Project Profile
Value: Undisclosed
Location: Uintah Basin, state of Utah, USA
Area: 5,930 contiguous acres
Reserves: 2,000 bbl/d of bitumen
Start-up Year: 2017
The PR Spring Project Area is the primary area of development which consists of 5,930 contiguous acres. Within a portion of this lease, the company has an approved surface mine development project on which project work commenced in the second half of 2013. The project takes place in the Uintah Basin, state of Utah, USA The initial development is targeted to produce 2,000 bbl/d of bitumen and first-oil is expected in 2015. Start-up of the project’s 2000 barrel per day phase one was initially expected to begin in late 2013 but US Oil Sands, which began its search for a partner in 2012, did not secure financing until October 2013 in a deal which will see three investors provide US$81 million in private financing in exchange for about a 65% interest in the company.
Operator:
US Oil Sands Inc.: Operator with 100% interest