Skye Petroleum, Inc. on Monday announced the signing of two additional leases with five producing wells on each lease. The two new leases, totaling 69 acres, increase the total acreage currently under lease to 211 acres.
Brad Knollenberg, Chief Executive Officer of Skye, said, "We are excited to continue adding to our holdings in Warren County. The opportunities are tremendous in northwest Pennsylvania and since we have opened our regional office in Sugar Grove, we have experienced a significant increase in interest for our well treatment process throughout the region."
Skye currently has 20 wells under contract and 10 wells under lease for application of its paraffin treatment process. Knollenberg added, "This will give us the opportunity to apply our paraffin control technology to these ten producing wells, as well as declare a percentage of the recoverable reserves as an asset on Skye's Balance Sheet." Skye anticipates adding to its overall lease holdings covering producing oil wells, as it continues to discuss contractual arrangements with operators who desire to increase production in their oil wells.
Buck Eaton, Chief Operations Officer of Skye, said, "We believe that as the oil industry becomes more knowledgeable of this technology, our growth could increase exponentially." Skye will be hosting an Open House at the regional office in Sugar Grove, PA on June 2, 2011 from 4 PM until 7 PM.
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