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.
