RESOURCE EVALUATION REPORT
The Company engaged Calgary-based Sproule Unconventional Limited ("Sproule") to complete an independent resource evaluation report dated December 31, 2014 (the "Sproule Report") in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The Sproule Report details the bitumen resource assessment of the Company's PR Spring property in Utah, as of December 31, 2014, and incorporates the results of the 184 wells drilled and cored on the Company’s PR Spring development block in 2011 and 2012. Sproule’s independent best estimate of discovered resource is 184.3 million barrels and remains unchanged from the prior year.
US Oil Sands’ PR Spring property lies within the State of Utah’s PR Spring Special Tar Sand Area and consists of four leases that encompass 5,930 acres. The Company also holds leases on an additional 26,075 acres that have not been explored and therefore, not evaluated in the Sproule Report. US Oil Sands currently holds 100% working interest in its Utah-based assets.
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