We are unlocking Canada’sunrealized bitumenresource potential.Investor PresentationOctober 2011                        The...
DisclaimerForward Looking StatementsThis presentation contains statements that may constitute "forward-looking statements”...
Table of ContentsCORPORATE OVERVIEW: A DISTINCT VALUE PROPOSITIONGROSMONT CARBONATE PROJECTS: SIGNIFICANT UPSIDETHE TAIGA ...
Impressive growth potentialwith a solid foundation.                       SCALE AND UPSIDE THROUGH                       A...
Impressive growth potential    with a solid foundation.                                             SCALE AND UPSIDE THROU...
INTRODUCTION TO OSUM• Osum is a private, well-capitalized, fully staffed, Canadian in-situ oil sands developer based in Ca...
TAIGA RESERVE AND RESOURCE BASE                                      #1 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN        ...
Corporate Projects: Development TimelineSALESKI JV PILOTOPERATIONS    TAIGA    PHASE 1                         23,000     ...
C O R P O R AT E N E T P R O D U C T I O N P R O F I L E                           Production Potential in Excess of 350,0...
$9,113,000,000SALESKI CARBONATE PROJECTS / UNRISKED NPV(1)                                                                ...
NET ASSET VALUE PER SHARE GROWTH                                                     120                                  ...
Grosmont Carbonate Projects (Saleski)THE MOST SIGNIFICANT OIL SANDSOPPORTUNITY IN A QUARTER OF A CENTURY                  ...
WE HAVE PLACED OURSELVES AT THE  FOREFRONT OF A MASSIVE OPPORTUNITY  • Osum dominates the southern portion of the      mai...
3 WAYS TO INCREASE                 VALUE SIGNIFICANTLY        GLJ recovery factors             currently 36% -            ...
(%   !"#$%%   !"#$%%&%15
GROSMONT CARBONATE RESERVOIRGrosmont D, brecciated            Grosmont C, massive to vuggydolomudstone, 250.25 m          ...
THE GROSMONT CARBONATES  The Path to Realizing Full ValueT E C H N I C A L PAT H AT S A L E S K I                         ...
DEMONSTRATION OF COMMERCIAL PERFORMANCE                              • Demonstrating performance                          ...
Taiga Project (Cold Lake)NEAR TERM PRODUCTION & CASH FLOW                                   19
The Cold Lake region supplies more than10% of Canada’s daily oil production.                                          20
GEOLOGICAL STRATIGRAPHY - NATURAL ADVANTAGES           • Two developable zones (Lower Grand Rapids and Clearwater)        ...
23       24   19   20    21                          22                       23      THE 24   TAIGA PROJECT              ...
T H E TA I G A P R O J E C T: D E V E L O P M E N T T I M E L I N E THE TAIGA PROJECT: DEVELOPMENT TIMELINE               ...
We have the right people,and we have the right plan.                              24
ORGANIZATIONAL COMPETENCIES                      20                                                                       ...
•   v                                           Firebag              Peace River   Saleski                            Carb...
Summary          27
MILESTONES AND VALUE CREATION                                                                                             ...
The Solid Base                      The Prize                      The Means               The Team COLD LAKE             ...
Thank you.             30
L A B T E S T S : C O N S I S T E N T H I G H R E C OV E R I E S                  Production Time (Hours)Recovery Factor  ...
JV FACILITIES•   v                        32
COLD LAKE• Existing infrastructure• Stable population with robust oilfield services ecosystem• Mature technology and deep ...
timing in all things - LONG TERM FUNDAMENTALS     TRANSPORTATION FUELSmost important factor.”   mb/d      Unconventional O...
RESERVES AND RESOURCES SUMMARY                                      Reserves and Resources (MMbbls)                       ...
VALUATION Net Present Value (1) (2) (GLJ February 2011)                                                                   ...
ExecutiveSTEVE SPENCE, P.ENG., PRESIDENT AND CHIEF EXECUTIVE OFFICERB.A.Sc. (Honours), Chemical Engineering, University of...
ANDREW SQUIRES, P.ENG., SR. VICE PRESIDENT, ENGINEERING AND OPERATIONSB.Sc. Mechanical Engineering, University of Alberta ...
DirectorsJOHN ZAHARYChairmanSTEVE SPENCEPresident & CEO, Osum Oil SandsVINCENT CHAHLEYIndependent Businessman GEORGE CROOK...
OSUM OIL SANDS CORP.Suite 1900, 255 – 5th Avenue SWBow Valley Square 3Calgary, Alberta, Canada  T2P 3G6   The time is righ...
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October 2011 Investor Information, Osum Oil

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October 2011 Investor Information, Osum Oil

  1. 1. We are unlocking Canada’sunrealized bitumenresource potential.Investor PresentationOctober 2011 The time is right. 1
  2. 2. DisclaimerForward Looking StatementsThis presentation contains statements that may constitute "forward-looking statements” within the meaning of applicable securities legislation. These statements include, amongothers, statements regarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about future events or performance. By their nature, forward lookingstatements are subject to numerous risks and uncertainties, some of which are beyond the Corporations control, including the impact of general economic conditions, industryconditions, volatility of commodity prices, currency uctuations, environmental risks, competition from other industry participants, lack of availability of quali ed personnel ormanagement, stock market volatility and ability to access suf cient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparationof 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 lookingstatements. Actual results, performance or achievement could differ materially from those expressed in, or implied by any forward looking statements in this presentation, andaccordingly, 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 tsthe 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 ResourcesThe reserve and resource estimates herein were extracted from reports prepared by GLJ, an independent professional petroleum engineering rm, in accordance with CanadianSecurities 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 whichcan 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 reservesare 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 thanthe 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 percentprobability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Contingent Resources are those quantities ofpetroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which arenot 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 besubclassi 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 bestestimate 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 thequantities 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. Itis 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) thatthe 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 berecovered 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 FEBRUARY 2011 GLJ ASSESSMENT REFLECT THE JANUARY 2011 GLJ ASSESSMENT FOR THE COMPANYS RESERVE AND RESOURCE BASE ATTHAT DATE, PLUS A FEBRUARY 2011 GLJ ASSESSMENT OF A PROPERTY ACQUIRED BY OSUM IN FEBRUARY 2011 - ALL USING THE GLJ JANUARY 2011 PRICE FORECAST. REF: 2011.10.0005 2
  3. 3. Table of ContentsCORPORATE OVERVIEW: A DISTINCT VALUE PROPOSITIONGROSMONT CARBONATE PROJECTS: SIGNIFICANT UPSIDETHE TAIGA PROJECT: NEAR TERM PRODUCTION AND CASH FLOWORGANIZATIONSUMMARY 3
  4. 4. Impressive growth potentialwith 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 • 3,154 million barrels of contingent recoverable resource (1) • 300,000+ bbl/day net production potential • Commercial performance demonstration underway with SAGD pilot (40% WI) • First commercial project application submitted (1) GLJ February 2011 4
  5. 5. 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 • 3,154 million barrels of contingent recoverable resource (1) • 300,000+ bbl/day net production potential • Commercial performanceUNDERPINNED BY A demonstration underway withSOLID FOUNDATION SAGD pilot (40% WI) • First commercial project application• 45,000 bbl/d Taiga Project submitted• 359 million barrels of 2P reserves (1)• Regulatory approval anticipated in 2011 / early 2012 (1) GLJ February 2011 5
  6. 6. INTRODUCTION TO OSUM• Osum is a private, well-capitalized, fully staffed, Canadian in-situ oil sands developer based in Calgary, Alberta• 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• $540MM of capital raised to date• 83.2MM basic (96.9MM fully diluted) shares outstanding• $176MM working capital (including $60MM of callable common Estimated share purchase warrants) as at June 30, 2011 remaining funding• Knowledgable equity investors (Year End 2011) ‣ Warburg Pincus ‣ Blackstone Capital Partners ‣ Korea Investment Corporation ‣ Goldman Sachs ‣ Camcor Partners 6
  7. 7. TAIGA RESERVE AND RESOURCE BASE #1 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES 7,170 3000 RESOURCE 2250 104 MMbbl 1500 750 359 MMbbls RESERVES 0 359 MMbbl 359  MMbbl r S G vus TI er um sca oe P k ine a S irch nt l I ear BQ nco ban icin CO ST AO ME OP ach ou nh nsh Os aba no erb ckp Su Lar ram tro Iva nn Ce Su Ath Sliv Bla Pe Co Pa #3 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN TOTAL RESERVE AND RESOURCE BASE (1) 2P RESERVES PLUS BEST ESTIMATE CONTINGENT RECOVERABLE RESOURCES 28,039 10000 SALESKI JV 7500 5000 SALESKI 3,617 MMbbls WEST / LIEGE 2500 TAIGA 0 r ca s G a S um I ine irch P r k nt arl e S I T BQ nco he ovu icin ban ho CO ST AO ME OP ou bas kpe nsh Os nac erb n Su Lar ram n tro Iva a Ce c Su n Ath Sliv Bla Pe Co SALESKI EAST Pa Pre-Production In Production Osum Source: Credit Suisse(1) Reserves (2P) plus best estimate contingent resources (NET) 7
  8. 8. Corporate Projects: Development TimelineSALESKI JV PILOTOPERATIONS TAIGA PHASE 1 23,000 SALESKI JV COMMERCIAL EXPANSION 5,000 TAIGA PHASE 2 22,000 SALESKI JV COMMERCIAL PHASE 1 8,000 SALESKI EAST COMMERCIAL PHASE 1 30,000 SALESKI JV COMMERCIAL PHASE 2 24,000 SALESKI EAST COMMERCIAL PHASE 2 1 60,000TOTAL CUMMULATIVE 28,000 28,000 58,000 88,000 88,000 112,000 172,000DAILY CAPACITY (bbls/d)2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CONSTRUCTION OPERATIONS 8
  9. 9. C O R P O R AT E N E T P R O D U C T I O N P R O F I L E Production Potential in Excess of 350,000 Barrels per Day •vRaw Bitumem Rate (bbl/d) x Taiga Project Saleski JV Saleski East Liege Saleski West GLJ Reserves/Resource Report (February 2011), 2P Reserves plus Best Estimate Contingent Recoverable Resources. Refer to “Reserves and Resources” inside front cover. 9
  10. 10. $9,113,000,000SALESKI CARBONATE PROJECTS / UNRISKED NPV(1) 100% portion of carbonate projects ($5,640,000,000) Net interest in JV portion of carbonate projects ($3,473,000,000)$1,796,000,000TAIGA PRJOJECT / UNRISKED NPV(2) Lease Delineation Project Piloting Regulatory Engineering Regulatory Construction ProductionAcquisition Core Well De nition & Application & Commercial Application & Seismic Initial & Initial Preparation Approval Contingent Conversion Resource of Resources Booking to Reserves (1) Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011) (2) 2P Reserves plus Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011) For Illustrative Purposes 10
  11. 11. NET ASSET VALUE PER SHARE GROWTH 120 105 90Net Asset Value (10% BT) / Fully Diluted Share ($) 75 60 45 30 $13/share (Nov, 2010) 15 $8.11/share $10.50/share (Aug, 2008) (Jul, 2007) 0 January 2007 January 2008 January 2009 January 2010 January 2011 February 2011 Date of GLJ Assessment 10% BT NAV of GLJ Best Estimate Contingent Recoverable Resources Financing Valuation Per Share (based on last nancing) 10% BT NAV of GLJ Proved Plus Probable Reserves Equity placement Net Working Capital (including dilutive proceeds) 11
  12. 12. Grosmont Carbonate Projects (Saleski)THE MOST SIGNIFICANT OIL SANDSOPPORTUNITY IN A QUARTER OF A CENTURY 12
  13. 13. WE HAVE PLACED OURSELVES AT THE FOREFRONT OF A MASSIVE OPPORTUNITY • Osum dominates the southern portion of the main trend which is closest to infrastructure Grosmont: 406 Bln BOIP • Osum holds over 11 billion barrels of bitumen in ⤶ the Grosmont and an estimated net 3.2 billion barrels of contingent recoverable resources (1) (2) • Osum’s projects will provide the first commercial bitumen to market from the Grosmont. newly acquired leases N NEW LANDS – ACQUIRED JUNE 2011 Bitumen Pay Thickness (m)(1) GLJ Best Estimate Contingent Recoverable SALESKI JV JV Pilot 70 – 120 30 – 40Resources as of February 2011. SALESKI EAST 100% 2011 Winter Drilling 60 – 70 20 – 30(2) Refer to “Reserves and Resources” in LIEGE 100% Previous Wells 50 – 60 10 – 20 Grosmont erosional edgedisclaimer SALESKI WEST 100% 3-D Seismic Area 40 – 50 1.5 – 10 RiversPay Thickness Map Source: ERCB , 2010 13
  14. 14. 3 WAYS TO INCREASE VALUE SIGNIFICANTLY GLJ recovery factors currently 36% - Increased potential exists for recovery factors substantial increases Delineation ongoing at Increased Saleski West & East resource base• v Pilot operations underway Pilot Results Bitumen oozes from core on Osum’s Saleski East lands. March 2nd, 2011. 14
  15. 15. (% !"#$%% !"#$%%&%15
  16. 16. GROSMONT CARBONATE RESERVOIRGrosmont D, brecciated Grosmont C, massive to vuggydolomudstone, 250.25 m dolomudstone, 253.30 m. • Highly fractured core • Multiple porosity systems • Excellent candidate for Steam Assisted Gravity DrainageGrosmont C, brecciated sucrosic Grosmont C, massive fractureddolomudstone, 260.10 m. dolomudstone, 260.90 m. Core sample showing vugs and fracturesGrosmont C, amphipora Grosmont C, sucrosicdolopackstone, 262.20 m. dolomudstone, 269.15 m 16
  17. 17. THE GROSMONT CARBONATES The Path to Realizing Full ValueT E C H N I C A L PAT H AT S A L E S K I 2008 - 2010 2008 2011 2011+ 2015 to 2018 2012+ Grosmont Fundamentals Verify and Prove Application Commercial • Field Test of Cold Solvent Field Test of Cold Solvent • Pilot Test or Demonstration Pilot Test • Commercial Development Commercial Development (complete) • Laboratory Tests • Operation Experience Operation Experience • Optimization Optimization Laboratory Test (complete) • Analysis of Past Field Tests • Verify Predictive Models Verify Predictive Models Analysis of Past Field Tests (complete) • Analog Studies Commercial Assessment • Commercial Assessment & Analog Studies (ongoing) Studies on Alternative Preparation - JV & 100% • Modelling Studies for Pilot Recovery Process and Commercial Production • Studies on Next Generation Modelling Studies for Pilot and Commercial Prediction Delineation and Mapping Recovery Processes • Access JIP & Public Data (ongoing) •• Bolster Resource Mapping Delineation and Holdings • Field Pilot Construction Access JIP & Public Data • Bolster Resource Holdings (ongoing) Field Pilot Construction (underway) (complete) 17
  18. 18. DEMONSTRATION OF COMMERCIAL PERFORMANCE • Demonstrating performance with commercial well lengths, spacing and rates enables smooth transition to commercial development • Testing SAGD and SAGD with solvent EXPANDABLE DEPENDING ON INITIAL LEARNINGS • Licensed for up to 6 well pairs and 1,800 bbls / day oil production INITIAL EXECUTION • 3 well pairs drilled, 2 in operation and 1 as backup • First steam December 23, 2010 SAGD START-UPGrosmont D • Oil is being produced at relatively low temperatures • Evidence of a strong pressure response between the injector and producer wellsGrosmont C • Effective vertical permeability 18
  19. 19. Taiga Project (Cold Lake)NEAR TERM PRODUCTION & CASH FLOW 19
  20. 20. The Cold Lake region supplies more than10% of Canada’s daily oil production. 20
  21. 21. GEOLOGICAL STRATIGRAPHY - NATURAL ADVANTAGES • 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 • v 0 x 200 400meters 600 800 1000 Osum Delineation Wells Pre-existing Delineation Wells Water Source & OBS Wells 3D Seismic Area 1200 1 mi 1.6 km 2836263 Presentation Slides.indd 4 21
  22. 22. 23 24 19 20 21 22 23 THE 24 TAIGA PROJECT I.RP R4 9 c O S E D PA D L AYO Uphase developmentA num 45,000 bbl/day, 2 T A N D P L A N T L O C AT I O N . 1 OP measures have been proposed to the facility’s design to r impacts on the surrounding areas as much as possible. F14 13 18 17 16 15 14 by “doubling up” and in some cases “tripling up” on infra 13 associated with each well pad, Osum has been able to red total number of proposed pads for the project from 63 to In addition, we have attempted to follow existing cleared11 12 7 8 9 10 11 Way (ROWs) as much as possible. Pipelines and roads ha 12 • v minimized as a consequence of these two design practice in an approximate net reduction of 25% to surface disturb Osum’s team has endeavored to achieve balance in the p 2 layout, positioning well pads for optimized oil recovery w2 1 6 5 4 3 1 minimizing proximity to water bodies and wetlands. A progressive reclamation plan has also been included Project application to reduce the impact of the project a35 36 31 32 33 I G A TA 34 P R O J E C T FAC I L I T I E S P L A N 35 time. 36 What this means is that not everything will happe By the time the last succession of well pads are being c many of the first wells drilled for the project will alread abandoned with the reclamation process underway.26 25 30 29 28 27 26 25 P rovinc ia l P a rk23 24 19 20 21 22 23 Current Proposed CPF 24 CSS Pipeline and Road Taiga Pads Source Water Pipeline a First Phase Pads Other Existing Pipelines Source Water Wells CPF Access Road Salt Cavern and Disposal Pad Borrow Pit Access Road Borrow Pit Major Roads14 13 18 17 16 15 14 13 First Phase Pipeline and Road Other Existing Roads SAGD Pipeline and Road Provincial Park11 12 7 8 9 10 11 12 22
  23. 23. T H E TA I G A P R O J E C T: D E V E L O P M E N T T I M E L I N E THE TAIGA PROJECT: DEVELOPMENT TIMELINE • v 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 First Oil Phase 1 Construction Phase 2 First Oil Phase 2 23
  24. 24. We have the right people,and we have the right plan. 24
  25. 25. ORGANIZATIONAL COMPETENCIES 20 50+ 16 • vNumber of Employees 12 8 4 0 Public & Health, Investor Human Safety & Finance & Geoscience Reservoir Projects Operations Relations Resources Environmental Commercial Actual Employees December 31, 2008 Actual Employees March 15, 2011 Forecast Employees December 31, 2014 25
  26. 26. • v Firebag Peace River Saleski Carbonates Long Lake Leismer Christina Lake Primrose Foster Creek Tucker Imperial Cold Lake Wolf Lake Taiga Project Cold Lake Orion North Tangleflags Recent ThermalProjects Represented 26
  27. 27. Summary 27
  28. 28. MILESTONES AND VALUE CREATION Taiga PH2 Construction Saleski JV PH2 App filed Liege PH1 Application filed Taiga Phase 1 start-upVALUE Saleski JV phase 1 start-up Saleski East PH1 commercial construction Taiga Phase 1 execution Saleski JV PH1 commercial construction Saleski East PH1 commercial application approval NEAR TERM VALUE MILESTONES Taiga Project Approval Saleski JV pilot operations reach for >1 year Saleski JV PH1 commercial application approval Saleski West delineation and expanded resource assessment RECENT MILESTONES Saleski East delineation Saleski JV pilot start-ups Saleski JV PH1 commercial application filed Saleski West and Woodenhouse acquisitions 19 well delineation at Saleski East 2011 2012 2013 2014 2015 28
  29. 29. The Solid Base The Prize The Means The Team COLD LAKE CARBONATES • 359 MMbbls of 2P • 3.2 Billion barrels • Funded through all • The right matrix of reserves (1) recoverable resources (2) key corporate capabilities and • 104 MMbbls • JV pilot operations milestones experience additional underway since through 2011(3)(4) recoverable (2) December 2010 • Investors include (See osumcorp.com/team for executive and management • Taiga leases fully • JV commercial world class equity bios). delineated demonstration providers • Commercial project project approval targeted delineation mid-2011 (seismic and wells) completed and 1st phase commercial application led • Upside in recovery through proof of technology, and in in-place volumes through assessment of newer leases.(1) GLJ, January 2011(2) GLJ Best Estimate Contingent Recoverable Resources, February 2011(3) Inclusive of callable common share purchase warrants(4) Based on current capital cost estimates and scheduling.Refer to “Reserves and Resources”, disclaimer. 29
  30. 30. Thank you. 30
  31. 31. L A B T E S T S : C O N S I S T E N T H I G H R E C OV E R I E S Production Time (Hours)Recovery Factor Steam (JV Test) Steam (Porosity Below GLJ Cutoff) Cold Solvent Warm Solvent 31
  32. 32. JV FACILITIES• v 32
  33. 33. COLD LAKE• Existing infrastructure• Stable population with robust oilfield services ecosystem• Mature technology and deep knowledge of the reservoirs 320,000 CURRENT PRODUCTION (bbls/d) CENOVUS FOSTER CREEK PRIMROSE / WOLF LAKE First production 1980 Current capacity 120,000bbl/d CNRL PRIMROSE IMPERIAL NORTH Primrose Lake First production 1960s Current capacity 150,000bbl/d CNRL CNRL PRIMROSE Future capacity 180,000bbl/d PRIMROSE EAST SOUTH HUSKY TUCKER CNRL IMPERIAL First production 2006 NABIYE TAIGA Wolf Lake WOLF LAKE PROJECT Current capacity 30,000bbl/d IMPERIAL Marie Lake ORION COLD LAKE First production 1997 (Hilda Lk. Pilot) HUSKY Current capacity 10,000bbl/d* TUCKER LAKE SHELL Cold Lake * With regulatory approval for 20,000bbl/d ORION FOSTER CREEK First production 1996 Hwy #41 Current capacity 120,000bbl/d Future capacity 210,000bbl/d 33
  34. 34. timing in all things - LONG TERM FUNDAMENTALS TRANSPORTATION FUELSmost important factor.” 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 carbonates 34
  35. 35. RESERVES AND RESOURCES SUMMARY Reserves and Resources (MMbbls) Cont. 2P + Cont.GLJ Best Case Location WI % 2P (best) (best)Taiga Cold Lake 100 359 104 463Saleski JV Saleski 40 - 1,089 1,089Saleski East Saleski 100 - 680 680Saleski West Saleski 100 - 870 870Liege Saleski 100 - 515 515Total 359 3,258 3,617 35
  36. 36. VALUATION Net Present Value (1) (2) (GLJ February 2011) NPV (Mln$, 8% Pre Tax) NPV (Mln$, 10% Pre Tax)2P Reserves 2,056 1,4233P Reserves 2,764 1,883Low Estimate Contingent 2,512 1,537Best Estimate Contingent 15,026 9,486High Estimate Contingent 28,085 17,714(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” inside front cover. 36
  37. 37. ExecutiveSTEVE 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 oilexploration 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 theCanadian Association of Petroleum Producers, a Director of the In Situ Oil Sands Alliance, and a Director of the Canadian EnergyResearch 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 extensivemanagement experience in investment banking, mergers and acquisitions, project nance, private equity and capitalrestructurings, Mr. Roskey has held senior management positions at Edgestone Capital Partners, Enterra Energy Trust, ScotiaWaterous 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 ProjectDirector 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 yearsin their Grande Prairie operation. Mr. Walsh is a member of the Canadian Heavy Oil Association and is a practicing member ofAPEGGA. 
  38. 38. 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 oilsands experience. He started his career in heavy oil at AMOCO and his eld work and paper on cold heavy oil sand productionmechanisms 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, productionoptimization and commercial play development. From 2000 to 2003, Mr. Squires was Area Manager N.E. for ParamountResources. Mr. Squires is a member of the Canadian Heavy Oil Association, Petroleum Society of the CIM and is a practicingmember 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 Canadas pre-eminent petroleum geoscience rms. Prior to his 21 years at PRCL, he spent nearly 6 years in Husky Oils heavy oil department. Over his career, he has workedon several aspects of the heavy oil/bitumen business including strategic planning, prospect generation, operations, coldproduction 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 worlds deepest andshallowest thermal projects. He has published widely on the geology of Canadas heavy oil and bitumen deposits and has beenan 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, Canadas 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 onthe 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. Throughrecent 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 atKPMGLLP where he gained valuable experience in nancial reporting, tax compliance, internal controls, and securitiesregulations. Mr.MacBeath is a member of the Institute of Chartered Accountants of Alberta.
  39. 39. DirectorsJOHN ZAHARYChairmanSTEVE SPENCEPresident & CEO, Osum Oil SandsVINCENT CHAHLEYIndependent Businessman GEORGE CROOKSHANKIndependent Energy ConsultantWILLIAM FRILEYChairman, TimberRock Energy CorpDAVID FOLEYSenior Managing Director, Blackstone Capital Partners V LPJEFFREY HARRISSenior Advisor, Warburg Pincus LLCDAVID KRIEGERManaging Director, Warburg Pincus LLCCAMERON MCVEIGHFounder, Camcor CapitalRICHARD TODDIndependent Businessman
  40. 40. OSUM OIL SANDS CORP.Suite 1900, 255 – 5th Avenue SWBow Valley Square 3Calgary, Alberta, Canada  T2P 3G6 The time is right.(403) 283-3224www.osumcorp.com 40

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