Key Highlights

  • Premarket shares fell 2.30% to $1.17 after Sky Quarry closed 8.40% lower at $1.20 on June 15.
  • The previous session’s range was $1.10 to $1.25, with approximately 723,580 shares traded.
  • Sky Quarry’s market capitalisation stood near $3.6 million following the decline.
  • The company recently announced a Nevada crude-drilling initiative linked to its 5,000-barrel-per-day Foreland refinery.

Sky Quarry Inc. (NASDAQ:SKYQ) moved lower ahead of the June 16 market open, extending the previous session’s decline as investors reduced exposure to micro-cap and development-stage energy companies.

The shares traded around $1.17 in premarket activity, down 2.30% from the June 15 close of $1.20. Sky Quarry had fallen $0.11, or 8.40%, during Monday’s regular session.

The stock traded between $1.10 and $1.25, with volume reaching about 723,580 shares. Following the decline, the company’s market capitalisation stood at approximately $3.6 million.

Sky Quarry is developing a vertically integrated energy business combining refining, crude-resource development and waste-asphalt recycling. Its principal operating asset is the Foreland Refinery in Nevada.

The company announced on June 3 that it was launching a crude oil drilling and production initiative in Nevada’s Railroad Valley. Sky Quarry intends to process locally produced crude through Foreland, which is the state’s only operating refinery.

The refinery has permitted capacity of approximately 5,000 barrels per day. Sky Quarry has completed system upgrades and has discussed plans to expand output, subject to securing sufficient feedstock and operating capital.

The company also holds an interest in oil-sands resources and is developing technology intended to recover hydrocarbons from waste asphalt shingles. These activities require funding and remain exposed to execution, production and financing risks.

Sky Quarry completed a one-for-eight reverse stock split in March as part of efforts to maintain its Nasdaq listing. Reverse splits reduce the number of shares outstanding but do not directly increase a company’s underlying market value.

The shares have traded between $1.10 and $19.45 during the past 52 weeks. Premarket pricing left the stock close to the bottom of that range despite recent project announcements.