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US Oil Sands Announces Year End Results; Trading Near Yr Lows

US Oil Sands Inc. (USO.V), trading near year lows, said as at December 31, 2012, the company had cash and cash equivalents of $5,327,732, net working capital of $5,059,894 and no commitments for capital expenditures. The company intends to use its cash and cash equivalent balance to fulfill its liabilities and commitments and fund its development project. It has no bank debt or banking credit facilities in place.

OUTLOOK: "For the remainder of 2013, US Oil Sands will continue to focus on site preparation and construction of the PR Spring Project Area, including final project engineering and procurement of necessary equipment and supplies. In keeping with these activities, Management anticipates that the majority of the fabrication of the process extraction plant will be completed in 2013, with final field assembly and commercial start-up expected to occur in 2014. The timing of these plans is to a large degree dependent on when the company completes a joint venture financing that provides the capital necessary to undertake major expenditures. US Oil Sands has enlisted the services of external corporate finance advisors to assist in the process of marketing and closing a joint venture financing.

"As a part of its longer term strategic objectives, US Oil Sands intends to pursue additional opportunities both through exploration and acquisition of additional resource lands in order to achieve the company's strategic target of 50,000 bpd capacity by 2020. Management intends to accomplish this by furthering regulatory application efforts on available properties, so as to ensure a ready inventory of future mineable assets for the company."

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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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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