History
EGL Oil Shale was established as a subsidiary of EGL Resources, a privately owned independent oil and gas company with operations in the southwestern United States. In 2006, it was awarded a lease by the United States Bureau of Land Management to develop and demonstrate its in-situ oil shale extraction technology in Western Colorado. On 22 January 2008, IDT Corporation and EGL Resources signed an agreement, according to which IDT acquired 75% of EGL Oil Shale and renamed it AMSO, LLC. AMSO was formed on 15 February 2008. Shortly thereafter, IDT bought an additional 15% of AMSO. Subsequently, on 3 March 2009, French oil major Total bought 50% of AMSO's shares for $3.2 million, with EGL Resources selling their remainder and IDT retaining 50%. IDT's share was subsequently transferred to Genie Energy, which was split off from IDT on October 31, 2011.
In 2007, the company was awarded the Bureau of Land Management oil shale research, development and demonstration lease in Rio Blanco County, Colorado. AMSO started its pilot well in January 2012, but the operations were interrupted shortly afterwards due to technical problems with a 600 kilowatt electric heater. The operations to be restarted in December 2012.
Read more about this topic: American Shale Oil
Famous quotes containing the word history:
“The reverence for the Scriptures is an element of civilization, for thus has the history of the world been preserved, and is preserved.”
—Ralph Waldo Emerson (1803–1882)
“Let us not underrate the value of a fact; it will one day flower in a truth. It is astonishing how few facts of importance are added in a century to the natural history of any animal. The natural history of man himself is still being gradually written.”
—Henry David Thoreau (1817–1862)
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)