GlobeNewswire·Nov 11, 2026, 7:45 AM ET

Sky Quarry Signs Non-Binding Letter of Intent to Introduce BioForce Nanosciences to Potential Financing Sources

SKYQ

Sky Quarry Inc. signed a non-binding letter of intent with BioForce Nanosciences Holdings to introduce BioForce to potential financing sources for its Nevada oil exploration program.
BioForce is seeking approximately $25 million in financing for its drilling & development activities in Nevada.
The arrangement is non-exclusive, allows BioForce sole discretion to accept or reject financing proposals, & includes no fee or compensation for Sky Quarry.
This initiative advances Sky Quarry's Nevada Oil Development Program, which targets up to $50 million in third-party investment for qualified producers & projects.
BioForce holds federal leases covering nearly 20,000 acres in Nevada's White River Valley across the Fox Mountain & South Lund prospects.
Independent Ryder Scott assessments cite P50 estimates of 1.349 billion barrels of technically recoverable oil for Fox Mountain & 497 million barrels for South Lund.
Sky Quarry has not independently verified the resource estimates provided by BioForce.
If commercial production is established, Sky Quarry's Foreland Refining Corporation may evaluate a crude offtake relationship to supply its Eagle Springs Refinery.
Any crude purchase would require a separate definitive agreement based on market terms, quality, volumes, & logistics.
Sky Quarry holds no right of first refusal or offer regarding BioForce's production & is under no obligation to provide financing from its own balance sheet.
The letter of intent has a term of 180 days, is non-binding regarding financing or offtake, & may be terminated by either party at any time.

Company: Sky Quarry Inc
Keywords: Nasdaq:SKYQ, Sky Quarry Inc