Sky Quarry Signs Non-Binding Letter Of Intent To Introduce Bioforce Nanosciences To Potential Financing Sources

(MENAFN- GlobeNewsWire - Nasdaq) Second letter of intent under Sky Quarry's Nevada Oil Development Program relates to two Nevada oil prospects near Sky Quarry's Eagle Springs Refinery

WOODS CROSS, Utah, Nov. 11, 2026 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (Nasdaq: SKYQ), an energy infrastructure company focused on domestic refining and resource development, today announced that it has signed a non-binding letter of intent with BioForce Nanosciences Holdings, Inc. (BFNH) under which Sky Quarry will use commercially reasonable efforts to introduce BioForce, subject to BioForce's prior written approval of each prospective financing source, to potential financing sources for BioForce's Nevada oil exploration, drilling and development program. BioForce has advised Sky Quarry that it is seeking approximately $25 million for the program. The arrangement is non-exclusive, and BioForce retains sole discretion to accept or reject any financing proposal. This is the second letter of intent to emerge from Sky Quarry's efforts to attract development capital to Nevada oil projects.

The agreement advances Sky Quarry's Nevada Oil Development Program, announced August 5, 2026, which targets up to $50 million in third-party investment directly into qualified producers and projects. The BioForce opportunity illustrates how Sky Quarry intends to put that program to work by bringing a specific exploration project to potential financing sources and evaluating whether successful production could supply its Eagle Springs Refinery. The Nevada program is an initial component of Sky Quarry's broader Great Basin Energy Initiative.

Two Prospects Across Nearly 20,000 Acres

BioForce has reported that it holds federal oil and gas leases covering approximately 19,957 acres in Nevada's White River Valley. BioForce furnished an independent prospective resources assessment by Ryder Scott Company, L.P. with its August 18, 2026, Form 8-K. As reported by BioForce, the assessment presents the following gross, unrisked P50 estimates for the Fox Mountain and South Lund prospects. These are estimates of prospective resources, not reserves. Sky Quarry has not independently verified them.¹

Prospect	P50 Original Oil in Place	P50 Technically Recoverable Prospective Oil
Fox Mountain	8.085 billion barrels	1.349 billion barrels
South Lund	2.932 billion barrels	497 million barrels

“When we announced the Nevada program, we set out to find projects where we could help connect exploration capital with a potential local market for production,” said Marcus Laun, Interim Chief Executive Officer and President of Sky Quarry.“BioForce has assembled nearly 20,000 acres of federal leases and commissioned an independent prospective resources assessment. With this letter of intent, we have a specific project to introduce to potential financing sources, subject to BioForce's approval. If drilling establishes commercial production, Foreland could offer a nearby market for crude that meets our refinery specifications, subject to a separate agreement on market-based terms.”

Potential Supply for Eagle Springs

Sky Quarry's wholly owned subsidiary, Foreland Refining Corporation, operates the Eagle Springs Refinery near Ely, Nevada. If BioForce obtains financing and commences production, the parties intend to evaluate a potential crude oil purchase or offtake relationship. A new regional source of crude could diversify Foreland's supply and reduce trucking distances. Any purchase would depend on commercial production, crude quality, volumes, pricing, transportation costs and refinery requirements, and would require a separate definitive agreement at market-based pricing. The letter of intent gives Sky Quarry no right of first refusal, right of first offer or other preferential right to BioForce's production. BioForce remains free to sell its production to any purchaser.

Sky Quarry's contemplated role under the letter of intent is limited to introducing BioForce to financing sources that BioForce has approved and assisting with related presentations. Sky Quarry does not guarantee that any financing will be obtained, and it has no obligation to provide financing from its own balance sheet. The letter of intent provides for no fee or other transaction-based compensation to Sky Quarry. Any investment would be subject to the financing source's independent diligence and approval and to definitive agreements negotiated directly with BioForce. The $50 million figure is the Nevada program's aggregate third-party investment target, not a commitment. Proceeds of any financing would go directly to BioForce or an agreed project entity, and Sky Quarry would not hold or control them. The financing is not intended to involve any issuance of Sky Quarry securities. The letter of intent is non-binding with respect to any financing or offtake transaction, has a term of 180 days, and may be terminated by either party at any time.

About Sky Quarry Inc.

Sky Quarry Inc. is an energy infrastructure company focused on domestic refining and resource development. Its wholly owned subsidiary, Foreland Refining Corporation, operates the Eagle Springs Refinery near Ely, Nevada, producing diesel, vacuum gas oil, naphtha and liquid paving asphalt. Sky Quarry is also developing its PR Spring facility in eastern Utah for hydrocarbon recovery. skyquarry.com

Forward-Looking Statements

This release contains forward-looking statements regarding potential financing introductions and investments, BioForce's exploration and drilling plans, estimates of prospective resources, possible discoveries and commercial production, potential crude purchases and anticipated benefits to Sky Quarry's refining operations. Actual results may differ materially due to financing availability, permitting, geological and drilling results, recovery performance, commodity prices, development and transportation costs, crude quality and the ability of the parties to enter into definitive agreements. Other risks include the non-binding nature of the letter of intent, either party's right to terminate it at any time, and its non-exclusive nature. Exploration may yield no discovery, and any discovery may prove uneconomic. Prospective resource estimates are inherently uncertain and were prepared for BioForce, not Sky Quarry. Readers should review the risk factors in Sky Quarry's SEC filings. Sky Quarry undertakes no obligation to update these statements except as required by law.

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¹Prospective resources are estimated quantities of oil that may potentially be recovered from undiscovered accumulations through future development projects. They carry both a risk of discovery and a risk of development, and they are not reserves. There is no certainty that any portion of the prospective resources will be discovered, or that it will be commercially viable to produce any portion that is discovered. The estimates shown are gross and unrisked and have not been adjusted for the chance of discovery or development.

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