Sky Quarry Inc. (NASDAQ: SKYQ) announced it is issuing a Request for Proposals to engage partners for accelerating development of its 180-million-barrel oil sands resource at its PR Spring facility in Utah.

The asset spans approximately 5,900 acres and includes a constructed processing facility representing over $50 million in prior investments. According to an August Brown, LLC feasibility study from October 2022, the facility has approximately 1.5 million tons per year of feedstock processing capacity and 2,000 barrels per day of heavy oil production capacity upon development.

The PR Spring asset is located near Vernal, Utah, in the Uinta Basin. The company stated that the Western fuel market operates with limited refining capacity and constrained infrastructure, with refinery closures and regulatory pressure contributing to tightened supply.

"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," said Marcus Laun, Chief Executive Officer of Sky Quarry.

Sky Quarry operates the Foreland Refinery in Nevada, which the company described as the only permitted refinery in the state. The company stated this creates a potential integrated pathway from resource to refined product.

The company's platform includes its proprietary ECOSolv process, which aims to recover hydrocarbons from oil-saturated sands, soils, and consumer waste including asphalt shingles. Interested parties may contact [email protected] for additional information about the RFP.

Information in this article is based on the company's press release statement.