SALT LAKE CITY, Utah, Oct. 3, 2022 /CNW/ - Sky Quarry Inc. ("Sky Quarry", "SQI" or the "Company") is pleased to announce that it has acquired Foreland Refining Corporation ("Foreland") (the "Acquisition").
Foreland's key asset is the Eagle Springs refinery, located outside of Ely, Nevada which has historical production capability of 495,000 bbls of oil per year.
The acquisition represents a key step in accelerating Sky Quarry's growth strategy. Sky Quarry believes that the acquisition will create a vertically integrated business division to produce sustainable diesel and other petroleum products from Sky Quarry's oil recovered from waste asphalt shingles and other heavy oil feedstock sources. Sky Quarry understands that taking over the operations of the Eagle Springs refinery provides a unique opportunity to further integrate Sky Quarry's green energy production capabilities by producing sustainable diesel from waste asphalt shingles.
The acquisition of Foreland allows Sky Quarry the opportunity to efficiently utilize its capital and solidify its ability to capture margin through the entire value chain. Sky Quarry expects that the acquisition will be immediately accretive to Sky Quarry's free cash flow and EBITDA.
Sky Quarry recognizes that Foreland has provided economic opportunities and critical energy products to east-central Nevada, Utah and surrounding areas, and Sky Quarry looks forward to continuing to be a leader and economic driver in these areas.
"The acquisition of Foreland marks an important milestone in becoming a sustainable energy producer from renewable sources and brings together a highly complementary set of products, customers and markets."
- Mr. David Sealock, CEO and Co-Founder -
Sky Quarry is an environmental remediation company, founded with the mission to solve the problem created by waste asphalt shingles ("WAS"). Our purpose led mission is to conserve resources through recycling, decreasing landfill waste, reducing emissions and dependence on foreign oil, and embed long term sustainability.
Certain information contained herein may constitute "forward-looking information" as such term is defined in applicable securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Sky Quarry are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained herein and no responsibility or liability is accepted by any person for such information or opinions.
SOURCE Sky Quarry Inc.
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