US Oil Sands Receives Favourable Ruling from Utah; Shares Up to Near Yr High in Early Trade


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US Oil Sands Inc. (USO.V), a company focused on oil sands exploration and production in Utah, today announced that the Board of Directors of the Utah Division of Oil, Gas and Mining (DOGM) voted to support DOGM's previous approval of the Company's Notice of Intention to Commence Large Mining Operations at its PR Spring Oil Sands Project. The decision will be published and effective once the order has been executed by DOGM's chairman.

"This decision supports earlier regulatory findings that the PR Spring Project does not pose any significant impact to potential ground water in the area," said Cameron Todd, CEO of US Oil Sands. "We continue to advance this project in the most environmentally responsible manner possible and believe that this series of favourable rulings from independent regulatory bodies is indicative of our efforts in this area, and of the Company's commitment to environmental excellence."

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.

Shares are up 2 cents to 17 cents in early trade. This is just one cent below a yr high.

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

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This article appears in: Investing , Commodities

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