BY DENNIS WEBB
The company most active in pursuing an oil shale project in northwest Colorado is shutting down after running out of funding, following in the footsteps of three other companies that also have given up on pursuing local projects involving federal leases.
American Shale Oil LLC, decided to quit its project in Rio Blanco County after Total Petroleum said it would no longer fund it.
Total, which had a 58.7 percent interest in AMSO as of March 31, withdrew from the project April 30, and AMSO’s future was left in the hands of minority project partner Genie Energy, based in New Jersey. AMSO president Claude Pupkin said Total ended its involvement because of low energy prices and challenges facing the oil industry that forced Total to make difficult decisions around the world about what projects to continue funding...