Skye Petroleum, Inc. Chemical Sales Hit Consecutive Record Breaking Quarters
SUGAR LAND, Texas, Aug. 19, 2013 /PRNewswire/ — Skye Petroleum, Inc. (Pink Sheets: SKPO) is pleased to announce that in the first six (6) weeks of the third quarter of 2013, sales have already surpassed the record sales in the most recent second quarter. Also, sales of its Skye Chem Wax-Dispersant Ready to Use chemical (WD-RTU) in 2013, have now doubled the chemical sales of 2012. Skye attributes the sales growth to focusing on selling through a network of distributors. The company has sold through multiple distributors in Pennsylvania, Alabama, Louisiana and Texas over the past year. Skye has also added Account Executives in Houston to expand its marketing efforts across the United States.
In Pennsylvania, the company is experiencing its widest distribution among oil well operators as the Skye Chem WD-RTU is becoming known as an effective product in significantly reducing paraffin problems throughout the oil production process. Scot Stutzman, Senior Vice-President of the Eastern Region stated, “Producers in Pennsylvania have reported using our Skye Chem WD-RTU for a variety of different treatment protocols, which have successfully addressed costly paraffin problems from down-hole all the way to and including the storage tanks.”
Skye Petroleum believes the Skye Chem WD-RTU is an effective wax dispersant that will significantly reduce paraffin problems in multiple upstream and midstream applications. Previously, the focus had mainly been on down-hole and flow-line applications, but a recent test on a storage tank in Arkansas proved very successful in eliminating paraffin buildup. Skye is seeking further testing opportunities for pipelines and oil terminals.
Brandon Rhodes, Chief Development Officer stated, “The robust chemistry in the Skye Chem WD-RTU continues to prove its fault tolerance and cost-saving ability along all segments of the oil and gas value chain.”
The Skye Chem WD-RTU chemical was recently tested against a brand name company’s product in North Dakota and was very successful. WD-RTU has been successfully used in batch treatments, but this recent test proved that it could be used on a down-hole continuous injection basis, as well.
Rhodes stated further, “With recent successes in North Dakota, we are now competing head to head with top tier chemical service companies that boast the most widely used chemistry in the oil field, and we’re winning. Skye Chem WD-RTU continues to outperform the standard. We don’t think there is a single product out there that would perform as consistently as our wax dispersant chemistry. While building on our continued success in the upstream market, we are aggressively attacking the midstream and downstream markets with strategic partners and expect to separate ourselves from the competition with further market penetration. The need for a consistently reliable wax dispersant chemistry in our business is in high demand and very profitable, and we are well positioned to be the market leader. We estimate the potential market at a billion dollars plus, with current conditions, and expect rapid sales growth on all fronts. It’s an exciting time for us and forecasts are for strong, continued growth.”
Skye recently sold its remaining oil leases it held in Pennsylvania in order to focus entirely on chemical sales. The strategy is proving successful thus far and Skye anticipates strong sales growth to continue as the company aggressively seeks partners throughout North America.
Please visit the company web site, www.skyepetroleum.com or contact Buck Eaton, COO, at email@example.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.