SALT LAKE CITY, Dec. 2, 2013 (GLOBE NEWSWIRE) -- American Sands Energy Corp. (OTCBB:AMSE) ("AMSE" or the "Company"), an oil sands exploration and development company operating in Utah, announced today that it has negotiated new economic terms with the licensor of its proprietary water-free extraction technology. These new economic terms include conversion of contractual payments to equity and reductions in royalty fees for future projects outside of Utah (no royalties are paid on projects within Utah). The amended Agreement also confirms and simplifies AMSE's rights to pursue projects anywhere in the world where oil sand resources are abundant.
Daniel Carlson, the Company's Chief Financial Officer, said, "These amendments to the License Agreement with Universal Oil Recovery LLC provide us with the proper economics and aligned incentives for us to fully develop the technology at our Sunnyside project and in markets around the world. While we are focused in the short term on our Sunnyside project that will bring much needed jobs and economic development to the area around Price, Utah, we are also confident we can expand globally, developing other world class projects that will drive value creation for our shareholders and business partners."
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 1,800 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 creating tailing ponds and other environmental hazards. For more information, visit www.americansandsenergy.com.
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.