Key Highlights

  • Sky Quarry signed a non-binding letter of intent to introduce BioForce to potential financing sources.
  • BioForce is seeking about $25 million for its Nevada oil exploration and development program.
  • The arrangement is non-exclusive, and BioForce retains sole discretion over any financing proposal.
  • BioForce holds federal oil and gas leases covering about 19,957 acres in Nevada's White River Valley.

Sky Quarry Inc. (NASDAQ:SKYQ), an energy infrastructure company focused on domestic refining and resource development, has signed a non-binding letter of intent to help BioForce Nanosciences Holdings, Inc. (BFNH) seek financing for its Nevada oil program. The agreement, reported on November 11, 2026, is the second such letter tied to Sky Quarry's Nevada Oil Development Program. The Woods Cross, Utah-based company presents the arrangement as a way to connect outside Capital with specific projects near its refinery. Exploration-stage oil projects typically require several years of work before production is possible, and financing for that stage often comes from partners who share the risk. Letters of intent of this kind are an early step in the process, and they do not by themselves establish that a project will be funded.

Terms of the Letter of Intent

Under the agreement, Sky Quarry will use commercially reasonable efforts to introduce BioForce to potential financing sources. Each prospective source requires BioForce's prior written approval.

The arrangement is non-exclusive, and BioForce retains sole discretion to accept or reject any financing proposal. Because the document is non-binding, neither party is committed to a transaction under its terms.

A non-binding letter of intent sets out the intentions of the parties without creating an obligation to complete a transaction. In this case, the parties have agreed to a process for introductions, but the outcome depends on the willingness of outside investors and on BioForce's approval at each step.

The Nevada Program and Acreage

The arrangement advances Sky Quarry's Nevada Oil Development Program, which was announced on August 5, 2026 and targets up to $50 million of third-party Investment directly into qualified producers and projects.

BioForce has reported federal oil and gas leases covering about 19,957 acres in Nevada's White River Valley. It also furnished an independent prospective resources assessment by Ryder Scott Company, L.P., covering the Fox Mountain and South Lund prospects. Those estimates are gross and unrisked, meaning they are not adjusted for the chance of success.

Prospective resource estimates describe quantities that may be recoverable under certain assumptions, and they are usually reported before drilling confirms the presence of oil. Because the Fox Mountain and South Lund estimates are unrisked, they reflect the Volume if the geology proves favorable, not the probability of success.

Link to the Eagle Springs Refinery

Sky Quarry said the BioForce opportunity shows how the program would work in practice. The company intends to evaluate whether successful production from these prospects could Supply its Eagle Springs Refinery.

The arrangement is one component of the broader Great Basin Energy Initiative. The update does not indicate how much Sky Quarry would invest or when drilling would begin.

Eagle Springs is a refinery the company operates as part of its domestic refining activities. Linking an Upstream project to that Facility would create an integrated chain from exploration to processing, but the update describes this only as something the company intends to evaluate.

Program Size and Development Stage

The Nevada program targets up to $50 million of third-party investment, and the BioForce opportunity is one of the projects that could be brought forward. The $25 million being sought for BioForce's program represents about half of that total, although the two figures are not directly linked in the update.

The project is in an early phase, and the update does not indicate when drilling could begin or how long testing would take. Those milestones would provide the clearest evidence of whether the program is advancing beyond the letter-of-intent stage.

Final Word

Sky Quarry's letter of intent ties its Nevada program to a specific exploration project, but the arrangement remains non-binding and non-exclusive. The roughly $25 million financing goal has not been committed, and the resource estimates for the two prospects are unrisked. The company's progress will show whether financing is secured and whether the prospects can connect to Eagle Springs supply. The next steps will show whether the intended introductions lead to committed capital for the Nevada projects.