US tar sands

Mon, 2013-10-07 18:01Steve Horn
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Frank Giustra, President Bill Clinton's Close Colleague, Joins US Oil Sands Board

Frank Giustra - key power broker and close colleague of former President Bill Clinton - has taken a seat on the Board of Directors of U.S. Oil Sands, an Alberta-based company aiming to develop tar sands deposits in Utah's Uintah Basin. **UPDATE: Although he was named a prospective appointee to the Board, Mr. Giustra ultimately declined the position, citing “other commitments.”**

U.S. Oil Sands - in naming several new members to its Board - also announced it has received $80 million in “strategic financing” from Blue Pacific Investments Group Ltd., Anchorage Capital Group, L.L.C. and Spitfire Ventures, LLC.

The funding will help get the ball rolling on “tar sands south,” a miniature but increasingly controversial version of its big brother to the north, the Alberta tar sands. Giustra will likely help in opening the right doors for tar sands industry interests in the United States. 

Giusta is best known for his work in the worlds of uranium mining and minerals mining, though he has dabbled in the Alberta tar sands finance world once before, lending upwards of $20 million in capital to Excelsior Energy. He serves as CEO and President of Fiore Financial Corporation. 

Founder and Director of the Radcliffe Foundation and Co-Director of the Clinton Giustra Enterprise Partnership (formerly known as the Clinton Giustra Sustainable Growth Initiative), Frank Giustra has maintained close ties with Bill Clinton since 2005.

The Clinton Giustra Sustainable Growth Initiative is an arm of the Bill, Hillary, and Chelsea Clinton Foundation (the Clinton Foundation). Giustra sits on the Clinton Foundation's Board of Trustees.

Wed, 2012-11-21 05:00Steve Horn
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Second US Tar Sands Mine, Owned by Former ExxonMobil and Chevron Exec., Approved in Utah

MCW Enterprises Ltd., a Canada-based corporation, announced on Nov. 19 that it has received all necessary permits to streamline tar sands extraction at its Asphalt Ridge plant located in Vernal, Utah starting in December.

The announcement comes just weeks after U.S. Oil Sands Company received the first ever green light to extract tar sands south in the United States.

Recently changing its name from MCW Energy, MCW Enterprises Ltd. owns MCW Oil Sands Recovery LLC as a wholly owned subsidiary. The company's CEO, R. Gerald Bailey - often also referred to as Raymond Bailey or Jerry Bailey - is the former President of Exxon Arabian Gulf and also served as an Executive for Texaco (since purchased by Chevron) for 15 years.

MCW's website explains that its stake in the Asphalt Ridge is a “proven/probable resource of over 50+ million barrels of oil” and that it “is seeking other oil sands leases in Utah, which contains over 32 billion barrels of oil within 8 major deposits.” 

Bailey told Flahrety Financial News that he sees this first project as a crucible, or testing grounds, with the potential for more extraction to come down the road. 

“This is really going to be a technology play,” he stated. “I don't plan to build another Exxon out there in the desert.”

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