Sky Quarry (SKYQ) announced the 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 1M 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 $7less than, 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
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