Oil Sands in Utah
In Utah there are currently two explorations into producing oil from tar sands that stand out and we should keep some eyes on: Petroteq, near Vernal and U.S. Oil Sands operating at the P.R. Springs site.
Petroteq (was MCW):
Operating an old tar sands mine outside of Vernal that was previously used to mine road material.
Now has a processing facility on site and they are actively encouraging investing in it.
Here is a report debunking some of the propaganda that Petroteq has put out in the last few months.
US Oil Sands:
Built a $80+ Million experimental processing facility and began strip mining.
Went into bankruptcy right after completing the plant.
Was appointed a receiver, FTI Consulting, to deal with the company and its debts.
US Oil Sands owes SITLA $265,000 in outstanding leasing and minimum royalty payments.
The company is now For Sale Bids Due by April 6th.