Arizona Tribune - Sky Quarry's 180-Million-Barrel Oil Sands Asset Subject to RFP for Accelerated Commercialization

WOODS CROSS, UT / ACCESS Newswire / May 4, 2026 / Sky Quarry Inc. (NASDAQ:SKYQ) ("Sky Quarry" or the "Company"), an integrated energy and environmental remediation company, announced today that it is issuing a Request for Proposals (RFP) to engage partners seeking to accelerate development and commercialization of its ~180-million-barrel¹ oil sands resource at its fully permitted PR Spring facility in Utah. The PR Spring asset spans approximately 5,900 acres and includes a constructed processing facility representing approximately $60 million in prior investments.

The PR Spring asset is supported by prior engineering and feasibility work that outlines meaningful production potential at scale, including:

• ~1.5 million tons per year of feedstock processing capacity (August Brown, LLC feasibility study, October 2022)

• Expected production cost of approximately $35 per barrel

• ~2,000 barrels¹ per day of heavy oil production capacity upon development

Based on the scale of the opportunity and Sky Quarry's 100% working interest in the asset, the Company is seeking proposals for a farmout arrangement from industry partners to accelerate development and commercialization of this large-scale domestic resource, offering participation in a permitted, infrastructure-backed asset with defined production potential.

PR Spring is located near Vernal, Utah, in the Uinta Basin, one of the primary oil and natural gas producing regions in the Western United States. The Company believes the facility requires only incremental capital - estimated at $4 to $5 million in CapEx - to reach production readiness.

Permitted, production-ready projects are increasingly attractive in the current environment, which is experiencing refinery closures across California and the broader Western United States, tightening fuel supply, and growing demand for domestic resource development.

Sky Quarry's platform includes its Nevada-based Foreland Refinery, the only permitted refinery in the state, creating a potential integrated pathway from resource to refined product in a supply-constrained Western fuel market.

Interested parties may contact [email protected] for additional information about the RFP.

About Sky Quarry Inc.

Sky Quarry is an oil production and refining company that operates the Foreland Refinery, a regional facility producing diesel, vacuum gas oil (VGO), naphtha, and liquid paving asphalt for Western U.S. markets. The Company is also advancing its PR Spring development in Utah, focused on technologies to recover hydrocarbons from oil-saturated sands and soils and consumer waste, including asphalt shingles, using its proprietary ECOSolv process. This closed-loop technology aims to enable efficient oil recovery while reducing landfill waste and supporting domestic energy production. For more information, please visit www.skyquarry.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about the Company's plans and strategy, future financial and/or operating results and projections, future developments in the industry and the potential impact of regulations. All statements other than statements of historical fact may constitute forward-looking statements. The statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project," "potential," "may," "can," "if," or words of similar meaning. Such statements are based on current expectations and assumptions of management, many of which are beyond the Company's control, and are subject to a number of risks, uncertainties, and factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described explicitly or implicitly in any forward-looking statement. Forward-looking statements speak only as of the date hereof. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events and circumstances or otherwise. You are urged to carefully review and consider the cautionary statements and the Company's other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings made with the SEC.

Investor Relations

Jennifer Standley
Director of Investor Relations
[email protected]

¹ The PR Spring lands are classified as an exploration stage property, and the Company does not have any proven reserves on its leases at the PR Spring Facility. The estimated resources described herein do not qualify as, and should not be confused with, reserves.

SOURCE: Sky Quarry

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A.Taylor--AT