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Achieves Operational Milestone in the Company’s Strategic Plan to Expand the Capabilities of its Foreland Refinery
WOODS CROSS, Utah, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (NASDAQ: SKYQ) ("Sky Quarry" or "the Company"), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced that it has received permission to operate and maintain a Fractionation Facility at the Eagle Springs Refinery in Nevada. This milestone is a key component of the Company’s strategic plan to expand the capabilities of its Foreland Refinery.
The operational permit from the U.S. Department of the Interior Bureau of Land Management is for a 40-acre right-of-way on public lands at the Eagle Springs Refinery in Railroad Valley, Nye County, Nevada. The term extends through December 31, 2055, a 30-year period from the effective date.
Securing this permit was part of Sky Quarry’s 2024 capital program, aimed at optimizing the Foreland Refinery’s production capacity in preparation for the significantly higher output expected in 2025. Once operational, the facility will be critical in improving operational efficiency and ensuring compliance with environmental and industry standards.
“We are excited about the progress we're making at the Foreland Refinery and are committed to increasing our production capacity in line with our sustainability goals,” said Marcus Laun, Founder and Director of Sky Quarry. “This fractionation facility and the associated upgrades will be key drivers in expanding our operations and supporting our waste-to-energy mission. We are dedicated to ensuring our facilities meet the highest environmental standards and are well-positioned for future growth.”
The Company’s last twelve months (LTM) revenue of $23 million reflects the successful execution of its growth initiatives and a comprehensive refurbishment of the Foreland refinery. This refurbishment, along with the Fractional Facility, will allow Sky Quarry to capitalize on emerging market opportunities created by the closure of the Phillips 66 refinery in late 2025.
The Phillips 66 refinery is responsible for 8% of California’s gasoline supply, and its closure is expected to shift regional fuel demand significantly. Management believes its strategically located Nevada refinery is well-positioned to step in and meet this demand, leveraging its location and capabilities without the stringent restrictions placed on California-based refineries.
The Foreland Refinery will operate with Sky Quarry’s PR Spring hydrocarbon extraction facility in neighboring Utah to refine sustainably produced oil. With PR Spring’s operations projected to commence in 2025, production is expected to reach up to one million barrels of sustainable oil annually.