CALGARY, Sept. 6, 2012 /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 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.
SOURCE: US Oil Sands Inc.
For further information:
US Oil Sands Inc.
Cameron Todd, CEO or Glen Snarr, President and CFO
Suite 950, 633 - 6th Avenue SW
Canada T2P 2Y5
Tel: +1 403 233 9366 Email: firstname.lastname@example.org
300 5th Ave. SW, 10th Floor
Calgary, Alberta T2P 3C4
Tel: +1 403 218 2833