US Oil Sands Inc. has completed a detailed review of its PR Spring Phase 1 Project in light of continued low oil prices and the closure of two key contractors' Utah-based operations. Construction of the Project is approximately 85% complete with costs coming in below budget.

However since additional capital will be required for commissioning, start-up and continued operations thereafter to validate the proprietary bitumen extraction process technology, the Company has decided to reduce the pace of field construction in order to maintain working capital flexibility.

Tags: US Oil Sands Inc.