US Oil Sands Receives Favourable Ruling from Utah Division of Oil,
Gas and Mining
CALGARY,
Jan. 14, 2013 /CNW/ - US Oil Sands
Inc. ("US Oil Sands" or the "Company") (TSXV: USO), a
company focused on oil sands exploration and production in
Utah, today announced that the
Board of Directors of the Utah Division of Oil, Gas and Mining
("DOGM") voted to support DOGM's previous approval of the Company's
Notice of Intention to Commence Large Mining Operations at its PR
Spring Oil Sands Project. The decision will be published and
effective once the order has been executed by DOGM's chairman.
"This decision supports earlier regulatory
findings that the PR Spring Project does not pose any significant
impact to potential ground water in the area," said Cameron Todd, CEO of US Oil Sands. "We continue
to advance this project in the most environmentally responsible
manner possible and believe that this series of favourable rulings
from independent regulatory bodies is indicative of our efforts in
this area, and of the Company's commitment to environmental
excellence."
US Oil Sands has 100% interest in bitumen leases in Utah's Uinta Basin on which the company plans
to develop an oil sands bitumen extraction project. In 2008 the
Company received Utah state
approval for a ground water discharge permit-by-rule, and in 2009 a
large mine permit for the development of an oil sands mining
project on the PR Spring Development lease. In 2010 a Utah-based environmental organization
challenged the Company's mine permit through a Request for Agency
Action of DOGM. A hearing on the matter commenced in early 2011,
however the issues in question primarily related to concerns about
potential impacts on ground water. These same issues were also
raised in the 2011 environmental challenge brought to the Utah
Department of Environmental Quality (Water Quality Board).
Therefore, the DOGM hearing was deferred, pending a finding by the
Water Quality Board.
On October 24, 2012 the Utah
Department of Environmental Quality's Water Quality Board voted to
support the Company's ground water discharge permit-by-rule,
thereby allowing DOGM's Board of Directors to resume their hearing,
final arguments and eventual decision. The final result of
this process was the Board of Director's support of DOGM's previous
approval of the Company's Notice of Intention to Commence Large
Mining Operations at its PR Spring Oil Sands Project.
ABOUT US OIL SANDS LTD.
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 without the need for tailings ponds. The Company is in
the pre-production stage, anticipating the commencement of bitumen
production and sales in 2013.
The foregoing information contains
forward-looking information relating to the future performance of
the Company including information relating to the development and
construction of the PR Spring Project and the commencement of
commercial production. Forward looking information is subject to a
number of known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those
anticipated in our forward looking statements. Such risks and other
factors include, among others, the actual results of exploration
activities, changes in world commodity markets or equity markets,
the risks of the petroleum industry including, without limitation,
those associated with the environment, delays in obtaining
governmental approvals, permits or financing or in the completion
of development or construction activities, title disputes, change
in government and changes to regulations affecting the oil and gas
industry, and other risks and uncertainties detailed from time to
time in the Company's filings with the Canadian securities
administrators (available at www.SEDAR.com). Forward-looking
statements are made based on various assumptions and on
management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information contained herein. The Company
undertakes no obligation to update forward-looking statements if
these assumptions, beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE US Oil Sands Inc.