CALGARY, ALBERTA–(Marketwired – Sept. 14, 2017) – US Oil Sands Inc. (“US Oil Sands” or the “Company“) (TSX VENTURE:USO), an innovator of oil extraction technologies, announces that the Court of Queen’s Bench of Alberta has granted the application of the Company’s lender, ACMO S.à R.L., to appoint FTI Consulting Canada Inc. (the “Receiver“) as receiver and manager over the assets, undertakings and property of US Oil Sands. The Receiver is charged with managing the day-to-day affairs of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of US Oil Sands.
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 has developed a proprietary extraction process which uses a bio-solvent to extract bitumen from oil sands without the need for tailings ponds.