Osum is a private energy company focused on the successful, safe and environmentally-responsible thermal development of high-quality assets in Cold Lake with significant long-term upside potential in the Saleski region of Alberta, Canada.
While numbers only tell part of the story, at Osum we proudly point to the fact that over a three year period we nearly tripled production at the Orion Project to approximately 20,000 barrels per day and at the same time reduced our greenhouse gas emissions intensity by more than 20% and increased our produced water recycle rate to almost 90%.
With a clear path to 25,000 barrels per day at Orion and regulatory approval for 35,000 barrels per day at our nearby Taiga Project, we have production potential of 60,000 barrels per day in the Cold Lake region. These numbers, coupled with good liquidity, strong cash flow and declining debt tell the story of a company in the enviable position of having both a proven track record and a bright future.
We attribute this success to our smart, dedicated team that values collaboration and challenges itself to achieve more every day. Through this commitment, we are able to maintain a high standard of safety, operational and environmental performance and be positively involved in the communities where we live and work.
Steve Spence, P. Eng.
President and Chief Executive Officer
B.A.Sc. (Honours), Chemical Engineering, University of British Columbia
Steve is a professional engineer with extensive senior management experience in conventional and unconventional resource developments including thermal heavy oil and other enhanced oil recovery techniques. He joined Osum in 2008 after 19 years with Shell, where he provided leadership to numerous petroleum projects in Canada and overseas. Steve is a Governor of the Canadian Association of Petroleum Producers and an active member of APEGA.
Chief Financial Officer
J.D., Osgoode Hall Law School, York University
Vic brings a diverse mix of senior oil and gas finance expertise and proven leadership skills to Osum. He has extensive experience in mergers and acquisitions, investment banking, project finance, private equity and capital restructurings. He has held senior management roles with both resources companies and financial institutions, and has served on numerous public and private company boards. He is currently a director of TimberRock Energy Corp.
Rick K. Walsh, P. Eng
Chief Operating Officer
B.Sc., Chemical Engineering, University of Alberta
Rick leads the company’s day-to-day operations, having more than 25 years of broad energy industry experience weighted heavily in oil sands. Prior to joining Osum, he provided leadership in senior operational roles at Suncor Energy’s Upgrader and in managing several large upgrading and thermal capital projects. Rick is a member of the Canadian Heavy Oil Association and a practicing member of APEGA.
Dr. Peter Putnam, P. Geol
Sr. Vice President, Geoscience
B.Sc., M.Sc., Ph.D., Geology, University of Calgary
Peter is a geologist with over 40 years of varied experience at both technical and executive levels. Prior to helping create Osum, he spent 21 years at Petrel Robertson Consulting Ltd. and nearly six years in Husky Oil’s heavy oil department. Peter has published widely on aspects of petroleum geology, and has been a keynote speaker at several domestic and international forums dealing with thermal recovery. In addition to his role at Osum, Peter is also the current Chairman of Central European Petroleum Ltd., and is a past President of the Canadian Society of Petroleum Geologists.
Dr. Jen Russel-Houston, P. Geol.
Vice President, Geoscience and Land
Ph.D., Geology, Dalhousie University
Prior to joining Osum in 2008, Jen worked for Shell on both onshore and offshore projects where she developed expertise in reservoir evaluation, thermal production geology, and leading technical teams. As Vice President of Geoscience and Land she oversees Osum’s geoscience evaluations as they relate to current assets and guides the assessment of future potential opportunities of interest for Osum. Jen is an active member of APEGA and is the President of the Canadian Society of Petroleum Geologists.
Osum’s Board of Directors lends its knowledge and expertise to support the company as it continues to grow.
William A. Friley, Chair 2, 3, 4
Director, Obsidian Energy & Advanced Flow Technologies
Michael Buckingham 4
Managing Director, Waterous Energy Fund
Francesco Mele 1, 2, 4
Chief Operating Officer, Azimuth Capital
Vincent Chahley 1, 4
Director, Venturion Oil, Velvet Energy & Aequitas Innovations
Rob Morgan 3
President and Chief Executive Officer, Strathcona Resources
George Crookshank 1, 2
Director, Advanced Flow Technologies
Adam Waterous 2
Chief Executive Officer and Managing Partner, Waterous Energy Fund
Andrew Kim 1
Chief Financial Officer, Waterous Energy Fund
President and Chief Executive Officer, Osum
1 Audit Committee
2 Compensation and Governance Committee
3 HSE & Reserves Committee
4 Hedging Committee