The first year of this effort was focussed on the following broad objectives: (1) Analyze the molecular types present in shale oil (as a function of molecular weight distribution,3147 ); (2) Determine the behavior of these molecular types in liquid-liquid extraction; (3) Develop the analytical tools needed to systematize the process development; (4) Survey the markets to assure that these have high value uses for the types found in shale oil; (5) Explore selective process means for extracting/converting shale oil components into concentrates of potentially marketable components; (6) Compile overview of the venture development strategy and begin implementation of that strategy. Each of these tasks has been completed in sufficient detail that we can now focus on filling in the knowledge gaps evident from the overview.