Sky Quarry Announces Completion of 2024 CapEx Program for its Flagship Hydrocarbon Extraction Site, PR Spring

Designed to Process 1 Million Tons of Shingle Waste and Produce 2,000 Barrels of Oil Daily

WOODS CROSS, Utah, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (NASDAQ: SKYQ) ("Sky Quarry" or "the Company"), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the successful completion of its 2024 capital expenditure program for PR Spring. This milestone advances Sky Quarry toward completing and commissioning its cornerstone facility, which will play a pivotal role in its waste-to-energy mission while driving future growth.

Capable of processing up to 1 million tons of asphalt shingle waste annually, PR Spring has a designed capacity to produce up to 2,000 barrels of oil per day. The facility will extract oil from both waste asphalt shingles and hydrocarbon resources within its permitted mineral leases on-site. Once retrofitting is completed, the facility is expected to be commissioned in 2025, making it the largest of its kind.

Sky Quarry has invested a total of $7 million, with the majority of this effort focused on procuring critical equipment and collaborating with engineering partners to advance the facility’s retrofit. Built at a cost of $54 million under previous ownership, the facility sits on nearly 6,000 acres of land and holds an estimated 180 million barrels of hydrocarbon resources.

A key achievement in the 2024 upgrade involved the removal of a massive trommel mill to make way for the installation of proprietary vortex mixing tanks. These tanks will serve as key components to the extraction process, responsible for the mixing and agitating the asphalt shingles and sand with the solvent.

Once commissioned, Sky Quarry expects the PR Spring facility to be a key driver in their fully integrated process, from extraction to refining, acting as the central hub that connects their upstream and downstream operations to ensure a reliable supply of base-blending liquid asphalt for their waste-to-energy initiatives. By supplying sustainably produced crude oil to The Company’s Foreland Refinery, the PR Spring facility will significantly boost production capacity, drive revenue growth, and contribute to the refinery’s long-term economic viability, thus enhancing both operational efficiency and profitability.

About Sky Quarry Inc.

Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit .

Forward-Looking Statements

This press release may include ''forward-looking statements.'' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the Company’s Form 1-A offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

Investor Relations

Chris Tyson

Executive Vice President

MZ Group - MZ North America

949-491-8235

Investor Relations

Jennifer Standley

Director of Investor Relations

Company Website