With our proprietary HCCO® process and existing resources, we plan to produce up to 75,000 barrels per day of blue (or net-zero emissions) oil and rare earth elements from our project near Vernal, Utah.
Rich Deposit Close to Surface
We hold a 100% working interest in approximately 10,000 acres of State held leases with an option for an additional 6,100 acres. There’s an estimated 700+ million-barrels of recoverable resource with an average strip to ore ratio of less than 2:1 on our Seep Ridge, Holliday and McCook Ridge leases. To optimize recovery and yields, selective mining and dry density-based beneficiation will be used to achieve an expected average processed ore grade of 32 gallons per ton. Mining operations at Seep Ridge will initially focus at outcrop and will progress to areas with higher strip ratios, with cutoff grade to be determined by economic optimization.
Phased Development Approach
The first phase of our project development is designed to produce 12,500 barrel per day with five subsequent phases of 12,500 barrels per day each for total daily production of up to 75,000 barrels. Based on current estimated resources, each phase is expected to produce for more than 20 years.
Rare Earth Elements
We’ve recently discovered rare earth elements co-deposited with the oil shale on our leases. Rare earths have become essential for the rapidly growing renewable energy industries, electronics & telecommunications, and military applications. The U.S. Federal Government has made establishing domestic rare earth supply chains a strategic priority. We estimate a resource of 3,500 tons of rare earth elements including 2,000 tons of heavy rare earths in-place in a single mining interval on our Seep Ridge block with other intervals not yet characterized. Over 60 square miles are currently available for mining at outcrop. We are assessing new technology for low-cost extraction and separation.
The State of Utah, a business-friendly jurisdiction, is committed to developing natural resources. It has a well-established community and government support to promote long-term employment and economic development as royalties from resource development finance public education. Added to that, our Utah leases have year-round access, they’re located in an oil and gas basin with infrastructure, strong services and a skilled workforce.