GlobeNewswire·Nov 9, 2026, 7:45 AM ET

Sky Quarry Signs LOI with E2 Lab Services to Collaborate on PR Spring Facility

Sky Quarry Inc. signed a non-binding letter of intent with E2 Lab Services & Consulting LLC to evaluate a strategic collaboration for the PR Spring facility in Utah.
E2 will provide engineers & operational personnel to review infrastructure, prepare completion plans, develop workflows, & support commissioning & initial production ramp.
The parties target delivering an initial assessment & execution plan within approximately 30 days after E2 receives necessary information & site access.
Over $60 million has been invested in PR Spring, with substantially all required infrastructure already in place.
The Utah Geological Survey estimates 25 oil sands deposits in the Uinta Basin contain 9 to 11 billion barrels of in-place bitumen.
Sky Quarry's PR Spring leases hold an estimated 184 million barrels of discovered oil sands resources with a planned capacity of 2,000 barrels per day.
The facility will utilize proprietary extraction technology to recover oil from both oil sands & waste asphalt shingles.
Recovered oil will be refined at Sky Quarry's Foreland Refinery in Nevada, the state's only permitted refinery, to produce diesel, naphtha, VGO, & asphalt.
The LOI is non-binding except for confidentiality & other customary provisions, does not offer exclusivity, & will terminate 90 days after the date unless extended.
Any final transaction remains subject to satisfactory diligence, agreement on commercial terms, financing, permits, & execution of definitive agreements.