Friends & Colleagues:

The oil shale industry took a major step forward today as Utah-based Red Leaf Resources completed the final major hurdle in the permitting process and will soon begin mining operations. (A press release is attached with more details.)

In 2012, Red Leaf received its Large Mining Operations permit from the Division of Oil, Gas & Mining, but that permit was contingent upon Red Leaf either getting a groundwater discharge permit or a letter from the Division of Water Quality stating no permit is needed. Even though Red Leaf’s environmentally friendly EcoShale process produces no discharge water, a permit was pursued in order to head off possible litigation. DWQ issued that permit today, making the DOGM mining permit valid.

While there are a couple of minor permits still needed before full mine construction can begin, the major hurdles are behind us and Red Leaf can commence with pre-mining activities on the way to the first commercial oil shale operation in decades!

Red Leaf will initially build a commercial demonstration project, designed to produce more than 300,000 barrels of oil and prove the scalability of the EcoShale capsule design. This project should be completed by the end of 2015. From there, Red Leaf will design a full-scale commercial mining program that will produce more than 600 million barrels of oil on our SITLA leases and firmly establish that the oil shale industry is open for business in Utah.

Thank you for your friendship and support.

Regards,

Jeff Hartley

801-557-3772