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Sky Quarry (NASDAQ: SKYQ) has announced plans for a national rollout of modular facilities to expand its waste asphalt shingle recycling operations. The company is introducing two types of units: Resource Processing Units and Resource Extraction Units.
The Processing Units, which are 80% complete, will target the West Coast and Southwest, costing between $500,000 and $1.5 million per unit. These units reduce waste material volume by 40% by extracting sand and granules and compressing remaining materials into briquettes. The Extraction Units, still in design phase, will target the East Coast, Florida, Texas, and Midwest, with an estimated cost of $12 million per facility.
Each extraction facility is expected to achieve ROI within 24-36 months through tipping fees and recovered material sales. The facilities' locations will be selected based on proximity to populated areas, high tipping fee regions, and rail line accessibility.
Sky Quarry (NASDAQ: SKYQ) has appointed Leo Womack to its Board of Directors, where he will serve as a member of the Audit and Nominating Committee and Chair of the Compensation Committee. Womack brings extensive experience as president of Gulf Equities Realty Advisors and CEO of Ramsey Financial Group.
With a background as a certified public accountant and real estate broker, Womack has served on numerous NASDAQ and OTC public company boards, particularly as audit committee chairman. His current roles include board membership at Petrolia Energy since 2015. Womack holds a Bachelor of Arts from Texas A&M University.
The appointment aligns with Sky Quarry's focus on waste asphalt shingle recycling, including plans for deploying its first modular ASR facility and capitalizing on California's oil market opportunities.
Sky Quarry (NASDAQ: SKYQ) has completed its 2024 capital expenditure program for PR Spring, its flagship hydrocarbon extraction facility. The facility, built at a cost of $54 million under previous ownership, is designed to process up to 1 million tons of asphalt shingle waste annually and produce 2,000 barrels of oil per day.
The company has invested $7 million in critical equipment and engineering partnerships for the facility's retrofit. Located on nearly 6,000 acres, PR Spring holds an estimated 180 million barrels of hydrocarbon resources. A significant upgrade included replacing a trommel mill with proprietary vortex mixing tanks for the extraction process.
Expected to be commissioned in 2025, PR Spring will serve as a central hub connecting upstream and downstream operations, supplying crude oil to Sky Quarry's Foreland Refinery to enhance operational efficiency and profitability.
Sky Quarry Inc. (NASDAQ: SKYQ) has issued a letter to shareholders on January 9, 2025, encouraging them to transfer their stock holdings from margin accounts to cash accounts. The company explains that this strategic move aims to prevent share lending to short sellers, which can potentially exert downward pressure on the stock price.
The letter outlines a simple process for shareholders to make this transition by contacting their brokerage firms to convert their margin accounts into cash accounts. Sky Quarry believes this collective action could help stabilize the stock price and better reflect the company's market fundamentals and growth trajectory.
Sky Quarry (NASDAQ: SKYQ) has received permission to operate a Fractionation Facility at the Eagle Springs Refinery in Nevada, marking a significant milestone in its strategic plan to expand the Foreland Refinery.
The operational permit from the U.S. Department of the Interior Bureau of Land Management covers a 40-acre right-of-way on public lands and extends through December 31, 2055. Part of Sky Quarry’s 2024 capital program, this facility aims to optimize production capacity in anticipation of higher output in 2025.
Once operational, the facility will enhance efficiency and ensure compliance with environmental standards. The company’s LTM revenue of $23 million reflects successful growth initiatives and comprehensive refurbishment of the Foreland Refinery. The new facility will help Sky Quarry capitalize on market opportunities created by the closure of the Phillips 66 refinery, which supplies 8% of California’s gasoline, in late 2025.
Strategically located, the Foreland Refinery will work with Sky Quarry’s PR Spring hydrocarbon extraction facility in Utah, projected to produce up to one million barrels of sustainable oil annually starting in 2025.
Sky Quarry (NASDAQ: SKYQ) released its annual shareholder letter highlighting key achievements in 2024 and strategic plans for 2025. The company successfully listed on NASDAQ in October and raised $6.7M through a public offering of 1,118,005 shares. Notable accomplishments include completing a $7M investment in their PR Spring facility and making strategic improvements to the Foreland Refinery in Nevada.
The company sees significant market opportunities following the planned closure of Phillips 66's Los Angeles refinery, which could affect Nevada's fuel supply. As Nevada's sole crude oil refinery operator, Sky Quarry expects to increase production in 2025 and capture market share. The company plans to deploy its first modular ASR facility, targeting operation of five facilities within five years, while expanding its current shareholder base of approximately 10,000 investors.
Sky Quarry Inc (NASDAQ: SKYQ) has partnered with Zacks Small-Cap Research to publish a research report titled 'Developing a New Approach to Recycling Waste Asphalt Shingles.' The company, focused on revolutionizing waste asphalt shingle recycling, aims to enhance investor communication and market awareness through this initiative. CEO David Sealock emphasized the importance of effective communication since their public market debut. The company has demonstrated success in private markets, ranking in the top 1% of crowdfunded offerings with over 10,000 investors, and is now working to build an institutional ownership base.
Sky Quarry (NASDAQ: SKYQ), a waste asphalt shingle recycling company, announces a Business Update Conference Call scheduled for Tuesday, November 26, 2024, at 11:00 a.m. Eastern Time. CEO David Sealock and VP Marcus Laun will discuss key milestones, their recent Nasdaq listing with a $6.7 million public offering, facility updates, and Q3 2024 financial results.
The call will include a presentation accessible via webcast. Participants can join using toll-free (1-877-407-3982) or international (1-201-493-6780) dial-in numbers. A replay will be available until February 26, 2025, through toll-free (1-844-512-2921) or international (1-412-317-6671) numbers.
Sky Quarry (NASDAQ: SKYQ) reported Q3 2024 financial results with revenue of $4.8 million, down 66% from $14.4 million in Q3 2023. The company completed its Nasdaq listing and raised $6.7 million through a public offering of 1,118,005 shares at $6.00 per share. Q3 saw a net loss of $4.4 million compared to $0.6 million loss in Q3 2023. Revenue decline was attributed to lower WTI pricing and refinery refurbishment. The company completed major upgrades at Foreland refinery and partnered with Atlas Roofing for waste shingle recycling initiatives. Cash position stood at $0.3 million as of September 30, 2024.
Sky Quarry (NASDAQ: SKYQ) announces its first Waste Asphalt Shingle Modular Facility is 80% complete, with operations expected to begin in 2025 pending project financing. The facility is part of a planned nationwide network complementing Sky Quarry's PR Spring extraction site, which has a 2,000 barrels per day heavy oil capacity. Each modular unit can process 100,000 tons of asphalt shingle feedstock annually, addressing the 15 million tons of waste shingles generated yearly in the U.S. The initiative aims to unlock over 22 million barrels of energy potential annually through sustainable resource recovery.
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