Our Story

Our parent company, Red Leaf Resources, was founded in 2006 to develop hydrocarbon ore pyrolysis technology. Since then, we’ve focused on oil shale technology and development, with leases held in Utah in the Uinta Basin.

As the technology progressed, we formed a joint venture with a major international oil company to develop a commercial project on our Utah leases. With oil prices over $100/barrel, project engineering was progressed through FEL 2+, contracts were established, a mine was opened and material stockpiled, roads were built, and a major water well and other infrastructure were developed.

When oil fell below $50/barrel for a sustained period, we stopped all activity and the joint venture was dissolved. All assets, including some related assets in the region held by the joint venture partner, were returned to us, including cash. While our staff was reduced to the core technology development team, we nonetheless pursued improvements in the technology to reduce costs and improve its environmental attributes.

Today, our technology and the Utah resource holdings can deliver a 75,000 barrel per day project, producing all blue oil (no net CO2 emissions to the atmosphere). With operating costs under $20/barrel, the project is now viable down to an oil price of $35/barrel.

In addition, a rich deposit of rare earth elements has been discovered interbedded in the Utah oil shale deposit, offering us the potential to be a significant early mover in the development of a U.S.-based supply chain of rare earths essential for wind turbines, electric vehicles, cell phones and many defense applications.

Our objective is to commercialize the HCCO® process on our existing Utah leases and then replicate development on other resources with similar attributes. We’re also pursuing a potential small-scale commercial project in Jordan, where we’ve entered into an agreement with an existing licensee and a local company to assess the technology’s potential on Jordanian oil shale. This could be the stepping-stone to a materially larger project in the country where the licensee holds the rights to a multi-billion barrel oil shale resource. Lastly, we’re evaluating the assets we recently acquired through the dissolution of the joint venture. These include over 7,000 acres of surface rights at the terminus of the recently approved Uinta Basin Railway and an air permit for a 40,000 barrel per day refinery. A market study we commissioned suggests that the business case for the refinery remains strong with robust economics for an infrastructure project.