CALGARY, April 20 /CNW/ - US Oil Sands Inc. ("US Oil Sands" or the "Corporation") (TSXV: USO.V) is pleased to announce that Cameron M. Todd has joined
the Corporation as Chief Executive Officer.
Mr. Todd has over 30 years of experience in all areas of the oil and gas
industry. He has been involved in many of the managerial facets of oil
and gas development, production, refining and marketing both in Western
Canada and internationally. Mr. Todd previously held a senior
executive position with a TSX listed company engaged in oil sands
exploration and production in the Athabasca region. He received his
Bachelors of Science in Mechanical Engineering from the University of
Calgary in 1980.
As the Corporation embarks on this next stage of its lifecycle, Mr.
Todd's experience in growing field operations from start-up through to
production will be a great asset. In addition, Mr. Todd has
significant refining and marketing experience which will be beneficial
when planning for bitumen production sales. The Corporation recently
completed a $12.6 million financing which will fund an extensive coring
program on its leased State land in the PR Spring oil sands deposit in
NE Utah. Engineering activities will also receive focus during the
upcoming months as the Corporation works closely with FLSmidth.
Verne Johnson, Chairman, comments "We are pleased to have engaged
Cameron Todd who has had direct involvement in growing a junior
Athabasca oil sands company into a producing enterprise. He has
extensive international exposure and field experience in the Uinta
basin in which the Corporation's resources are situated. Mr. Todd will
lead our very experienced and capable management team."
Mr. Todd joins Glen Snarr, President, Chief Financial Officer and
Corporate Secretary, Barclay Cuthbert, Vice President, Operations and
Tim Wall, Vice President, Engineering. Together this team has the
experience and qualifications to continue to build an oil sands
production company based on an excellent resource base with a
considerable reserve life index.
The Corporation was also pleased to have Ed Chwyl join the Board of
Directors. Mr. Chwyl is a retired businessman with over 35 years of
experience in the oil and gas industry in North America, most notably
as President and Chief Executive Officer of Tarragon Oil and Gas
Limited from 1989 to 1998. Prior thereto, he held various technical and
executive positions within the oil and gas industry in Canada and the
United States. He serves as lead independent director for Baytex
Energy Corp. and as Chairman of the Board of Westfire Energy Ltd.
About US Oil Sands Inc.
US Oil Sands Inc. (formerly Earth Energy Resources Inc.) has developed
an environmentally responsible process to extract hydrocarbons from
solids. A bio-based solvent is used to rapidly liberate the
hydrocarbons, reducing the mechanical energy and eliminating the pH
control typically used to recover bitumen in surface mineable projects.
The patent-pending process effectively extracts bitumen from water-wet
and oil-wet oil sands. US Oil Sands has successfully developed the
process at its facility in Grande Prairie, Alberta. Since inception, US
Oil Sands has devoted its efforts to commercialize the water efficient
and scalable process, which has no requirement for tailings ponds.
US Oil Sands, through its wholly owned Utah subsidiary, owns a 100%
leasehold interest in 7,835 acres of Utah State land. US Oil Sands
internally estimates, as of December 31, 2010, that in respect of this
interest it has 177.8 MMbbl of bitumen which would be classified as
Discovered Bitumen Initially-In-Place.
"Discovered Bitumen Initially-In-Place" is that quantity of bitumen that
is estimated, as of a given date, to be contained in known
accumulations prior to production. The recoverable portion of
Discovered Bitumen Initially-In-Place includes production, reserves,
and contingent resources; the remainder is unrecoverable. Further
review of the Corporation's resource evaluation procedures is required
to assign the estimate of Discovered Bitumen Initially-In-Place to a
more specific resource category. The resource estimate is a best
estimate of the quantity that will actually be recovered. It is equally
likely that the actual remaining quantities recovered will greater or
less than the best estimate. If probabilistic methods are used, there
should be at least a 50 percent probability (P50) that the quantities
actually recovered will equal or exceed the best estimate. The resource
estimate has not been risked for chance of development (technical,
economic, regulatory, market and facility, corporate commitment or
political risks). There is no certainty that any portion of the
resources will be developed or, if developed, there is no certainty as
to the timing of such development or whether it will be commercially
viable to produce any portion of the resources.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release.
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 news
SOURCE US Oil Sands Inc.
For further information:
Cameron Todd - Chief Executive Officer
Phone: (403) 233-9366
Glen Snarr - President, Chief Financial Officer and Corporate Secretary
Phone: (403) 233-9366