CALGARY, ALBERTA April 15, 2014 – 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 the appointment of Mr. Mark H. Brown, P.Eng. to its Board of Directors, effective immediately.
Mr. Brown has over 30 years of experience in the energy and resource industries, 25 of which have been focused on the engineering, procurement and construction management (EPCM) side of the oil & gas industry.
Most recently, Mr. Brown was one of the co-founders of Seven Generations Energy Ltd. ("Seven Generations") and was employed from its inception as Director, Technology. Mr. Brown retired from full-time work with the company in 2012.
Prior to Seven Generations, Mr. Brown was one of the co-founders of North American Oil Sands Corporation where he acted as Vice President, EPC. In 2002, Mr. Brown co-founded and managed Acres Parsons Energy & Chemicals Ltd., an engineering and project management company whose legacy continues as part of Hatch Ltd.
Mr. Brown holds a B.Sc. in Geological Engineering from the University of Manitoba and is a practicing member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA).
“It is with great pleasure that I welcome Mark to the Board of Directors,” said Verne Johnson, Chairman of US Oil Sands. “As our Company focuses on the project execution phase of the PR Spring Project, we look forward to leveraging Mark’s wealth of experience. His extensive background in building world class engineering and project management teams that have developed the technology, engineering, design and management systems of large scale developments makes him a valuable addition to US Oil Sands as we progress towards commercial startup in 2015.”
The Company also announced that pursuant to the Company’s stock option plan, a total of 1,500,000 stock options were granted to Mr. Brown at an exercise price of $0.125 per share expiring April 15, 2019, subject to regulatory approval.
ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
The Annual and Special Meeting of the common shareholders of US Oil Sands will be held at the Calgary Petroleum Club, 319 – 5th Avenue SW, Calgary, AB on Wednesday, May 14, 2014 at 8:30 AM MDT. The Company filed its Notice of Meeting and will mail the management information circular, form of proxy and notice on or about April 17, 2014.
A copy of the aforementioned documents may be found for viewing on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.
ABOUT US OIL SANDS INC.
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 2015.
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 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.
Discovered bitumen resources or discovered bitumen initially-in-place is that quantity of bitumen that is estimated, as of a given date, to be contained in known accumulations on Company lands prior to production. There is no certainty that it will be commercially viable to produce any portion of the resources. Additional information relating to resource estimates is contained in the Company’s Statement of Resources Data and Other Oil and Gas Information for the year ended December 31, 2012 dated April 29, 2013 and available on SEDAR at www.sedar.com.
Neither the 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.
For additional information please contact:
| US Oil Sands Inc. Cameron Todd, CEO or Glen Snarr, President and CFO Suite 1600, 521 – 3rd Avenue SW Calgary, Alberta T2P 3T3 Tel: +1 403 233 9366 Email: [email protected] Website: www.usoilsandsinc.com |
Investor Relations Jeremy Dietz 300 – 5th Avenue SW, 10th Floor Calgary, Alberta T2P 3C4 Tel: +1 403 218 2833 Email: [email protected] |