SALT LAKE CITY, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Red Leaf Resources, Inc. (“Red Leaf” or the “Company”) is pleased to announce it has entered into a collaboration agreement to advance its upgrader project in the Uinta Basin in the state of Utah.
Red Leaf recently signed an agreement with Ute Energy Exploration and Marketing LLC (“Ute Energy”) a wholly-owned subsidiary of a federally recognized Indian tribe in the United States to jointly develop its assets in the Uinta Basin in Utah. These assets include its permitted 40,000 barrels per day refinery and a proposed transloading facility. The memorandum of understanding between the parties includes the potential supply of utilities to the project, the supply of crude oil feedstock to the refinery and finished product offtake agreements.
Michael Binnion, Chairman of Red Leaf, noted, “We are honored to partner with the Ute tribe. As one of the largest stakeholders in the region, they are committed to the development of the oil producing Uinta Basin and ensuring local communities share in the economic and social benefits. We are looking forward to cooperating with the Ute tribe on this important infrastructure development for the region.”
The proposed refinery’s finished products slate will include ultra-low sulfur diesel to meet the growing demand for the product regionally and to mitigate the shortages seen recently in the United States. Last year, the Energy Information Agency (“EIA”) reported that distillate inventories including diesel, were at their lowest levels during the fall since the early 1980s, in part due to the ban on Russian imports. Recent EIA data also notes that the region continues to import nearly 10,000 barrels of diesel per day.
The refinery plans to source its raw crude from the Uinta Basin particularly the Black and Yellow Wax crude produced locally. This light crude is highly viscous and ideally suited to produce the feedstock for high-value lubricants. The Company is in discussions with existing producers to supply crude for this project.
Red Leaf is a shale tech company transitioning energy supplies to a low-emission future. The Company’s proprietary HCCO® process virtually eliminates the emissions from liquid fuels produced from organic-rich sources. Leveraging this technology, the Company plans to develop large scale resources, particularly, kerogen or oil shale. Downstream, the Company is also developing an upgrader project in the Uintah Basin, Utah.
Advisory Regarding Forward-Looking Statements
The information contained in the press release represents Red Leaf Resources, Inc. (the “Company”) views, estimates and assumptions, any of which may change without notice. This report may contain forward looking information relating to, without limitation, the Company and its business, intentions, plans, expectations and anticipated financial performance or condition. Readers are cautioned not to place undue reliance on forward-looking information. The actual results, performance or achievements of the Company and its proprietary technology could differ materially from those expressed in or implied by forward-looking information contained in this report. This report is for information purposes only and does not constitute an offer to sell or a solicitation to buy securities.
