US Oil Sands Granted PR Spring Oil Sands Project Permit

By Midnight Trader August 29, 2012, 12:02:34 PM EDT

US Oil Sands Inc. (USO.V) a company focused on oil sands exploration and production in Utah, today announced that Utah State Administrative Law Judge Sandra K. Allen issued her findings and recommended order on August 28, 2012 that supports the Company's permit-by-rule for its PR Spring Oil Sands Project.

In her finding Judge Allen determined that, "Substantial evidence in the record supports a finding that shallow groundwater has not been located and may be assumed absent in the project area." The judge further found that, "US Oil Sands proposed operation does not present a greater than de minimis risk of affecting the quality of ground water."

Judge Allen's recommended order denies the relief sought by the intervener in its Request for Agency Action and is now expected to be considered by the Utah Department of Environmental Quality's Water Quality Board, which is authorized to rule in the matter, USO said in a statement.

"Judge Allen's finding further substantiates 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," said Cameron Todd, CEO of US Oil Sands. "We believe this process, which requires no tailings ponds, enables the PR Spring Project to possess one of the lowest environmental footprints in its class. This finding further advances our operational plan for the PR Spring Project and we continue to remain on-target for start-up in Q4, 2013."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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