US Oil Sands Inc. Announces Approval of Patent Application by Canadian Intellectual Property Office
September 04 2012 - 5:45AM
PR Newswire (Canada)
CALGARY, Sept. 6, 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 the Canadian Intellectual
Property Office has approved the Company's patent application
relating to its bitumen extraction process. "The approval of this
patent by the Canadian Intellectual Property Office is an important
final step in a process designed to solidify our Company's
competitive advantage within the oil sands mining space," said
Cameron Todd, CEO of US Oil Sands. "We believe our unique
extraction methodology to be a true game changer for oil sands
mining, as it not only expedites on-stream times using
significantly lower amounts of capital, but also achieves
best-in-class environmental results by eliminating the need for
tailings ponds and dramatically reducing greenhouse gas emissions
and energy consumption." The Company completed the international
filing of its patent application through World Intellectual
Property Organization (WIPO) in October 2007 and continues to
prosecute its US application, which remains pending with the United
States Patent and Trademark Office. US Oil Sands' 32,005 acres of
bitumen leases in Utah's Uinta Basin make it the largest bitumen
lease-holder of public lands in the US, and the Company's permitted
PR Spring Project is expected to be the first commercial bitumen
extraction project in the US. The extraction process is effective
on both oil wet deposits such as found in the US and
internationally, and water-wet deposits such as found in Canada's
Athabasca region. Traditional extraction processes developed
decades ago are effective on the water-wet oil sands found in
Canada but are not at extracting bitumen from oil-wet deposits.
Following completion of Phase 1 of the PR Spring Project the
Company hopes to expand its proprietary process to include
potential projects in Canada and elsewhere once lands have been
secured. The approval of the Canadian patent application is a key
strategic advantage in Canada where no commercial process has yet
been implemented that can operate without a tailings pond or with
the small environmental footprint that US Oil Sands' process
provides. In addition US Oil Sands' low capital cost allows the
Company's extraction process to be deployed on a broad range of
smaller deposits, previously deemed to be uneconomic. 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 issuance of a patent in
respect of the Company's extraction process, the effectiveness of
the extraction process, the development and environmental impact of
the PR Spring Project, the commencement of commercial production
from the PR Spring Project, and the implementation of potential
expansion projects. 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, difficulty in acquiring
additional lands, 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 9366 Email:
info@usoilsandsinc.comWebsite: www.usoilsandsinc.com Investor
RelationsJeremy Dietz300 5th Ave. SW, 10th FloorCalgary, Alberta
T2P 3C4Tel: +1 403 218 2833jdietz@equicomgroup.com
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