Sky Quarry Signs Nevada Oil Financing Letter
Nasdaq-listed Sky Quarry agrees to help BioForce Nanosciences seek about $25 million for its Nevada oil program.
Updated on Nov. 11, 2026 in Oil and Gas
Sky Quarry Inc. signed a non-binding, non-exclusive letter of intent with BioForce Nanosciences Holdings, Inc. under which Sky Quarry will introduce BioForce to potential financing sources for its Nevada oil exploration, drilling and development program. The letter has a 180-day term and provides Sky Quarry no fee, right of first refusal or other preferential right to BioForce's production.
Why it matters
The agreement is the second letter emerging from Sky Quarry's effort to attract development capital to Nevada oil projects, following its August 2026 Nevada Oil Development Program. It signals an attempt to bring outside investment into the state's White River Valley acreage, while leaving the financing outcome and any future crude sales uncertain.
BioForce is seeking about $25 million for its Nevada program, which holds federal leases covering roughly 19,957 acres in the White River Valley. The letter's term is 180 days, and Sky Quarry receives no transaction-based compensation for its introduction role.
The players
Sky Quarry Inc.
A Nasdaq-listed company (ticker SKYQ) based in Woods Cross, Utah, that is pursuing Nevada oil development and operates the Eagle Springs Refinery through its subsidiary Foreland Refining Corporation.
BioForce Nanosciences Holdings, Inc.
The company seeking financing for an oil exploration, drilling and development program on federal leases in Nevada's White River Valley.
The details
Under the letter, Sky Quarry's role is limited to introducing BioForce to financing sources approved in advance by BioForce and assisting with related presentations. The companies also said that if drilling establishes commercial production, Foreland Refining Corporation, Sky Quarry's wholly owned subsidiary that operates the Eagle Springs Refinery near Ely, Nevada, could offer a nearby market for crude meeting refinery specifications, subject to a separate agreement.
Timeline
August 5, 2026: Sky Quarry announced its Nevada Oil Development Program.
August 18, 2026: BioForce furnished a Ryder Scott prospective resources assessment with its Form 8-K.
November 11, 2026: Sky Quarry announced the non-binding letter of intent with BioForce.
The letter of intent has a term of 180 days from signing.
Market Landscape
The arrangement follows Sky Quarry's August 2026 Nevada Oil Development Program, which targets up to $50 million in third-party investment for projects in the state. It positions Sky Quarry as a broker of development capital for Nevada oil acreage while its own Eagle Springs Refinery seeks nearby crude supply.
Shareholders of Sky Quarry and investors considering Nevada oil ventures should note that the letter gives no assurance of financing or production and carries no fee to Sky Quarry. Any eventual crude sale to the Eagle Springs Refinery would depend on a separate agreement not yet reached.
The takeaway
The letter is an early, non-binding step, so readers should watch whether BioForce secures approved financing and whether drilling in the White River Valley produces commercial oil.
Further reading
For more on the state's energy sector, explore Oil and Gas coverage on Wisevoter.
