SOURCE: Skye Petroleum, Inc.

Skye Petroleum, Inc.

April 26, 2011 10:03 ET

Skye Petroleum, Inc. Provides Introduction and Company Overview

SUGAR LAND, TX--(Marketwire - Apr 26, 2011) - Skye Petroleum, Inc. (PINKSHEETS: SKPO) (the "company" or "Skye") is a publicly traded corporation, listed on the "OTC Pink Current Information" tier of the OTC Markets Group Inc. quotation venue, under the trading symbol SKPO.

Skye owns a proprietary chemical technology ("Intellectual Property" or "IP") for a paraffin treatment process for crude oil. The technology was developed in a private laboratory in Canada and successfully field tested in Colorado by James Ryerson, current President of Skye. The IP is applied with Skye's slip-stream well treatment method to stimulate and improve production profiles of certain oil wells. Skye is capable of identifying problematic crude oil fields where the composition of the crude oil includes pressure and temperature sensitive paraffin compounds. Skye's treatment method reduces and prevents the precipitation of the paraffin compounds, while increasing the production rate of the crude oil.

In the spring of 2010, Skye entered into a contract with Universal Resources Holdings, Inc. ("Universal") of New York to treat three (3) oil wells. The contract was expanded to cover twenty (20) wells after Skye's initial success. A representative of Universal stated, "We have been very encouraged by the initial results from a series of our shallow glade wells in Warren County, Pennsylvania. The high paraffin 1980s vintage wells, which at best produced ¼ BBL of fluid per day, now produce between five (5) and seven (7) BBLs of fluid per day."

Skye's CEO, Brad Knollenberg, said, "Since we came to the area last spring, we have developed valuable relationships in northwest Pennsylvania. Our hope is to use our technology and geology to tap what appears to be significant reserves, as well as increase production in existing wells."

Skye was contacted in December 2010 by Business Day, a television program hosted by former Pittsburgh Steelers quarterback, Terry Bradshaw. The program will feature Skye in an episode discussing emerging technologies in the energy market. The program will air twenty (20) times on both national and regional cable stations, beginning in 2011.

Skye is now expanding its operations in northwest Pennsylvania by signing leases covering existing wells, as well as purchasing leases covering potential, new drill sites.

For more information about Skye Petroleum, Inc. please visit www.skyepetroleum.com and www.otcmarkets.com under the symbol SKPO.

Contact Information