Total E&P USA Oil Shale LLC will exit an oil shale project in eastern Utah after reaching an agreement with development partner Red Leaf Resources Inc., the companies said March 31.
Red Leaf and Total’s signed a joint venture agreement for the Seep Ridge project in March 2012.
With Total’s exit, Red Leaf has slowed the progress of the project while it considers its options for both continued development of its Seep Ridge project and other opportunities to further advance its EcoShale® technology, a patented process by which hydrocarbons are produced from oil shale.
Since 2006, Red Leaf has raised roughly $200 million to refine and develop EcoShale technology.
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