US Oil Sands Inc. announced that its Board of Directors has approved the final investment decision to proceed with construction of its PR Spring Project in Utah. The board of directors approved the final investment decision to proceed with construction of an enhanced phase 1 project at its PR Spring location in Utah. Phase 1 is designed to produce approximately 2,000 barrels per day of bitumen with attractive capital costs, operating expense, and environmental profile.

With the approved enhancements, phase 1 can now process a broader range of oil sand ores while improving solvent and water recovery. Design enhancements will substantially reduce solvent and water losses; phase 1, expected to achieve commercial production in the second half of 2015, is estimated to have capital costs of $60 million.