September 22, 2008 – Calgary, Canada – Osum Oil Sands Corp, the third largest bitumen resource holder in Alberta’s emerging Saleski carbonates, today announced the appointment of Dr. Jen Russel-Houston to the position of Geosciences Manager. As part of the professional management team, Dr. Russel-Houston will lead reservoir modeling and analysis of Osum’s leases in both the Saleski carbonates and the established Cold Lake oil sands region. She will play a key role in the design of optimal bitumen recovery processes in both these areas.
Dr. Russel-Houston comes to Osum from Shell Canada and brings extensive experience in petroleum geology as a subsurface team leader, senior geologist, developmental geologist and researcher. Her career has consisted of unconventional and heavy oil projects, including, most recently, Shell’s in situ oil sands project in the Peace River region of Alberta, where she led a team of geoscientists and engineers in the delineation, appraisal and development of the Peace River heavy oil reservoir.
Osum CEO Richard Todd stated, “Dr. Russel-Houston is another great addition to our rapidly expanding team of professional scientists, engineers and technical specialists. Her wealth of expertise as a geologist on several major oil projects will be a strong asset to the company.”
“In particular, Jen’s skills in carbonate core analysis will be of significant value in maximizing oil recovery on our leases in the Saleski carbonates, which many believe to be one of the world’s next giant oil plays,” Mr. Todd continued.
Dr. Russel-Houston is an active member of APEGGA, the Canadian Heavy Oil Association, and the Canadian Society of Petroleum Engineers.
Osum Oil Sands Corp. is a privately held Alberta based company with approximately 11 billion barrels of bitumen in place, focused on the application of in situ recovery technologies to bitumen extraction. Osum’s mission is to provide secure, safe energy to North Americans through innovative and environmentally responsible business practice. For more information, please visit www.osumcorp.com.
Cautionary Information and Forward Looking Statements
Certain statements contained in this press release, including the documents incorporated by reference, may contain projections and “forward-looking statements” within the meaning of that phrase under Canadian and U.S. securities laws. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions may be used to identify forward-looking statements. Those statements reflect our current views with respect to future events or conditions, including prospective results of operations, financial position, predictions of future actions or plans or strategies.
Certain material factors and assumptions were applied in drawing our conclusions and making those forward looking statements. By their nature, those statements reflect management’s current views, beliefs and assumptions and are subject to certain risks, uncertainties, known and unknown, and assumptions, including, without limitation, machinery development or production delays, changing environmental regulations, the ability to attract and retain business partners, the ability to exploit hydrocarbon resources with our technology, future levels of government funding, the need to obtain and maintain proprietary rights over our technology, competition from other technologies, the ability to access the capital required for research, technology development, operations and marketing, the need to generate positive cash flow in the foreseeable future, changes in energy prices and currency levels.
Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying our projections or forward-looking statements prove incorrect, our actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise.
Our securities are not traded on any stock exchange in Canada and thus, Osum is not subject to regulation by any Canadian stock exchange. Our securities are also not registered under the United States Securities Act of 1933 nor are they traded on any securities or stock exchange in the United States. As a result, we are not presently subject to the reporting, certification or other requirements imposed on U.S. registered issuers under, among other things, U.S. Sarbanes-Oxley Act of 2002 (“SOX”).
OSUM Oil Sands Corp
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