US Oil Sands Inc. has filed its audited consolidated financial statements for the twelve month period ended December 31, 2012 along with the management discussion and analysis (MD&A) of the financial results of US Oil Sands for such period.
Highlights:
- Closed a private placement financing for gross proceeds of $11,020,452 ;
- Completed a field program on the 5,930 acre PR Spring Project Area consisting of:
- Drilling 37 core wells directed at infill delineation of bitumen resources in new mine project areas;
- Drilling and completion of two water wells and successfully evaluating the targeted aquifer confirming sufficient quantities of water for phase 1 production requirements;
- Further testing of the continuous surface mining equipment to confirm operating parameters and design specifications; and