million barrel PR Spring oil sands asset in Utah.
Rhea-AI Summary
Sky Quarry (NASDAQ:SKYQ) issued a Request for Proposals to accelerate development and commercialization of its ~180 million barrel PR Spring oil sands asset in Utah.
The fully permitted site spans ~5,900 acres, includes a processing facility with over $50 million prior investment, and cites engineering work showing 1.5M tons/year feedstock capacity and 2,000 bpd heavy oil potential.
Sky Quarry seeks industry and capital partners to monetize the asset and notes its Nevada Foreland Refinery could provide an integrated pathway to refined products in a tightening Western fuel market.
Positive
- ~180M barrels oil sands resource
- Permitted PR Spring site across ~5,900 acres
- Existing processing facility with $50M prior investment
- 1.5M tons/year feedstock processing capacity identified
- Potential integration with Nevada Foreland Refinery
Negative
- Estimated production of 2,000 bpd heavy oil is modest
- Commercialization dependent on securing partners via RFP
- Key feasibility data dates to October 2022 (may need updating)
Details
News Market Reaction – SKYQ
In the Apr 29 session, SKYQ gained 6.27%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Oil sands resource
- ~180 million barrels
- PR Spring oil sands resource in Utah
- Asset size
- 5,900 acres
- PR Spring facility land area
- Prior investments
- over $50 million
- Constructed processing facility at PR Spring
- Feedstock capacity
- ~1.5 million tons per year
- PR Spring feedstock processing capacity upon development
- Heavy oil capacity
- ~2,000 barrels per day
- Heavy oil production capacity at PR Spring upon development
- Current share price
- $5.90
- Pre-news price vs 52-week range $1.66–$19.4499
- Price change
- 8.26%
- 24h move prior to article publication
- Market cap
- $20,478,097
- Equity value prior to this news
Historical Context
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Highlighted Defense Production Act support for domestic refining and Foreland refinery.
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Framed Foreland refinery and 180M-barrel PR Spring asset as valuable amid tight supply.
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Clarified CUSIP and mechanics following 1-for-8 reverse stock split implementation.
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Announced 1-for-8 reverse split to increase share price and regain Nasdaq compliance.
-
Completed high-impact upgrades at 5,000 bpd Foreland refinery to improve reliability.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WOODS CROSS, UT / ACCESS Newswire / April 29, 2026 / Sky Quarry Inc. (NASDAQ:SKYQ) ("Sky Quarry" or the "Company"), an integrated energy and environmental remediation company, announced today that it is issuing a Request for Proposals (RFP) to engage partners seeking production opportunities to accelerate the development and commercialization of its ~180-million-barrel oil sands resource at its fully permitted PR Spring facility in Utah. The asset spans approximately 5,900 acres and includes a constructed processing facility representing over
The PR Spring asset is supported by prior engineering and feasibility work that outlines meaningful production potential at scale, including:
~1.5 million tons per year of feedstock processing capacity
~2,000 barrels per day of heavy oil production capacity upon development
(August Brown, LLC feasibility study, October 2022)
Based on the scale of the opportunity and strong feasibility results, Sky Quarry is seeking proposals from industry and capital partners to accelerate the development and commercialization of this large-scale domestic resource, offering participation in a permitted, infrastructure-backed asset with defined production potential.
PR Spring is located near Vernal, Utah, in the Uinta Basin, one of the primary oil and natural gas producing regions in the Western United States. The Western fuel market operates with limited refining capacity and constrained infrastructure. Refinery closures, regulatory pressure, and limited new capacity have tightened supply and increased the demand for domestic resource development. In this environment, permitted, development-ready projects capable of contributing new supply are increasingly attractive.
"We have been making steady progress at PR Spring to better position the asset for development," said Marcus Laun, Chief Executive Officer of Sky Quarry. "Through this RFP process, we are looking to engage with partners who recognize both the scale of the resource and the urgency of bringing additional supply online. We believe that owning a large-scale oil sands resource with existing infrastructure at PR Spring represents a meaningful advantage in this constrained environment, and that its value is not fully reflected in current market perception."
Sky Quarry's platform includes its Nevada-based Foreland Refinery, the only permitted refinery in the state, creating a potential integrated pathway from resource to refined product in a constrained Western fuel market.
Interested parties may contact jennifer@skyquarry.com for additional information about the RFP.
About the Company
Sky Quarry is an oil production and refining company that operates the Foreland Refinery, a regional facility producing diesel, vacuum gas oil (VGO), naphtha, and liquid paving asphalt for Western U.S. markets. The Company is also advancing its PR Spring development in Utah, focused on technologies to recover hydrocarbons from oil-saturated sands, soils, and consumer waste, including asphalt shingles, using its proprietary ECOSolv process. This closed-loop technology aims to enable efficient oil recovery while reducing landfill waste and supporting domestic energy production. For more information, please visit www.skyquarry.com.
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, including statements about the Company's plans and strategy, future financial and/or operating results and projections, future developments in the industry and the potential impact of regulations. All statements other than statements of historical fact may constitute forward-looking statements. The statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project," "potential," "may," "can," "if," or words of similar meaning. Such statements are based on current expectations and assumptions of management, many of which are beyond the Company's control, and are subject to a number of risks, uncertainties, and factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described explicitly or implicitly in any forward-looking statement. Forward-looking statements speak only as of the date hereof. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events and circumstances or otherwise. You are urged to carefully review and consider the cautionary statements and the Company's other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings made with the SEC.
Investor Relations
Jennifer Standley
Director of Investor Relations
Ir@skyquarry.com
SOURCE: Sky Quarry
View the original press release on ACCESS Newswire