US Oil Sands Receives Favourable Ruling from Utah Department of
Environmental Quality
CALGARY,
Oct. 24, 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
Utah Department of Environmental Quality's Water Quality Board
voted by a 9-2 margin to support the Company's permit for its PR
Spring Oil Sands Project. The decision will be published and
effective once the order has been executed by the chairman of the
Water Quality Board.
In its decision, the Water Quality Board confirmed the
August 28, 2012 finding of
Administrative Law Judge Sandra K.
Allen ruling that the Department appropriately issued a
water discharge permit by rule to US Oil Sands in 2008.
"The decision by the Water Quality Board further confirms Judge
Allen's finding that substantial evidence indicates the absence of
shallow ground water in the project area and that the company's
proprietary process will have a de minimis, or "insignificant",
impact on any potential ground water" said Cameron Todd, CEO of US Oil Sands. "The decision
also highlights the outstanding environmental attributes of US Oil
Sands extraction process which uses only a non-toxic bio-solvent
derived from citrus to remove oil from the sands. Our process
uses no tailings ponds and recycles 95% of its water. The PR Spring
project remains on track for commercial startup late in 2013, and
the decision ultimately illustrates the merits that our responsible
approach to oil sands development has for the environment and local
communities."
US Oil Sands has 100% interest in bitumen leases in Utah's Uinta Basin on which the company plans
to develop an oil sands bitumen extraction project. In 2008 the
Company received Utah state
approval for a ground water discharge permit-by-rule, and in 2009 a
large mine permit for the development of an oil sands mining
project on the PR Spring Development lease. In 2011, subsequent to
the Company's request for modification of the permitted project, a
challenge to the modification and the original permit was filed by
a Utah-based environmental
organization which claimed the project would have a detrimental
impact on groundwater in the area. A hearing to adjudicate this
challenge was heard on May 15-16,
2012 by Sandra K. Allen, who
ruled in favour of US Oil Sands and made her recommendation to the
Water Quality Board.
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 2013.
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.