Calgary, Alberta, April 24, 2008 – Osum Oil Sands Corp, the only junior oil sands company with a material position in the established Cold Lake thermal trend, has appointed Steve Spence to its senior leadership team. In his new role as Vice President, Projects, Mr. Spence will provide leadership to Osum’s business units and direct the development of four distinct projects located in the Cold Lake region and in Alberta’s carbonate reservoirs. Mr. Spence will manage the company’s overall project strategy in these two regions, and foster highly competent teams that will advance the company’s business objectives.
Steve brings deep and broad oil sands experience to Osum that further enhances its capabilities at Cold Lake and in the emerging giant bitumen resource play found in carbonate reservoirs. Specific thermal oil sands experience includes leading the development and project management for Shell Canada’s proposed 100,000 barrel per day Peace River project, and leading the implementation of the Orion SAGD Project in Cold Lake. “Throughout his career, Steve has demonstrated outstanding strategic and leadership abilities that will be an incredible asset to Osum,” said the company’s President and COO Peter Putnam. “His specific experience leading thermal recovery projects in the Cold Lake region will also benefit our company and help us create value as we execute our plans in the years to come.” In recent months, Osum has attracted numerous accomplished individuals with significant experience developing thermal projects in the Cold Lake region. Mr. Spence is the company’s fifth key hire in the last six months with Cold Lake experience on existing bitumen projects in the area. Mr. Spence is an active member of APEGGA, the Canadian Heavy Oil Association, and the Society of Petroleum Engineers. About Osum:
Osum Oil Sands Corp. is a privately held Alberta based company whose mission is to provide secure, safe energy to North Americans though innovative and environmentally responsible business practice.
Contact: Justin Robinson
Osum Oil Sands Corp
3rd Floor, 1204 Kensington Road NW
Calgary AB T2N 3P5
Cautionary Information and Forward Looking Statements
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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”).