Sky Quarry Inc. (NASDAQ:SKYQ) has issued a Request for Proposals (RFP) to attract partners for its PR Spring oil‑sands project in Utah, a fully permitted asset that could unlock a 180‑million‑barrel resource.
The PR Spring site covers roughly 5,900 acres and already hosts a processing facility that cost more than $50 million to build. The facility is capable of handling about 1.5 million tons of feedstock per year and, if developed, could produce roughly 2,000 barrels of heavy oil per day.
The RFP is intended to bring in capital and expertise that Sky Quarry lacks, thereby shortening the time to first production and improving the asset’s economic viability. Management said, "Through this RFP process, we are looking to engage with partners who recognize both the scale of the resource and the urgency of bringing additional supply online," underscoring the company’s need to address liquidity challenges and generate revenue from the PR Spring asset.
Sky Quarry’s financial profile underscores the urgency of the RFP. In the trailing twelve months ending September 30 2025, the company reported a net loss of $13.53 million, a 12.04% decline from the prior year. Operating margins sat at –73.77% and net margins at –97.66%, while the market capitalization hovered around $22.17 million. The company also completed a 1‑for‑8 reverse stock split to meet Nasdaq’s minimum bid price requirement.
Pre‑market trading on April 29 showed a positive reaction, with the stock rising 8.26% before the market opened. The uptick reflects investor optimism that the RFP could bring the necessary capital and expertise to move the PR Spring project forward, potentially improving Sky Quarry’s financial outlook.
Analysts maintain a consensus “Sell” rating for the stock, but the RFP signals a strategic pivot that could alter the company’s trajectory if a partner is secured. The announcement therefore represents a significant development for Sky Quarry’s future prospects.
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