American Sands Energy Corp. (OTCBB: AMSE), an oil sands exploration and development company operating in Utah, has signed a project sourcing agreement with 2020cg LLC. Under the terms of the agreement, 2020cg has nonexclusive rights to source potential oil sands projects globally.
American Sands has developed technology for exploiting “oil-wet” oil sands. The company’s relationship with 2020cg will enable American Sands to bring this technology to projects outside of Utah.
American Sands CEO William C. Gibbs said, "With over 80 billion barrels of oil-wet oil sands in the US alone, according the US Dept. of Energy, and many more billions of barrels outside the US, oil-wet oil sands stand poised to be the next wave of unconventional oil. Having no water usage, no tailings ponds, and minimal environmental impact, AMSE's technology, combined with 2020cg's marketing expertise, is well positioned to lead this development."
American Sands is the developer of the Sunnyside project in Utah. The company controls over 150 million barrels of oil sands resource and is in the permitting process with the State of Utah which, when issued, will allow for startup of operations to extract up to 10,000 barrels per day of bitumen.