Vernal Utah
Our Vernal, Utah project is initially focused on turning the extracted hydrocarbons into asphaltic cement, which we believe is less affected by daily changes in oil prices. Our RPC situated in Vernal, Utah has the capacity to process up to 500 tons of naturally occurring oil sands deposits per day and estimate, we will recover approximately 250 barrels of extracted hydrocarbons each day, to be sold as asphaltic cement or for energy.
Approximately 300 million cubic yards of oil sand material are available for processing at our Vernal property and we believe we could ultimately recover 40 million barrels of oil.
The State of Utah has, according to the US Geological Survey, approximately 14 billion barrels of measured oil in place with an additional estimated 23 to 28 billion barrels of oil contained in contaminated oil sands that are deposited near the ground surface. The crude from these oil sands can be turned into asphaltic cement for making roads, or upgraded for polymers or fuel. Based on the total number of barrels of oil contained within the Utah oil sands deposits, we believe there may be an opportunity to deploy as many as 100 RPC units just within the state of Utah.