American Sands Energy Corp. (OTCBB: AMSE), an oil sands exploration and development company operating in Utah, has extended all its leases through December 2019.
CEO William Gibbs said, "By extending our leases, AMSE will retain control of our Sunnyside project for the foreseeable future. This extension allows us to work through the permitting process without threat to our resources. While the primary term of our leases is extended for five years, it is also important to note that, once we are in production, the leases are ‘held by production’ and will last for the life of the project."
American Sands is currently in the permitting process for its Sunnyside project. The company hopes to have approval from the Department of Oil, Gas & Mining in the near future and expects to be in production approximately 18 months from approval.