SUGAR LAND, Texas, April 3, 2014 /PRNewswire/ -- Skye
Petroleum, Inc. (Pink Sheets: SKPO) is pleased to announce that
chemical sales orders continue to grow strongly on both a year over
year and a quarter over quarter basis. As of this date, sales
orders since the beginning of the year have surpassed $90,000 or 55% of total revenue in 2013.
The company experienced a surge in orders late in the first quarter
of 2014 as the weather improved. Purchase Orders issued in
the last week of the first quarter will be reported as revenue in
the second quarter, based on delivery.
Skye Petroleum turned its focus entirely to chemical sales at
the beginning of the second quarter of 2013, after determining the
oil leases should be sold. In the company's first full year
of focusing on chemical sales, Skye has received orders totaling
more than $250,000 for its
proprietary chemicals. The company is optimistic that sales
will continue to grow strongly over the course of 2014. Skye
has recently completed several Master Service Agreements and will
be conducting extensive testing with its product on a pipeline and
oil wells in North Dakota.
The company has hired a Field Service technician to assist the
growing opportunities in the region.
The company also anticipates its first test with the Skye Chem
Wax Dispersant and Sludge Buster products outside of the United States in the coming months.
Buck Eaton, Chief Operations Officer
of Skye Petroleum, Inc. said, "We are excited to see the sales
momentum continue to grow. We are experiencing repeat
business which is an indication of the ability of the products, as
well as new interest from companies in the United States and abroad."
Skye Petroleum ended the first quarter in its strongest
financial position since the company was restructured into a
chemical sales company. Eaton stated further, "Our Balance
Sheet continues to show improvement with a much stronger cash
position than we ended the year, while being free of any debt, as a
result of selling more common stock during the quarter. We
are very hopeful of the future; the opportunities before us are
significant and the company is being positioned to take full
advantage of the challenges paraffin, asphaltene, sludge and
phosphate create throughout the oil production stream." The
Company's goal is to build up a recurring sales base so that the
cash flow from chemical sales is strong enough to fund our on-going
operations in 2015.
Please visit the company web site, www.skyepetroleum.com or
contact Buck Eaton, COO, at
office@skyepetroleum.com or 281-265-1199. Skye Petroleum,
Inc. is a publicly traded corporation, listed on the "OTC
Pink Current Information" tier on the OTC Markets Group Inc.
electronic quotation venue, under the trading symbol, SKPO.
SOURCE Skye Petroleum, Inc.