US Oil Sands Inc. (TSXV: USO), a company focused on oil sands exploration and production in Utah, announced that it has filed its unaudited interim financial statements for the six month period ended June 30, 2012 along with the management discussion and analysis ("MD&A") of the financial results of US Oil Sands for such period.

SECOND QUARTER HIGHLIGHTS

Operational highlights during the second quarter revolved around the Company's 2012 PR Spring Project field work program. This included performing the geological and geophysical assessments needed to source optimal water well locations for the Project's future processing facilities; finalizing commercial process engineering plans and design with engineering consultants and equipment suppliers; and gathering and evaluating geological data in anticipation of a Q3 coring program that is intended to better assess the broader PR Spring Area and fulfill requirements needed to pursue future mine permitting areas.

From a financial standpoint, the Company completed a private placement and issued 61,224,735 units at a price of $0.18 per unit for gross proceeds of $11,020,452. Each unit consists of one Share and one Warrant exercisable at a price of $0.26 per share expiring May 23, 2014. The principal purpose of the net proceeds was to fund the development of the Utah-based PR Spring Commercial Project and for working capital purposes.

Additionally, as announced on August 29, 2011 and having just recently received required approvals from the TSX Venture Exchange (the "TSXV"), the Company has issued the third tranche of 500,000 warrants to EAS Advisors LLC ("EAS"). The warrants were issued with respect to services provided by EAS for the period of January 1, 2012 to March 31, 2012. Each warrant entitles the holder thereof to acquire a common share of US Oil Sands at a price of $0.50 per common share with an expiry date of June 30, 2013. On August 8, 2012, the Company received the required TSXV approval to issue the fourth and final tranche of warrants to EAS for their services provided to the Company from April 1, 2012 to June 30, 2012. These warrants will be issued immediately and will entitle the holder thereof to acquire a common share of US Oil Sands at a price of $0.50 per common share with an expiry date of June 30, 2013.

OUTLOOK

For the remainder of 2012, US Oil Sands intends to complete its second full field work program. This program includes core hole drilling, logging and assaying on future mine areas, development of process water supplies, site preparation for the PR Spring Commercial Project (Phase 1) and performing additional tests on surface mining equipment. Initial construction of the Company's PR Spring Project began in Q2 2012, and long lead time major equipment is expected to be ordered in Q3 2012. The majority of the project's construction will take place in early 2013 and the project remains on schedule for commercial production start-up of the initial 2,000 bpd phase in late 2013.

With the information gained from the 2011 field work program, where the Company drilled a 147 core-hole program on its PR Spring Development Area, the Company's Independent Reserve Auditor (Sproule US Limited) confirmed, as of February 29, 2012, the presence of 189.8 million barrels of discovered bitumen resource on the PR Spring block. Management is preparing plans for the development of these resources through a multi-phased expansion of the first 2,000 bpd project, raising capacity on the block to 20,000 bpd by the end of 2017.

Management intends to pursue additional opportunities both through exploration and acquisition of additional resource lands in order to achieve the Company's strategic target of 50,000 bpd capacity by 2020. Management intends to accomplish this by continuously assessing growth opportunities and furthering regulatory application efforts on existing properties, so as to ensure a ready inventory of future mineable assets for the Company.