CALGARY, April 15, 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 the appointment of Mr.
Mark H. Brown, P.Eng. to its Board
of Directors, effective immediately.
Mr. Brown has over 30 years of experience in the energy and
resource industries, 25 of which have been focused on the
engineering, procurement and construction management (EPCM) side of
the oil & gas industry.
Most recently, Mr. Brown was one of the co-founders of Seven
Generations Energy Ltd. ("Seven Generations") and was
employed from its inception as Director, Technology. Mr.
Brown retired from full-time work with the company in 2012.
Prior to Seven Generations, Mr. Brown was one of the co-founders
of North American Oil Sands Corporation where he acted as Vice
President, EPC. In 2002, Mr. Brown co-founded and managed
Acres Parsons Energy & Chemicals Ltd., an engineering and
project management company whose legacy continues as part of Hatch
Ltd.
Mr. Brown holds a B.Sc. in Geological Engineering from the
University of Manitoba and is a
practicing member of the Association of Professional Engineers and
Geoscientists of Alberta
(APEGA).
"It is with great pleasure that I welcome Mark to the Board of
Directors," said Verne Johnson, Chairman of US Oil Sands. "As our
Company focuses on the project execution phase of the PR Spring
Project, we look forward to leveraging Mark's wealth of experience.
His extensive background in building world class engineering and
project management teams that have developed the technology,
engineering, design and management systems of large scale
developments makes him a valuable addition to US Oil Sands as we
progress towards commercial startup in 2015."
The Company also announced that pursuant to the Company's stock
option plan, a total of 1,500,000 stock options were granted to Mr.
Brown at an exercise price of $0.125
per share expiring April 15, 2019,
subject to regulatory approval.
ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
The Annual and Special Meeting of the common shareholders of US
Oil Sands will be held at the Calgary Petroleum Club, 319 –
5th Avenue SW, Calgary,
AB on Wednesday, May 14, 2014
at 8:30 AM MDT. The Company
filed its Notice of Meeting and will mail the management
information circular, form of proxy and notice on or about
April 17, 2014.
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.
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 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 and 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.
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. 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, 2012 dated April 29, 2013 and available on SEDAR at
www.sedar.com.
Neither the 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.