CALGARY, June 25, 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, announced today that the
Utah Supreme Court (the "Court") has dismissed the only
outstanding regulatory challenge made against the Company's PR
Spring Project (the "Project"), located in Utah's Uintah
and Grand Counties. In a unanimous
decision, the Court found that the groundwater discharge
permit-by-rule originally issued in 2008 by the Utah Division of
Water Quality was correctly issued based on the conclusion that the
Company's extraction process would have a
"de-minimus" or negligible impact on ground water
quality. Notably, the Company's process uses low impact, non-toxic
substances without the use of tailings ponds and emits no free
water or process fluids as it recycles its water and bio-solvent.
Changes or enhancements made to the Project since that time were
not judged to have any negative material impact on the original
approval.
Further, the Court found that appellants challenging a permit
decision must do so on a timely basis, thereby providing finality
with respect to regulatory decisions and allowing permit holders to
expeditiously proceed with their projects.
Cameron Todd, CEO of US Oil Sands
commented, "We are pleased that the Court clearly supports the
validity of permits granted to the Company's PR Spring Project. US
Oil Sands has continually demonstrated its commitment to
environmentally responsible energy development and expects to
showcase its breakthrough extraction technology when the Project
begins producing next year."
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 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.