67 WALL STREET, New York - July 3, 2014 - The Wall Street Transcript has just published its Oil & Gas Review 2014 Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Oil & Gas Review 2014
Companies include: American Sands Energy Corp. (AMSE) and many more.
In the following excerpt from the Oil & Gas Review 2014 Report, the Chairman and CEO of American Sands Energy Corp. (AMSE) discusses company strategy and the outlook for this vital industry:
TWST: Could you please begin with a brief overview of American Sands and something about its history and evolution?
Mr. Gibbs: American Sands Energy is an oil sands exploration and development company. We currently have a unique solvent extraction process that removes the oil from the saturated oil sands in a closed-loop system, where we create no tailings ponds and produce a heavy oil called bitumen and clean, dry sand. The unique thing about our process is it does not use water, so we're the only process in the industry that doesn't use water and doesn't create some sort of tailings ponds. We currently have under lease in excess of 150 million barrels of heavy oil, and we are in the process of obtaining the mine permits so that we can begin the extraction of the oil sand ore and start our development process.
TWST: Can you share with us some highlights from your own career? I believe you're actually a lawyer - how did you become interested in the oil industry?
Mr. Gibbs: Actually, I started my career at the Securities and Exchange Commission as a lawyer. I moved back to Utah in 1986, and one of the first projects I worked on was actually an oil sands project here in Utah that my family had an interest in. My family formed a company that joint ventured with Chevron to develop this exact oil sands deposit. We worked for Chevron to put together a project that was going to have some government assistance through the Synfuels Corp program the federal government had put in place to develop these kind of resources. In connection with this joint venture, we drilled 89 exploration holes to confirm that the resources available. We put together an initial mining plan and an engineering plan.
In 1986, Synfuels was defunded and Amoco took over the project, and we worked with Amoco to drill additional holes and to put together additional engineering on the project. With oil prices at $18 a barrel in the beginning of the 1990s, that project wasn't viable, but we ended up with all of the information from those projects, including the resource evaluation that showed the oil in place together with the original work on the mine plan. That was sort of my first foray and that's how I became interested in this project.
TWST: Currently the company's key exploration property is the Sunnyside Property Project in Utah. Can you give us a closer look at the recently released results for the onsite drilling program?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.