US Oil Sands Inc. Announces State Finding Supports PR Spring Permit
28 Agosto 2012 - 11:33AM
PR Newswire (Canada)
CALGARY, Aug. 29, 2012 /CNW/ - US Oil Sands Inc. ("US Oil Sands" or
the "Company") , a company focused on oil sands exploration and
production in Utah, today announced that Utah State Administrative
Law Judge Sandra K. Allen issued her findings and recommended order
on August 28, 2012 that supports the Company's permit-by-rule for
its PR Spring Oil Sands Project. In her finding Judge Allen
determined that, "Substantial evidence in the record supports a
finding that shallow groundwater has not been located and may be
assumed absent in the project area." The judge further found that,
"US Oil Sands proposed operation does not present a greater than de
minimis risk of affecting the quality of ground water." Judge
Allen's recommended order denies the relief sought by the
intervener in its Request for Agency Action and is now expected to
be considered by the Utah Department of Environmental Quality's
Water Quality Board, which is authorized to rule in the matter.
"Judge Allen's finding further substantiates the outstanding
environmental attributes of US Oil Sands' extraction process which
uses only a non-toxic bio-solvent derived from citrus to remove oil
from the sands," said Cameron Todd, CEO of US Oil Sands. "We
believe this process, which requires no tailings ponds, enables the
PR Spring Project to possess one of the lowest environmental
footprints in its class. This finding further advances our
operational plan for the PR Spring Project and we continue to
remain on-target for start-up in Q4, 2013." US Oil Sands has 100%
interest in bitumen leases in Utah's Uinta Basin on which the
Company plans to develop an oil sands mining 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 2011, subsequent to the Company's request for
modification of the permitted project, a challenge to the
modification and the original permit was filed by a Utah-based
environmental organization. The intervener claimed that the
project would have a detrimental impact on groundwater in the area.
A hearing to adjudicate this challenge was heard on May 16-17, 2012
by Sandra K. Allen, an administrative law judge appointed through
the Utah Department of Environmental Quality. 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 without the need for tailings ponds. The
Company is in the pre-production stage, anticipating the
commencement of bitumen production and sales from its PR Spring
Project in 2013. The foregoing information contains forward-looking
information relating to the future performance of the Company
including information relating to the development and environmental
impact of the PR Spring Project and the commencement of commercial
production from the PR Spring Project. 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. US Oil Sands Inc.
CONTACT: US Oil Sands Inc.Cameron Todd, CEO or Glen Snarr,
President and CFOSuite 950, 633 - 6th Avenue SWCalgary
AlbertaCanada T2P 2Y5Tel: +1 403 233 9366Email:
info@usoilsandsinc.com Website: www.usoilsandsinc.comInvestor
RelationsJeremy Dietz300 5th Ave. SW, 10th FloorCalgary, Alberta
T2P 3C4Tel: +1 403 218 2833jdietz@equicomgroup.com
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