SALT LAKE CITY, Oct. 12, 2012 /PRNewswire/ -- American Sands Energy Corp. (OTCBB: AMSE, "AMSE" or the "Company"), an oil sands exploration and development company operating in the state of Utah, announced today that it has engaged Teneo Securities LLC to act as the Company's financial advisor in a public offering.
"With our successful pilot tests concluded, American Sands is ready to move forward on our plans to construct a 5,000 barrel per day production facility," stated CEO William Gibbs. "Teneo Securities' team of experienced energy bankers is well suited to assist the Company with our goal of funding development through an IPO on a major exchange."
American Sands is developing its oil sands operation outside of Price, Utah, where it currently has rights to approximately 2,000 acres of prime oil sand deposits. At full production, AMSE expects to produce up to 50,000 barrels of oil per day, employing conventional mining and an extraction and recovery system using a proprietary solvent. AMSE plans to achieve initial production within two years from financing, selling bitumen to local refiners, thereby minimizing transportation costs.
For additional information about American Sands Energy Corp., please contact either Tom Herbert of CleanTech Investor Relations (310-541-6824, email@example.com) or Daniel Carlson, Chief Financial Officer (415-460-1165, firstname.lastname@example.org).
For additional information on Teneo, please contact either William Hunter, Head of Natural Resources Investment Banking (212-886-9347, William.Hunter@TeneoCap.com) or Edwin Chapman Jr., Vice President, Natural Resources Investment Banking (212-886-9315, Edwin.Chapman@TeneoCap.com).
About American Sands Energy Corp.
American Sands Energy Corporation is a development stage Delaware company with primary operations in Utah. The Company has acquired rights to oil sand ore covering approximately 2,000 acres of prime oil sand deposits in the Sunnyside area of Utah. The Company has an extraction and recovery system using a licensed proprietary solvent that separates oil and other hydrocarbons from sand, dirt and other substances without the use of water and without creating tailing ponds and other environmental hazards. For more information, visit www.americansandsenergy.com.
Teneo Securities LLC is an affiliate of Teneo Holdings LLC ("Teneo"). Through its affiliate companies, Teneo provides integrated solutions by blending the disciplines of strategic communications, investment banking, business intelligence and restructuring advice.
Teneo works as a trusted advisor to some of the world's most respected companies, non-profit institutions and governments to design and execute strategies to achieve critical business objectives, protect and enhance reputation, navigate legal, political and regulatory challenges successfully and enhance value.
The firm has more than 130 employees and offices in multiple strategic markets around the world. All securities transactions are effected through Teneo Securities LLC, a registered broker-dealer and member of FINRA and SIPC.
Forward Looking Statements
This release contains forward-looking statements regarding AMSE's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts, exploration efforts and the timeliness of development activities, the ability to place the project into full production; the ability to secure all necessary mining permits in a timely manner, fluctuations in energy prices, confirmation of estimated resources, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. American Sands Energy Corp. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE American Sands Energy Corp.