Osum Oil Sands Corp. Annual General Meeting

Metropolitan Centre, Calgary

June 1, 2016

Disclaimer ForwardLookingStatementsThis presenta,on contains statements that may cons,tute "forward-looking statements” within the meaning of applicable securi,es legisla,on. Thesestatementsinclude,amongothers,statementsregardingbusinessstrategy,beliefs,plans,goals,objec,ves,assump,onsorstatementsaboutfutureeventsorperformance. Bytheirnature,forwardlookingstatementsaresubjecttonumerousrisksanduncertain,es,someofwhicharebeyondtheCompany'scontrol,includingtheimpactofgeneraleconomiccondi,ons,industrycondi,ons,vola,lityofcommodityprices,currencyfluctua,ons,environmentalrisks,compe,,onfromother industrypar,cipants, lackofavailabilityofqualifiedpersonnelormanagement,stockmarketvola,lityandabilitytoaccesssufficientcapital frominternalandexternalsources.Readersarecau,onedthattheassump,onsusedintheprepara,onofsuchinforma,on,althoughconsideredreasonableatthe,meofprepara,on,mayprovetobeincorrectand,assuch,unduerelianceshouldnotbeplacedonforward-lookingstatements.Actualresults,performanceorachievementcoulddiffermateriallyfromthoseexpressedin,orimpliedbyanyforwardlookingstatementsinthispresenta,on,andaccordingly,noassurancecanbegiventhatanyoftheeventsan,cipatedbytheforward-lookingstatementswilltranspireoroccur,orifanyofthemdoso,whatbenefitstheCompanywillderivetherefrom.

TheCompanydisclaimsanyinten,onorobliga,ontoupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinforma,on,futureeventsorotherwise.

ReservesandResourceExceptwherenotedtobefromanothersource,thereservees,mateshereinwereextractedfromreportspreparedbyGLJPetroleumConsultantsLtd.(GLJ),anindependentprofessionalpetroleumengineeringfirm,inaccordancewithCanadianSecuri,esAdministrators’Na,onalInstrument51-101(NI51-101)andtheCanadian Oil and Gas Evalua,on Handbook (COGEH). Under NI 51-101, proved reserves are those reserveswhich can be es,matedwith a high degree ofcertaintytoberecoverable.Itis90percentlikelythatactualremainingquan,,eswillexceedes,matedprovedreserves.Probablereservesarethoseaddi,onalreservesthatarelesscertaintoberecoveredthanprovedreserves.Itisequallylikelythattheactualremainingquan,,esrecoveredwillbegreaterorlessthanthesumofprovedplusprobablereserves.Possiblereservesarethoseaddi,onalreservesthatarelesscertaintoberecoveredthanprobablereserves.Thereisonlya10percentprobabilitythatthequan,,esactuallyrecoveredwillequalorexceedthesumofprovedplusprobablepluspossiblereserves.

Theprepara,onofanevalua,onrequirestheuseofjudgementinapplyingthestandardsanddefini,onscontainedinCOGEHandNI51-101.AstheCompany’sindependentreserveevaluator,GLJappliesthosestandardsanddefini,onsbasedonitsexperienceandknowledgeofindustryprac,ce.However,becausetheapplica,onofthestandardsanddefini,onscontained inCOGEHandNI51-101requiretheuseof judgementthere isnoassurancethatgoverningsecuri,esregulator(s)willnottakeadifferentviewthanGLJastosomeofthedetermina,onsinanevalua,on.

Resourcees,mateshereinarethoseoftheCompany’smanagementandarenotinaccordancewithNI51-101orCOGEH.

Presenta7onofFinancialInforma7onUnlessotherwisestated,allfigurespresentedareinCanadianDollars.

2015 Corporate Highlights

3

Solid Financial Position(1)

•  $199mm in net working capital(2), US$15mm undrawn revolver •  $284mm term loan(3) maturing in 2020 •  Active commodity hedging program covering about 50% of production •  Prudently managing spending within context of current environment

1.  As at December 31, 2015 2.  Excludes net unrealized hedging assets. Includes $100 million from proceeds of callable warrants. 3. Long term portion of principal outstanding on US$210 million term loan converted at December 31, 2015 foreign exchange rate.

Leadership & Support

•  Strong shareholder group including Blackstone Capital, Warburg Pincus, Azimuth Capital, GIC, KIC and two Canadian pension funds

•  Experienced Management & Board of Directors

Positioned for Growth

•  High quality assets with defined and approved growth projects in the Cold Lake region that allow for staged expansions to over 50,000 bpd, when commodity prices allow

•  Significant long-term upside in the bitumen carbonate resource play (Saleski)

Production and

Cashflow

•  7,736 bbl per day of commercial production from Cold Lake •  Positive field-level netbacks below US$40 WTI - significant structural

advantages compared to Athabasca thermal producers

Core Areas

Cold Lake

•  Profitable production and growth

Grosmont Carbonates (Saleski)

•  An enormous opportunity in the bitumen carbonate resource play

4

Cold Lake Portfolio

5 - 5 10 15 20 25 30 35

TaigaOrion

Mbpd

AverageProduc,on(2015) NameplateCapacity RegulatoryApproval

Cold Lake Advantages

Advantages Impact the Bottom Line •  Premium heavy oil - Well established “Cold Lake Blend” with lower

diluent blending requirement and quality differential discount •  Location - Access, infrastructure, closer to Edmonton and U.S.

markets •  Community - Well established, rural, multi-industry community with a

resident skilled labour force 6

Cold Lake Orion •  Orion SAGD asset was acquired from Shell in July 2014

•  100% WI in a production facility, 5,440 acres of land, and 22 well pairs on 6 well pads

•  Regulatory approval for expansion to 20,000 bbl per day

•  Production: 7,736 bbl per day (2015 Average)

•  Reserves: Proven (1P) 47 MMbbl, Proven plus Probable (2P) 127 MMbbl 1

71.  GLJPetroleumConsultants.ReservesandresourcesasatDec.31,2015.

Cold Lake Taiga

•  Thermal in-situ project to be developed through staged expansions

•  Regulatory approval in place for 35,000 bpd and the potential to reach 45,000 bpd at full development

•  100% W.I. in 22,422 acres located 10 miles from Orion

•  Two proven commercial high quality, laterally predictable shoreface reservoir zones

•  Producing Analogs

•  Clearwater – Osum Orion

•  Lower Grand Rapids – Pengrowth Lindbergh & CNRL Wolf Lake B10

•  Reserves: Proven plus Probable (2P) 376 MMbbl1

TaigaProject

1.  GLJPetroleumConsultants.ReservesandresourcesasatDec.31,2015.8

Saleski&LiegeProjects

Grosmont Carbonates Portfolio

High quality resource position in world scale play

•  Over 4 billion bbl (net) recoverable resources1

•  Thick, laterally extensive oil columns in stacked target zones

Established commercial potential through pilot project (shut-in in Q3 2015)

Leveraging knowledge gained to date to refine our plans with a focus on Osum’s Grosmont C position

1.  Managementes,mate.See“ReservesandResources”Disclaimeronpage2.9

2015 Review

Optimized Orion

Operations

•  Record oil volumes in Q1 ‘15, but with poor steam reliability. Lower oil volumes in 2H ‘15.

•  Increased boiler uptime & reliability following June plant turnaround (25+% gain)

•  Increased steam output by adding reverse osmosis water treatment unit

•  Installed artificial lift on four additional wells in Q4 ‘15 with positive results

Managed Commodity

Risk

•  Realized hedging gains of $18.8 million in 2015 significantly enhancing liquidity position

•  Hedges are being rolled forward and reviewed at least quarterly

Disciplined Capital

Allocation

•  Discretionary capital spending restricted to projects that add incremental production or reduce operating costs

•  Low sustaining capital and decline rates allow for stable production with limited immediate investment

Reduced Costs

•  Renegotiated key contracts to reduce operating expenses

•  Reduced G&A primarily through decreased head office staffing levels (Completed in Q2‘16)

Responsible management In a low price environment

Maintained HSE

Performance

•  Health, Safety, and Environmental performance was not sacrificed

•  No recordable incidents in 2015 (327,000 manhours)

•  Environment: 1 reportable incident

Suspended Saleski

•  Pilot operations terminated on completion of ~5 years of operations

•  Commercial demonstration phase suspended

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Grosmont Carbonates 2015

The Saleski Pilot project (Joint Venture) was completed and the facility was shut-in in September 2015 (~5 years in operation)

•  40% non-operated interest in 1,800 bpd pilot facility

•  Reservoir performance was proven using a variant of the established CSS process

•  Both the Grosmont C & D reservoirs were shown to be productive

•  The Grosmont C wells were progressed furthest in the pilot, showing the potential for high recovery factors and thermal efficiency (SOR) near the commercial range

Commercial Demonstration Phase planning was suspended

We adopted a low-cost hold strategy to preserve knowledge and future value of these assets

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Orion Production and Injection

Turnaround

Steam Reliability >95%

Steam Reliability <70%

2015 production averaged 7,736 bpd

Lower steam injection rates early in year resulted in reduced production in Q4 2015 13

Cold Lake Netbacks Cold Lake advantages resulted in positive netbacks

•  $15.75/bbl netback in 2015 when oil averaged below US$50/bbl WTI (without hedging)

•  Operating breakeven is below US$40/bbl WTI

$48.03

$33.24

$14.76

$25.80 $13.80

$8.43

$10.76

$14.36

$94.54

$73.15

$48.56 $57.96

$46.44 $42.17

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Orion Netbacks - Since Acquisition Hedging Gains

Field Netback C$/bbl

Royalties C$/bbl

Operating Costs C$/bbl

WTI US$/bbl

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Orion Operating Results

15

1VolumesfromtheSaleskipilotarenotincluded22014representstheperiodfollowingtheOrionacquisi,ononly3Financialhedginggainsonly.Physicalhedginggainsareincludedinbitumenrevenue

2015 2014(2) Change-$ Change-%BitumenProduc,on(1) bbl/d 7,736 7,996 (260) (3%) WTI US$/bbl 48.76 81.70 (32.94) (40%)ColdLakeBlend US$/bbl 33.84 63.84 (30.00) (47%)Differen,al US$/bbl 14.92 17.86 (2.94) (16%)Differen,al % 30.6% 21.90% 8.70% 40%ForeignExchangeRate US$/C$ 0.782 0.892 (0.110) (12%)AECOGasPrice C$/mcf 2.77 4.01 (1.24) (31%) BitumenFieldPrice C$/bbl 34.61 60.76 (26.15) (43%)Royal,es C$/bbl 0.69 4.67 (3.98) (85%)Opera,ngCosts C$/bbl 18.18 17.28 0.90 5%FieldNetbackBeforeHedging C$/bbl 15.74 38.81 (23.07) (59%)RealizedHedgingGains C$/bbl 6.10 - 6.10 -CashOpera,ngNetbackAmerHedging C$/bbl 21.84 38.81 (16.97) (44%)

FieldNetbackBeforeHedging C$000 44,446RealizedHedgingGains(3) C$000 17,223CashOpera,ngNetbackAmerHedging C$000 61,669

Balance Sheet

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31-Dec-15 31-Dec-14

Cash and Cash Equivalents (1) C$ MM 109.4 115.6

Working Capital Surplus (2) C$ MM 199.3 208.5

Long Term Debt Outstanding (3) C$ MM 284.1 230.5      

Basic Shares Outstanding (4) MM 130.4 130.4

      (1)

Includes restricted cash

(2)Excludes net unrealized hedging assets. Includes $100MM proceeds from callable common share purchase warrants

(3)Consists of the outstanding non-current portion of the term loan translated to C$ at the period-end exchange rate. The current portion is included in the working capital surplus. The term loan bears a floating interest rate based on the greater of LIBOR or 1%, plus 5.5%.

(4)Includes 8.0 million callable common share purchase warrants with an exercise price of $12.50/share

Reserves

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ColdLake Saleski1 Other Total

Reserves (MMbbls)

Proven Reserves 2 47 − − 47

Proven + Probable Reserves 2 502 − − 502

Present Value Before Tax 10% ($MM)

Proven Reserves 2 $275 − − $275

Proven + Probable Reserves 2 $1,343 − − $1,343

Potential Production Capacity (net) 65,000 bpd 465,000 bpd 40,000 bpd 570,000 bpd

Net Acreage 26,000 ac 164,300 ac 5,700 ac 196,000 ac

1.  IncludesOsum’s40%interestintheSaleskiJV,and100%oftheremainingSaleskiprojects,Managementview2.  GLJPetroleumConsultantsasatDecember31,2015.See“ReservesandResources”Disclaimeronpage2.

Future Capital Requirements

Timing CashFlow

CashonHand Debt Equity

MaintenanceCapital Ongoing ü üCorporateG&Aanddebtservice Ongoing ü üOrionOp,miza,on Ongoing ü üOrionExpansion 2017+ ü ü ü üTaiga(Phase1) TBD ü ü üSaleski(Demonstra,on) TBD ü ü

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2016 Focus •  Manage our finances prudently to protect the business

through the downturn

•  Focus on our Cold Lake assets in the near term, adding production and reducing structural costs

•  Pursue small production enhancement projects at Orion that are profitable in today’s business conditions, and make the business more robust (e.g. debottlenecking, well stimulations)

•  Larger expansions will be considered as oil prices recover to a point that provides the confidence to move forward

•  Deliver superior safety and environmental performance

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Summary •  2015 was a challenging year characterized by declining oil

prices and production swings

•  We achieved positive operating netbacks through the year, which were further uplifted by a successful hedging program

•  Our liquidity remains strong

•  We have positioned the business to weather the downturn and will continue to manage our finances prudently

•  Our operational priorities for 2016 are to stabilize production, and further reduce costs

•  Our near term discretionary capital expenditures are focused on small production enhancement projects at Orion that are profitable in today’s business conditions

•  We are well positioned for the long term with a portfolio of significant growth opportunities

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Board of Directors

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Name/Title RelevantPriorExperienceRichard(Rick)George,OCChairman

¡  FormerCEO&DirectorofSuncorEnergy¡  DirectoroftheRoyalBankofCanada,AnadarkoPetroleum,andPennWestExplora,on

(Chairman)¡  Partner,NovoInvestmentGroup

AngeloAcconcia ¡  SeniorManagingDirector,BlackstoneCapitalPartnersandBlackstoneEnergyPartners¡  DirectorofAltaEnergy,HunterOil&Gas,LLOGExplora,on,andRoyalResources

VincentChahley ¡  IndependentBusinessman¡  FormerManagingDirectorofCorporateFinanceatFirstEnergyCapital

GeorgeCrookshank ¡  IndependentBusinessman¡  FormerVicePresidentofFinanceandChiefFinancialOfficerofOPTICanadaInc.(2002to2007)

WilliamA.Friley ¡  IndependentBusinessman¡  PresidentandChiefExecu,veOfficerofTellurideOilandGasandPresidentofSkyelandOils

DavidKrieger ¡  ManagingDirector,WarburgPincusLLC¡  DirectorofBlackSwanEnergy,CanbriamEnergy,Ceres,EnduranceEnergy,FirstGreen

Partners,KosmosEnergy,MEGEnergy,VelvetEnergyandWestValleyEnergy

GaryLevin ¡  Principal,BlackstoneCapitalPartnersandBlackstoneEnergyPartners¡  DirectorofLLOGExplora,onandVineOil&Gas

CameronMcVeigh ¡  President,CamcorPartnersInc.¡  DirectorofTangleCreekEnergy

BrianReinsborough ¡  Founder,President&CEO,VenariResourcesLLC¡  FormerPresidentofNexenPetroleumU.S.A.

JeffvanSteenbergen ¡  ManagingPartner,AzimuthCapitalManagement¡  DirectorofAduroResources,AltexEnergy,CobaltInterna,onalEnergy(US),FairfieldEnergy

(UK),MagmaGlobalLtd.,andSevenGenera,onsEnergy

SteveSpence ¡  President&CEOofOsum

Thank You