US Oil Sands Inc. Provides Project Update and Announces Second Quarter 2015 Results - Seite 2

OPERATIONAL HIGHLIGHTS

The second quarter was the most visibly busy quarter in the Company's history. With the PR Spring Project on budget and scheduling for first oil in the fourth quarter, the pace of field activity is being matched by behind-the-scenes preparation for a safe and smooth commissioning and start-up. As equipment deliveries to Utah based fabrication shops continued, systems were fabricated and packaged for field delivery throughout Q2 and will continue into Q3 2015.

The Company's PR Spring Project Team and Operations Team are focused on delivering, commissioning and starting up the Project in Q4 2015. The Company's recruiting program to hire 21 operations personnel commenced in early 2015 with excellent success, and efforts continue as the Company looks to hire and train the remaining plant operators, quality assurance and ore control technicians by the end of Q3 2015.

OUTLOOK

The Company will continue to execute on Phase 1 of the PR Spring Project with on-site erection and installation of the process extraction plant modules as they arrive to site in accordance with the Company's Construction Execution Plan. Field assembly will continue throughout Q3 2015, followed by commissioning and commercial start-up in Q4 2015.

The Company anticipates having sufficient funds to complete the PR Spring Project however in light of the continued low oil price environment together with the potential for unexpected completion, start-up and operating costs, the Company believes it is prudent to pursue a financing to provide a modest working capital cushion as operations increase to the planned 2,000 barrel per day capacity.

Management will continue to investigate and pursue business development opportunities for the Company's technology, including expansion of its Utah business, as well as opportunities to work with Athabasca oil sands developers to demonstrate the technology's favourable extraction capabilities. The Company will broaden its working relationships with leaseholders and government agencies supporting development of Canadian and Utah oil sands.

ABOUT US OIL SANDS LTD.

US Oil Sands is engaged in the exploration and development of oil sands properties and, through its wholly owned United States subsidiary US Oil Sands (Utah) Inc., has a 100% interest in bitumen leases covering 32,005 acres of land in Utah's Uinta Basin. The Company plans to develop its oil sands properties using its proprietary extraction process which uses a bio-solvent to extract bitumen from oil sands without the need for tailings ponds. The Company is in the pre-production stage, anticipating the commencement of bitumen production and sales in 2015.