July 8, 2010 – Calgary, Canada – Osum Oil Sands Corp (“Osum”), an in situ oilsands company, today announced the following changes to management. Steve Spence, P.Eng., currently President and Chief Operating Officer of Osum, will be assuming the role of President and Chief Executive Officer. Mr. Spence has over 21 years of conventional and heavy oil experience, primarily with Shell. Mr. Spence has extensive experience in thermal heavy oil production and development as well as in unconventional oil recovery including CO2 and miscible flooding in both sand and carbonate reservoirs.
Richard Todd, currently Chairman and Chief Executive Officer of Osum, will be resigning from his current day-to-day role as CEO effective August 1, 2010, but will be continuing as Chairman of the Board of Directors. Mr. Todd is currently serving on the Board of Governors of the Canadian Association of Petroleum Producers (CAPP) and as Chair of the Markets and Transportation Committee. He is a cofounder and director of the In Situ Oil Sands Alliance (IOSA), an industry association in Canada focused on in situ development. He is also currently a director of several private companies.
The Board of Directors would like to thank Mr. Todd for his contributions to Osum. “Richard Todd has been a real leader in the development and building of Osum over the past four years. The company will continue to draw on Richard’s leadership through his role as Chairman of the board.”
Osum is a privately held Alberta based company focused on the application of environmentally responsible in situ recovery technologies within Canada’s oil sands and carbonates. Additional information on the Company is available at 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”).
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