Production process utilizes citrus based bio-solvent that naturally separates bitumen from oil sands with no tailing ponds
US Oil Sands Inc., an innovator of oil extraction technologies using citrus, announced that it has commenced a sale solicitation process for the sale of the company or its assets, according to a press release.
On Sept. 14, 2017, US Oil Sands announced that the Court of Queen’s Bench of Alberta granted the application of the company’s lender, ACMO S.à R.L., to appoint FTI Consulting Canada Inc. as receiver and manager over the assets, undertakings and property of US Oil Sands.
US Oil Sands is an energy company focused on environmentally sustainable heavy oil (bitumen) production of oil sands.
The company’s initial commercial demonstration project is located in Utah’s Uintah and Grand counties where the company has a 100 per cent interest in bitumen leases covering 32,005 acres (50 square miles) of land, the largest commercial oil sands position in the United States.
The leases contain a large resource base in excess of 180 million barrels of discovered petroleum . US Oil Sands was developing properties using a unique and environmentally friendly extraction process.
This patented approach to oil sands development allowed the company to achieve best-in-class environmental results along virtually any metric, according to the company’s website.
The process utilizes a citrus based bio-solvent that naturally separates bitumen from oil sands, eliminates the need for tailings ponds, and is expected to require approximately 50 per cent less energy input than traditional oil sands projects. It also recycles 95 per cent of the water used and employs best practice mining methods to simultaneously mine and reclaim the targeted area, according to U.S. Oil Sands Inc.