ASEC has the rights to mine oil sand ore and extract bitumen from approximately 1,800 acres of private property located near Price, Utah (a portion of the Sunnyside Lease). The Sunnyside Lease area contains some of the prime oil sands deposits in Utah, with estimated net P50 resources of 200 million barrels of recoverable bitumen to the Company, according to a Resource Audit and Classification prepared by Marston (a Golder Associates Company). The planned plant and mine site is approximately seven miles from an existing power plant, rail head, and major state highway. The site is accessible by County road and will be served by existing power lines.
The Resource Audit and Classification was completed in accordance with the Provisions of the NI 51-101 Guidelines and the Canadian Oil and Gas Evaluation (COGE) Handbook (the latter prepared jointly by the Canadian Institute of Mining, Metallurgy and Petroleum Society and the Society of Petroleum Evaluation Engineers).