Wyoming Holdings Project - Green River Basin Wyoming, USA
The Green River Basin and the Washakie Basin in Wyoming are estimated to contain oil shale holding hundreds of billions of barrels of recoverable oil. Although not as thick as the oil shale in the Piceance Basin in Colorado, and not as rich as the oil shale in the Uinta Basin in Utah, the Wyoming oil shale formations are sufficiently rich and accessible to develop commercial projects utilizing the EcoShale®technology and could ultimately produce billions of barrels of oil.
In June 2011, Red Leaf leased 5,120 acres of private lands in Wyoming’s Green River Basin. This land, initially in the form of exploration leases, can be converted into production leases once satisfactory exploration concludes. Preliminary studies conducted by engineers indicates an excess of 750 million barrels of oil that can be recovered using the EcoShale technology.
In 2012, the company entered into a joint venture agreement with, Questerre Energy Corporation (Ticker: QEC - TSX and OSE listed), also a significant shareholder. The joint venture allows Questerre to participate in a 20% equity position in the Wyoming project in exchange for a funding commitment of 32% of project costs.
Together with Questerre the pre-planning phase for the Wyoming project continues to advance. This endeavor is similar to the Utah projects in many aspects, but with unique permitting, regulatory, infrastructure, and geological differences that need to be carefully examined and understood. Red Leaf will also continue to identify and acquire oil shale resources that are complementary to the Wyoming project.