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Osum charts a "clear path for positive growth" in Cold Lake

Osum charts a "clear path for positive growth" in Cold Lake

Privately-held Osum Oil Sands Corp. has approved another expansion phase at it Orion Project, an in-situ extraction facility located about 40 km northwest of Cold Lake, Alberta.

Orion currently produces 7,500 to 8,000 bbl/day of bitumen from the Clearwater Formation using steam-assisted gravity drainage (SAGD). A recently completed Phase 2A expansion will add another 1,500 bbl/day over the next 12 months. Osum purchased the Orion facility from Shell in 2014.

The newly-sanctioned Phase 2B expansion will add another 3,000 bbl/day of capacity by the middle of 2019. Orion already has regulatory approvals in place for up to 20,000 bbl/day of production. The company has sold a 4% royalty interest in the oil sands facility for $92.5 million in order to pay for the expansion.

Osum also owns the larger Taiga lease, also located in the Cold Lake area. Taiga has regulatory approvals in place for 35,000 bbl/day of production.

MAP & PRODUCTION PROFILE COURTESY OSUM OIL SANDS


SOURCES:
OSUM OIL SANDS CORP • OSUM MOVING FORWARD WITH EXPANSION AT ORION AND ANNOUNCES CLOSING OF A ROYALTY SALE • OCT 2, 2017
OSUM OIL SANDS CORP • SOLID RESULTS, SIGNIFICANT UPSIDE: INVESTOR PRESENTATION • SEP 2017
OSUM OIL SANDS CORP • ORION IN SITU OIL SANDS: 2016 PROGRESS UPDATE • MAY 16, 2017
Pulling the plug on Energy East: Big loss for Canada, big win for the Liberals

Pulling the plug on Energy East: Big loss for Canada, big win for the Liberals

Shining a spotlight on the Duvernay Shale

Shining a spotlight on the Duvernay Shale

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