US Oil Sands Inc. Announces Successful Closing of Rights Offering and Restart of Full Construction Operations at PR Spring - Seite 3

Prior to the completion of the Rights Offering, ACMO owned 223,333,333 shares, representing approximately 26.2% of outstanding shares of US Oil Sands. Upon completion of the Rights Offering, ACMO owns 556,716,222 shares, representing approximately 32.6% of the issued and outstanding shares. Prior to the Rights Offering, ACMO did not own Warrants. If ACMO were to exercise all of the Warrants it received pursuant to the Standby Purchase Agreement as of today's date, it would own a total of 717,441,222 shares, representing approximately 38.4% of the then issued and outstanding shares.

ACMO purchased the shares of US Oil Sands for investment purposes. ACMO may increase or decrease it ownership of the shares depending upon the business of the Company and future market conditions.

In connection with entering the Standby Purchase Agreement, ACMO and US Oil Sands entered into a governance agreement which entitles ACMO to nominate a third representative to serve on the board of directors of the Company if ACMO owns greater than 35% of the outstanding shares. The governance agreement further provides that, for a period of 24 months, US Oil Sands will not issue equity securities in excess of 10% of the issued and outstanding shares in any 12 month period without ACMO's consent.

A copy of the early warning report that ACMO will file in connection with its acquisition of shares can be obtained by contacting ACMO's Chief Compliance Officer, David Young, at 610 Broadway, 6^th Floor, New York, NY 10012 or [phone].

ABOUT US OIL SANDS INC.

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 Q4 2016.