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We are unlocking Canada’s unrealized bitumen resource potential.
The time is right.
Investor PresentationMay 2012
1
Disclaimer
Forward Looking Statements
This presentation contains statements that may constitute "forward-looking statements” within the meaning of applicable securities legislation. These statements include, among others, statements regarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about future events or performance. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency "uctuations, environmental risks, competition from other industry participants, lack of availability of quali#ed personnel or management, stock market volatility and ability to access suf#cient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect and, as such, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by any forward looking statements in this presentation, and accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what bene#ts the Corporation will derive therefrom.
The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Reserves and Resources
The reserve and resource estimates herein were extracted from reports prepared by GLJ, an independent professional petroleum engineering #rm, in accordance with Canadian Securities Administrators’ National Instrument 51-101 (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook. Under NI 51-101, proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. It is 90 percent likely that actual remaining quantities will exceed estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is only a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent Resources are further classi#ed in accordance with the level of certainty associated with the estimates and may be subclassi#ed based on project maturity and/or characterized by their economic status. Resource estimates are described as follows: Best Estimate –This is considered to be the best estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.; High Estimate – This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Low Estimate– this is considered to be a conservative estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods were used, the term re"ects a P90 con#dence level.
Unless otherwise stated, all !gures presented in Canadian Dollars.
ALL REFERENCES TO THE DECEMBER 2011 GLJ ASSESSMENT USE THE GLJ DECEMBER 2011 PRICE FORECAST.
2
Table of Contents
CORPORATE OVERVIEW: A DISTINCT VALUE PROPOSITION
GROSMONT CARBONATE PROJECTS: SIGNIFICANT UPSIDE
THE TAIGA PROJECT: NEAR TERM PRODUCTION AND CASH FLOW
ORGANIZATION
SUMMARY
3
4
SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION
• Early mover in the largest undeveloped oil field in the world
• 170,000 net acres of contiguous land in the heart of the trend
• 3,437 million barrels of contingent recoverable resource (1)
• 340,000+ bbl/day net production potential
• Commercial performance demonstration underway withSAGD pilot (40% WI)
• First commercial project application submitted
Impressive growth potential with a solid foundation.
(1) GLJ December 2011
5
UNDERPINNED BY A SOLID FOUNDATION
• 45,000 bbl/d Taiga Project
• 359 million barrels of 2P reserves (1)
• Regulatory approval anticipated in 2012
Impressive growth potential with a solid foundation.
SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION
• Early mover in the largest undeveloped oil field in the world
• 170,000 net acres of contiguous land in the heart of the trend
• 3,437 million barrels of contingent recoverable resource (1)
• 340,000+ bbl/day net production potential
• Commercial performance demonstration underway withSAGD pilot (40% WI)
• First commercial project application submitted
(1) GLJ December 2011
6
INTRODUCTION TO OSUM
• Osum is a private, well-capitalized, fully staffed, Canadian in-situ oil sands developer based in Calgary, Alberta
• Two focus areas: Taiga (Cold Lake) and Saleski (Grosmont Carbonates)
• Osum’s strategy focuses on:
1. Reservoirs with both lateral and vertical continuity
2. Assets that are close to existing infrastructure
3. Proven thermal technologies to develop the assets
• The Company has a richly experienced project team, with a deep understanding of its resource base.
FINANCIAL HIGHLIGHTS
• Approximately $1 B of capital raised to date
• 107.5MM basic (137.0MM fully diluted) shares outstanding
• Approximately $600MM in working capital¹
• Knowledgable equity investors
‣ Warburg Pincus
‣ Blackstone Capital Partners
‣ Korea Investment Corporation
‣ Government of Singapore Investment Corporation (GIC)
‣ KERN Energy Partners
‣ 2 Large Well Known Canadian Institutional Investors
1 Estimated working capital includes $265MM of callable common share purchase warrants
#3 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES PLUS BEST ESTIMATE CONTINGENT RECOVERABLE RESOURCES
7
Source: Credit Suisse, May 2012
29,036
0
2500
5000
7500
10000
12500
Sun
cor
Cen
ovus
Ath
abas
ca
MEG
Laric
ina
CO
S
Osu
m
Sun
shin
e
STP
Con
nach
er
Bla
ckpe
arl
Ivan
hoe
AO
S
3,901 MMbbls
TOTAL RESERVE AND RESOURCE BASE (1)(2)
TAIGA RESERVE AND RESOURCE BASE
359 MMbbl
RESOURCE104 MMbbl
RESERVES359 MMbbl
SALESKI JV
SALESKI WEST / LIEGE
SALESKI EAST
TAIGA
(1) Reserves (2P) plus best estimate contingent resources (NET)(2) Based on December 2011 GLJ
RESERVES AND RESOURCES
• Solid foundation of 359 MMbbl of proven plus possible reserves.
• Large resource base with over 3.5 billion barrels of contingent resource.
8
CORPORATE PROJECTS: DEVELOPMENT TIMELINE
2012 2013 2014 2015 2016 2017 2018 2019
5,000 28,000 62,000 144,000 174,000
Construction Non-Operated
5,000
60,000
24,000
30,000
120,000
Saleski JV PilotOperations
Taiga Phase I
Saleski JV CommercialExpansion Phase I
Saleski JVCommercial Phase III
Saleski EastCommercial Phase II
Total CumulativeDaily Capacity (bbls/d)(End of Year)
22,000Taiga Phase II
Saleski JVCommercial Phase II 12,000
Saleski EastCommercial Phase I
23,000
2020
Producing
Stages and disciplined approach to development.
Management View
9
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059
CORPORATE NET PRODUCTION PROFILE
Production potential in excess of 390,000 bbls / day.
Ra
w B
itu
me
n R
ate
(b
bls
/ d
)
TaigaSaleski JVSaleski EastSaleski WestLiege
GLJ Reserves / Resources Report (December 2011), 2P Reserves plus Best Estimate Contingent Recoverable ResourcesRefer to “Reserves and Resources.”
LeaseAcquisition
DelineationCore Well& Seismic
ProjectDe!nition &
InitialContingent
ResourceBooking
Piloting RegulatoryApplication
& InitialConversion
of Resourcesto Reserves
Engineering& Commercial
Preparation
RegulatoryApplication
Approval
Construction Production
$9,728,000,000
$1,662,000,000
SALESKI CARBONATE PROJECTS / UNRISKED NPV(1)
TAIGA PRJOJECT / UNRISKED NPV(2)
Net interest in JV portion of carbonate projects($3,358,000,000)
100% portion of carbonate projects($6,370,000,000)
(1) Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ December 2011)(2) 2P Reserves plus Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ December 2011)
For Illustrative Purposes10
0
15
30
45
60
75
90
105
120
January 2007 January 2008 January 2009 January 2010 January 2012
Net Working Capital (including dilutive proceeds)10% BT NAV of GLJ Proved Plus Probable Reserves10% BT NAV of GLJ Best Estimate Contingent Recoverable Resources
Net
Ass
et
Valu
e (
10%
BT
) /
Fu
lly D
ilu
ted
Sh
are
($
)
NET ASSET VALUE PER SHARE GROWTH
Date of GLJ Assessment
11
Note: 2012 NAV includes December 2011 GLJ best contingentestimate resource and 2P reserves, January 2012 working capital.
Grosmont Carbonate Projects (Saleski)
THE MOST SIGNIFICANT OIL SANDSOPPORTUNITY IN A QUARTER OF A CENTURY
12
WE HAVE PLACED OURSELVES AT THE FOREFRONT OF A MASSIVE OPPORTUNITY
• Osum dominates the southern portion of the main trend which is closest to infrastructure
• Osum holds over 15 billion barrels of bitumen in the Grosmont and an estimated net 3.4 billion barrels of contingent recoverable resources (1) (2)
• Osum’s projects will provide the first commercial bitumen to market from the Grosmont.
(1) GLJ Best Estimate Contingent Recoverable Resources as of December 2011.
(2) Refer to “Reserves and Resources” in disclaimer
Pay Thickness Map Source: ERCB, 2010 13
Grosmont Formation:406 Billion Barrels OIIP
⤶
Source: ERCB ST98-2010 “Alberta’s Energy Reserves 2009 and Supply/Demand Outlook 2010-2019”
• v
Bitumen oozes from core on Osum’s Saleski East lands. March 2nd, 2011.
14
3 WAYS TO INCREASE VALUE SIGNIFICANTLY
Increased recovery factors
Increased resource base
Pilot Results
GLJ recovery factors currently 36% -
potential exists for substantial increases
Pilot operations underway
Delineation ongoing at Saleski West & East
15
DEMONSTRATION OF COMMERCIAL PERFORMANCE• Demonstrating performance
with commercial well lengths, spacing and rates enables scale up to commercial development
• Testing thermal processes and thermal processes with solvent addition
EXPANDABLE
• Pilot licensed for up to 6 well pairs and 1,800 bbls / day oil production
• Application in process for 10,700 bbls / day commercial demonstration project directly adjacent to pilot
INITIAL EXECUTION
• 4 well pairs drilled, 2 in operation, 1 in commissioning, and 1 as backup
• First steam December 23, 2010
Grosmont C
Grosmont D
16
SALESKI PILOT PERFORMANCE
• Different “production tests” have been conducted over the past year to observe performance, diagnose and optimise.
• It takes time as there are a limited number of well pairs and meaningful thermal production tests take time
• An example of this is shown for the C well pair
• Production tests in November-December 2011 and March-April 2012 show promising results
• Oil rates show the high productivity of the formations while the cumulative production shows that these tests are meaningful
• Tests indicate the repeatability of the general trend, and our ability to optimise
• We are continuing production testing and optimising tests for learnings to gain progressive performance advances and confirm long term performance
0
200
400
600
800
1000
0 20 40 60
Daily O
il R
ate
(b
pd
)
Duration (Days)
Test 1Test 2
Production Test (C Zone)Nov-Dec
2011Mar-Apr
2012
Duration (days) 27 52
Average Oil Rate (bbl/d) 511 445
Cumulative Oil (bbl) 13,815 23,153
Maximum Daily Rate (bbl/d) 812 807
THE GROSMONT CARBONATES
2008 2011 2015 to 2018
Grosmont Fundamentals Verify and Prove Application
Field Test of Cold Solvent (complete)
Laboratory Test (complete)
Analysis of Past Field Tests (complete)
Analog Studies (ongoing)
Modelling Studies for Pilot and Commercial Prediction (ongoing)
Access JIP & Public Data (ongoing)
Field Pilot Construction (underway)
Pilot Test or Demonstration
Operation Experience
Verify Predictive Models
Commercial Assessment
Studies on Alternative Recovery Process
Delineation and Mapping
Commercial Development
Optimization
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PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”
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PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”
SALESKI SAGD PILOT
Initial cold solvent pilot tests complete
Bitumen mobilized and produced in the field
JV SAGD construction near completion
JV Pilot operations to begin by year end
Amendment to include solvents approved
TECHNICAL PATH AT SALESKI
39
2008 - 2010 2011+ 2012+
Commercial
(complete)
• Bolster Resource Holdings
The Path to Realizing Full Value
• Field Test of Cold Solvent
• Laboratory Tests
• Analysis of Past Field Tests
• Analog Studies
• Modelling Studies for Pilot and Commercial Production
• Access JIP & Public Data
• Field Pilot Construction
• Pilot Test
• Operation Experience
• Verify Predictive Models
• Commercial Assessment & Preparation - JV & 100%
• Studies on Next Generation Recovery Processes
• Delineation and Mapping
• Bolster Resource Holdings
• Optimization
• Commercial Demonstration Project (10,700 bbls / day)
• Osum Saleski East Application & Execution
17
Taiga Project (Cold Lake)NEAR TERM PRODUCTION & CASH FLOW
18
The Cold Lake region supplies more than 10% of Canada’s daily oil production.
19
x
• v
THAT’S REFRESHING Osum has always committed to zero fresh water use to generate steam for the Taiga Project. In April 2009 we conducted tests on our leases that confirmed the viability of our plan. An adequate supply of non-potable water from the McMurray formation (approximately 600 metres below ground) has been confirmed.
As well, the bulk of the water used to generate steam for the SAGD process will be recycled and reused, with efficiencies of 90% or greater.
Taiga will not use fresh water
Brackish water drawn from a deep source well
High efficiency water recycling
0
200
400
600
800
1000
1200
29
mete
rs
20
Osum Delineation Wells Pre-existing Delineation Wells Water Source & OBS Wells 3D Seismic Area
1 mi
1.6 km
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GEOLOGICAL STRATIGRAPHY - NATURALADVANTAGES
• Two developable zones (Lower Grand Rapids and Clearwater)
• Proven brackish water supply from McMurray
• Proven deep disposal zone (Granite Wash)
• Deep salt zone can be used for safe solid waste disposal
THE TAIGA PROJECT 45,000 bbl/day, 2 phase development
21
THE TAIGA PROJECT: DEVELOPMENT PLAN AND STATUS
Project is Well Advanced• All major process equipment selected
• Detail engineering on schedule
• Long-lead equipment engineering procured
• Drilling, construction and operational planning well advanced
22
2008 2009 2010 2011 2012 2013 2014 2015 2016
Public Consultation Process
Delineation Drilling & Seismic Acquisition
Geosciences, Reservoirs and DBM Development
Environmental Impact Assessment
Project Disclosure / Regulatory Application
Regulatory Review & Approval
Engineering
Procurement
Wells Drilling / Facilities / Pipelines
Construction Phase 1
Construction Phase 2
First Oil Phase 1
First Oil Phase 2
2017
We have the right people, and we have the right plan.
23
EXECUTION EXPERTISEWe have built, and will continue to build, an exceptional team.
+50
24
0
5
10
15
20
25
30
Nu
mb
er
of
Em
plo
yees
Actual Employees December 31, 2008Actual Employees December 31, 2011Forecast Employees December 31, 2014
Geoscience Reservoir Projects OperationsPublic &InvestorRelations
HumanResources
Health,Safety &Environment
Finance &Commercial
Contractors excluded.Permanent employees only.
• v
Recent Thermal Projects Represented
SaleskiCarbonates
Peace River
Long Lake
Firebag
Leismer
Christina Lake
Foster Creek
Imperial Cold Lake
North Tangleflags
Primrose
Tucker
Wolf Lake
Orion
Taiga ProjectCold Lake
25
26
Summary
272011 2012
VALU
E
2013 2014 2015
RECENT MILESTONES Saleski JV pilot start-ups Saleski JV PH1 commercial application filed Saleski West and Woodenhouse acquisitions19 well delineation at Saleski East
NEAR TERM VALUE MILESTONESTaiga Project ApprovalSaleski JV pilot operations reach for >1 yearSaleski JV PH1 commercial application approvalSaleski West delineation and expanded resource assessmentSaleski East delineation
Taiga Phase 1 executionSaleski JV PH1 commercial constructionSaleski East PH1 commercial application approval
Taiga Phase 1 start-upSaleski JV phase 1 start-upSaleski East PH1 commercial construction
Taiga PH2 ConstructionSaleski JV PH2 App filedLiege PH1 Application filed
MILESTONES AND VALUE CREATION
• Saleski East commercial application
+ sanction>1 year
• Taiga PH1 Start-Up• Taiga PH2 Construction• Saleski West PH1 Application Filed• Saleski JV PH1 Start-Up• Saleski East PH1 Commercial Application
Approval
• Saleski East PH1 Commercial Construction
• Taiga PH1 Execution• Saleski JV PH1 Commercial Construction• Saleski East Commercial Application• Saleski JV PH2 Application Filed
RECENT MILESTONES• Saleski JV Pilot Start-Up• Saleski JV PH1 Commercial Application Filed• Saleski West and Woodenhouse Acquisitions• 19 Well Delineation at Saleski East
NEAR TERM VALUE MILESTONES
• Taiga Project Approval
• Saleski JV Pilot Operations Reach >1 Year
• Saleski JV PH1 Commercial Application Approval + Sanction
• Saleski West Delineation and Expanded Resource Assessment (9 wells + 2D seismic)
• Saleski East Delineation (18 wells + 3D seismic)
COLD LAKE
• 359 MMbbls of 2P reserves (1)
• 104 MMbbls additional recoverable (2)
• Taiga leases fully delineated
• Commercial project approval targeted in 2012
CARBONATES
• 3.4 Billion barrels recoverable resources (2)
• JV pilot operationsunderway sinceDecember 2010
• JV commercialdemonstrationprojectdelineation(seismic and wells)completed and 1stphase commercialapplication !led
• Upside in recovery through proof of technology, and in in-place volumes through assessment of newer leases.
• Well capitalized with working capital of approximately
$600MM (3)(4)
• Investors includeworld class equityproviders
• The right matrix of capabilities and
experience
(See osumcorp.com/team for executive and management
bios).
(1) GLJ, December 2011(2) GLJ Best Estimate Contingent Recoverable Resources, December 2011(3) Inclusive of callable common share purchase warrants(4) Based on current capital cost estimates and scheduling as of December 31, 2011.Refer to “Reserves and Resources”, disclaimer.
28
The Means The TeamThe PrizeThe Solid Base
Thank you.
29
30
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L AB TESTS : CONSISTENT HIGH RECOVERIESRe
cove
ry F
acto
r
Production Time (Hours)
Steam (JV Test) Steam (Porosity Below GLJ Cutoff) Cold Solvent Warm Solvent
2836263 Presentation Slides.indd 2 08/06/11 12:36 PM
LAB TESTS: CONSISTENT HIGH RECOVERIES
Production Time (Hours)
Lab tests have been performed on full core samples. Results prove that bitumen can be mobilized and extracted from carbonate rock using various recovery methods.
• v
JV FACILITIES
31
COLD LAKE
• Existing infrastructure
• Stable population with robust oilfield services ecosystem
• Mature technology and deep knowledge of the reservoirs
32
PRIMROSE / WOLF LAKEFirst production 1980 Current capacity 120,000bbl/d
IMPERIALFirst production 1960s Current capacity 150,000bbl/dFuture capacity 180,000bbl/d
HUSKYFirst production 2006 Current capacity 30,000bbl/d
ORIONFirst production 1997 (Hilda Lk. Pilot)Current capacity 10,000bbl/d** With regulatory approval for 20,000bbl/d
FOSTER CREEKFirst production 1996 Current capacity 120,000bbl/d Future capacity 210,000bbl/d
CURRENT PRODUCTION(bbls/d) 320,000
175 135260Projects
Operations Geoscience
Finance & Commercial Reservoir
HSE Public & Investor Relations
HR
EIGHTYEIGHTY EIGHTYEIGHTY
SIXTY-FIVE
FORTY-NINE
FORTY-NINEHwy #41
CENOVUSFOSTER CREEK
CNRLPRIMROSENORTH
CNRLPRIMROSESOUTH
CNRLWOLF LAKE
HUSKYTUCKER LAKE
SHELLORION
CNRLPRIMROSEEAST
IMPERIALNABIYE
IMPERIALCOLD LAKE
TAIGAPROJECTWolf Lake
Cold Lake
Primrose Lake
Marie Lake
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PROJECT: 2836263 Presentation Slides FILE NAME: 2836263 Presentation Slides.indd FLAT SIZE: 8.5”x5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”
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TUCKER
340,000
“ Right timing in all things is the most important factor.”– Hesiod
mb/
d
Unconventional Oil Natural Gas Liquids Crude Oil – Fields yet to be developed or found Crude Oil – Currently producing fields Total Crude Oil
Source: IEA November 2010, World Oil Production by Type, “New Policies Scenario”.
*
* Does not include carbonates33
TRANSPORTATION FUELS - LONG TERM FUNDAMENTALS
34
Reserves and Resources (MMbbls) Reserves and Resources (MMbbls) Reserves and Resources (MMbbls)
GLJ Best Case Location WI % 2PCont. (best)
2P + Cont. (best)
Taiga Cold Lake 100 359 105 464
Saleski JV Saleski 40 - 1,167 1,167
Saleski East Saleski 100 - 827 827
Saleski West Saleski 100 - 928 928
Liege Saleski 100 - 515 515
Total 359 3,542 3,901
RESERVES AND RESOURCES SUMMARY
GLJ December 2011
VALUATION
Net Present Value (1) (2) (GLJ December 2011)
NPV (Mln$, 8% Pre Tax) NPV (Mln$, 10% Pre Tax)
2P Reserves 1,898 1,238
3P Reserves 2,498 1,601
Low Estimate Contingent 1,841 835
Best Estimate Contingent 16,313 10,152
High Estimate Contingent 31,635 19,907
(1) Pre tax present value of future net revenue based on forecast pricing and costs.(2) Represents the Company’s working interest (operating and non-operating) share before deducting royalties.Refer to “Reserves and Resources”.
35
Executive
STEVE SPENCE, P.ENG., PRESIDENT AND CHIEF EXECUTIVE OFFICERB.A.Sc. (Honours), Chemical Engineering, University of British ColumbiaMr. Spence is a Professional Engineer with extensive senior management experience in both conventional and heavy oil exploration and development. He has provided leadership to numerous petroleum projects in Canada and Australia including, most recently, Shell Canada’s Peace River and Orion thermal oil sands developments. Mr. Spence is also a Governor of the Canadian Association of Petroleum Producers, a Director of the In Situ Oil Sands Alliance, and a Director of the Canadian Energy Research Institute.
VICTOR ROSKEY, CHIEF FINANCIAL OFFICERLL.B., Osgoode Hall Law School, York UniversityMr. Roskey brings a diverse mix of senior oil and gas #nance expertise and proven leadership skills to Osum. With extensive management experience in investment banking, mergers and acquisitions, project #nance, private equity and capital restructurings, Mr. Roskey has held senior management positions at Edgestone Capital Partners, Enterra Energy Trust, Scotia Waterous and Citigroup. He has also served on a number of public and private company boards.
RICK WALSH, P.ENG., EXECUTIVE VICE PRESIDENT, PROJECTSB.Sc., Chemical Engineering, University of AlbertaMr. Walsh brings over 20 years of oil sands and conventional oil & gas experience to Osum. Most recently, he was a Project Director for Suncor Energy where over his 14 year career there, he led projects up to $3B. He was involved in Firebag Stages 5 & 6, the MNU Project and the MCU Upgrader expansion projects. Before joining Suncor, he was with Amoco Canada for 6 years in their Grande Prairie operation. Mr. Walsh is a member of the Canadian Heavy Oil Association and is a practicing member of APEGGA.
ANDREW SQUIRES, P.ENG., SR. VICE PRESIDENT, ENGINEERING AND OPERATIONSB.Sc. Mechanical Engineering, University of Alberta Mr. Squires is currently Vice President, Engineering for Osum and has over 20 years of conventional oil, heavy oil, and oil sands experience. He started his career in heavy oil at AMOCO and his #eld work and paper on cold heavy oil sand production mechanisms resulted in a fundamental change in the understanding of the primary heavy oil production and recovery process. After leaving Amoco he consulted to numerous major oil companies on new heavy oil recovery technology, production optimization and commercial play development. From 2000 to 2003, Mr. Squires was Area Manager N.E. for Paramount Resources. Mr. Squires is a member of the Canadian Heavy Oil Association, Petroleum Society of the CIM and is a practicing member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
DR. PETER PUTNAM, P.GEOL., SR. VICE PRESIDENT, GEOSCIENCEB.Sc., M.Sc., Ph.D., Geology, University of CalgaryDr. Putnam is the Chairman of Petrel Robertson Consulting Ltd. (PRCL), one of Canada's pre-eminent petroleum geoscience #rms. Prior to his 21 years at PRCL, he spent nearly 6 years in Husky Oil's heavy oil department. Over his career, he has worked on several aspects of the heavy oil/bitumen business including strategic planning, prospect generation, operations, cold production and thermal recovery development, reservoir modeling and simulation, research, and reserves reporting. Dr. Putnam has worked on heavy oil and bitumen properties found on four continents, including the world's deepest and shallowest thermal projects. He has published widely on the geology of Canada's heavy oil and bitumen deposits and has been an invited speaker to several domestic and international forums dealing with issues surrounding thermal recovery. Dr. Putnam is a past-president of the Canadian Society of Petroleum Geologists, Canada's largest earth science organization, and he has served as a Councilor for APEGGA and as an adjunct professor at the University of Calgary. He currently serves on the board of directors of PRCL, Saxony Petroleum Ltd. and Central European Petroleum Ltd.
JEFFREY R. MACBEATH, CA, VICE PRESIDENT, FINANCEBComm, Dalhousie UniversityMr. MacBeath brings a broad range of experience from increasingly senior #nancial roles within the oil and gas sector. Through recent positions at Shiningbank Energy Income Fund and Prime West Energy Trust, Mr. MacBeath developed expertise in #nancial management including external #nancial reporting, corporate governance, forecasting and budgeting, treasury, economic modeling, due diligence, and mergers and acquisitions. Prior to entering industry, Mr.MacBeath spent 6 years at KPMGLLP where he gained valuable experience in #nancial reporting, tax compliance, internal controls, and securities regulations. Mr.MacBeath is a member of the Institute of Chartered Accountants of Alberta.
OSUM OIL SANDS CORP.Suite 1900, 255 – 5th Avenue SWBow Valley Square 3Calgary, Alberta, Canada T2P 3G6(403) 283-3224
www.osumcorp.com
The time is right.
38