USO is a growth-oriented, private energy company focused on environmentally sustainable heavy oil (bitumen) production from oil sands. The Company's initial commercial demonstration project is located in Utah's Uintah and Grand counties where the Company has a 100% interest in bitumen leases covering 5,930 acres. These leases contain a large resource base in excess of 180 million barrels of discovered petroleum.
USO expects to develop its properties by using a unique and environmentally friendly extraction process. This one-of-a-kind, patented approach to oil sands development will allow the Company to achieve best-in-class environmental results along virtually any metric. The process utilizes a renewable and biodegradable solvent that efficiently and effectively separates the bitumen from the oil sand enabling the Company to eliminate the need for tailings ponds. This technology is also expected to achieve top tier performance on water conservation and GHG emissions while significantly reducing the capital cost of projects when compared to traditional oil sands developments.
The Company’s extraction process represents a paradigm shift for the existing oil sands mining industry in its ability to economically and environmentally recover bitumen resources that would otherwise remain undeveloped from large scale operations because they need a low-cost, scalable extraction technology. USO believes that by implementing its extraction process, it will demonstrate a significant opportunity for existing resource holders to maximize resource recovery while minimizing the social, economic, market and environmental challenges associated with traditional oil sands mining operations.
Uinta Basin, Utah.