U.S. Oil Sands to Participate at Congressional Hearing on United States Oil Sands Development
10.05.2012 | CNW
CALGARY, May 10, 2012 /CNW/ - US Oil Sands Inc. (TSX-V:USO) announced that it participated earlier today in a Congressional hearing titled "Supporting American Jobs and the Economy Through Expanded Energy Production: Challenges and Opportunities of Unconventional Resources Technology".In his testimony before the US House of Representatives' Committee on Science, Space, and Technology: Subcommittee on Energy and the Environment, Cameron Todd CEO of U.S. Oil Sands commented "We have a proprietary extraction process using a renewable bio-solvent to extract heavy oil from the sand without the need for tailings ponds. This breakthrough is expected to revolutionize the development of bitumen resources, particularly in the United States, where in spite of extensive resources, there have been no continuous commercial oil sand extraction projects to date."
With the unconventional energy resources of the United States being increasingly developed, the Committee must consider several key issues associated with resource development including minimization of environmental impacts, Federal support of research and development activities, policy barriers that may impede unconventional oil and gas R&D, and stakeholder strategies to cooperatively expand unconventional resource production.
US Oil Sands' first phase in PR Spring in Utah is being designed with a mining and production capacity of 2,000 barrels per day of heavy oil which will be processed in local Utah refineries. Assuming economically successful operations, the Company has significant expansion plans to add to its Utah productive capacity. High quality, full time, and permanent direct employment will result from the construction and operation of each phase of expansion. Together with the indirect employment and related economic spin-offs, the Company will be a significant contributor to the State's royalty, taxes and general economic profile for years to come. This domestic production will replace the import of foreign oil, having a notable impact on both the balance of trade and the security of energy supply. This economic stimulus comes at a time when the economy has been hit with the worst recession it has seen in 75 years.
Said Todd, "US Oil Sands has developed a process which recovers these valuable resources in an environmentally-superior manner. It uses less water, energy, surface area and generates less greenhouse gas than any project to date. It generates clean tailings and requires no tailings ponds."
ABOUT US OIL SANDS INC.
US Oil Sands is engaged in the exploration and development of oil sands properties and, through its wholly owned United States subsidiary US Oil Sands (Utah) Inc., has a 100% interest in bitumen leases covering 32,005 acres of land in Utah's Uinta basin. The Company plans to develop its oil sands properties using its proprietary extraction process which uses a bio-solvent to extract bitumen from oil sands thereby eliminating the need for tailings ponds. The Company is in the pre-production stage and anticipates bitumen production and sales to commence in 2013.
For further information:
US Oil Sands Inc.
Cameron Todd, CEO
Glen Snarr, President & CFO
Suite 950, 633 - 6th Avenue SW
Calgary Alberta
Canada T2P 2Y5
Tel: +1 403 233 9366
Email: info@usoilsandsinc.com
Website: www.usoilsandsinc.com
Investor Relations
Jeremy Dietz
300 5th Ave. SW, 10th Floor
Calgary, Alberta T2P 3C4
Tel: +1 403 218 2833
jdietz@equicomgroup.com