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Sky Quarry Pushes to Expand Drilling in Nevada, Home to an Estimated 1.4 Billion Barrels of Oil

SKYQ
  • Sky Quarry Inc. (NASDAQ: SKYQ) announced a new crude oil drilling & production initiative in Nevada's Railroad Valley, the state's primary oil-producing region.
  • The company intends to refine the extracted crude at its Foreland Refinery, which is Nevada's only operating refinery.
  • A 2025 U.S. Geological Survey assessment estimates Nevada holds approximately 1.4 billion barrels of undiscovered, technically recoverable oil on federal lands, ranking third nationally behind Alaska & New Mexico.
  • Despite this resource, Nevada currently imports over 90% of its transportation fuels, much of which comes from supply-constrained California.
  • Michael D. O'Neal of Grant Canyon Oil & Gas LLC & Saddle Rim Energy LLC stated that Nevada prospects offer long-lived reserves with shallow field decline rates & expressed intent to expand production in partnership with Sky Quarry.
  • Sky Quarry is assisting regional producers to bring additional wells online & increase Nevada crude output to feed the Foreland Refinery.
  • The Foreland Refinery is well-suited for Railroad Valley crude due to limited pipeline access to outside markets, making local refining more economical.
  • CEO Marcus Laun noted that peak Railroad Valley production historically reached roughly 5,000 barrels per day & believes further productivity gains are possible.
  • Sky Quarry operates the Foreland Refinery, producing diesel, vacuum gas oil, naphtha, & liquid paving asphalt for western U.S. markets.
  • The company is also advancing development at PR Spring in Utah using its proprietary ECOSolv process to recover hydrocarbons from oil-saturated materials & consumer waste.