CALGARY, Nov. 18, 2014 /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 it has
filed its unaudited interim financial statements ("Interim
Report") for the three month period ended September 30, 2014 ("Q3 2014") along with
the management discussion and analysis ("MD&A") of the
financial results of US Oil Sands for such period.
A copy of the aforementioned documents may be found for viewing
on the System for Electronic Document Analysis and Retrieval
website at www.sedar.com as well as US Oil Sands' website at
www.usoilsandsinc.com.
"US Oil Sands met a significant milestone during the quarter by
completing the grading and preparation of the PR Spring Project
plant site and procuring all major equipment for the PR Spring
Project," said Cameron Todd, CEO of
US Oil Sands. "We are excited to progress to the fabrication
phase of the Project in preparation for modular installation,
commissioning and ultimately, commercial production in 2015."
SELECTED QUARTERLY HIGHLIGHTS
Since July 1, 2014, the
Company:
- Announced that it ordered all of the major equipment components
required for construction of the PR Spring Project (the
"Project");
- Announced that it completed field construction of the plant
site to accept delivery of process extraction equipment modules
when shop fabrication is complete;
- Initiated construction of foundations for the facility
warehouse to be completed prior to year end;
- Continued mine planning efforts to refine and optimize detailed
pit sequencing and mine logistics;
- Opened a second office location in Utah to establish a local presence and act as
a base of operations for the Project; and
- Announced the addition of Mr. Ed
Koshka, Vice President, Business Development &
Marketing, to its executive management team effective September 2, 2014.
OPERATIONAL HIGHLIGHTS
During the third quarter of 2014, the Company's project team
continued to work with its engineering consultants and equipment
suppliers to complete final engineering design and procure
equipment for the PR Spring Project. Having ordered all of the
major equipment components required for construction of the Project
and completed construction of the plant site, it will focus on
foundation and building construction into 2015. The Company is
targeting installation in mid-2015 with commissioning to
follow.
Process Flow Diagrams (PFD's) for the major equipment were
completed during the quarter and Piping and Instrumentation
Diagrams (PID's) were underway for most equipment packages. The
Company continued field work, substantially completing plant-site
grading and making further progress on roadways and utility supply
infrastructure. Mine planning efforts to optimize detailed pit
sequencing and mine logistics continued to progress. The Company
opened a second office location in Utah to establish a local presence and act as
a base of operations for the Project.
OUTLOOK
For the remainder of 2014, the Company will continue to focus on
the PR Spring Project Phase 1 detailed engineering of the modules.
Management anticipates that the off-site fabrication of the process
extraction plant modules will begin in the first quarter of 2015,
with final off-site fabrication and field assembly occurring in
mid-2015, followed by commissioning and commercial
start-up.
To ensure a ready inventory of future mineable assets for the
Company, management intends to continue to pursue opportunities to
add additional resource lands by assessing growth prospects and
furthering regulatory application efforts.
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 2015.
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, mine planning, commencement of commercial
production and corporate development activities. 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.
Discovered bitumen resources or discovered bitumen
initially-in-place is that quantity of bitumen that is estimated,
as of a given date, to be contained in known accumulations on
Company lands prior to production. Best estimate is considered to
be the best estimate of the quantity that will actually be
in-place. It is equally likely that the actual remaining
quantities in-place will be greater or less than the best estimate.
There is no certainty that it will be commercially viable to
produce any portion of the resources. Additional information
relating to resource estimates is contained in the Company's
Statement of Resources Data and Other Oil and Gas Information for
the year ended December 31, 2013
dated April 2, 2014 and available on
SEDAR at www.sedar.com.
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.