"Company Seeks First U.S. Oil Sands Project, in Utah"

"SALT LAKE CITY -- An energy company with government approvals to launch the first significant U.S. oil sands project is trying to raise money to build a plant in eastern Utah that would turn out 2,000 barrels of oil a day.

Earth Energy Resources Inc. has a state lease to work a 62-acre pit in Uintah County, where it has demonstrated technology that can extract oil out of sands using a proprietary solvent it calls environmentally friendly.

But first, the Calgary, Alberta-based company says it needs to raise $35 million, and it acknowledged that could be tough because private equity groups turned skittish after the 2008 economic meltdown.

Earth Energy said it is "de-risking" the project to lure investors. "

Paul Foy reports for the Associated Press March 28, 2010.

Monday, March 29, 2010