Osum Completes $100 million Private Placement

Posted: Nov. 29, 2010

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

November 26th – Calgary – Osum Oil Sands Corp. (“Osum” or the “Company”) is pleased to announce that today it has closed its previously announced private placement to a wholly-owned subsidiary of Korea Investment Corporation (“KIC”) of 7,692,308 common shares at $13.00 per share for total gross proceeds of approximately $100 million.

The proceeds from this financing together with Osum’s existing working capital will be invested directly in the Company’s in situ projects and used for general corporate purposes.

Credit Suisse Securities (Canada), Inc. acted as sole financial advisor to Osum while Macquarie Capital Markets Canada Ltd. acted as sole financial advisor to KIC. McCarthy Tétrault LLP acted as legal counsel to Osum and KIC was advised by Osler, Hoskin & Harcourt LLP.

About KIC
KIC is a government-owned investment management company established under statute in 2005 to manage assets of the Government of Korea and the Bank of Korea. KIC is headquartered in Seoul, Korea and has been designated to operate independently and on a commercial basis with the aim of investing and enhancing the sovereign wealth of the Republic of Korea and contributing to the development of its domestic industry. KIC invests in public and private equities, bonds, real-estate, alternative assets, foreign currencies and derivatives.

For more information about KIC, please visit www.kic.go.kr/en/.

About Osum
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 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, events 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, the intended use of proceeds from the financing.

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”).

This release is provided for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction (including the United States) in which such offer, solicitation or sale would be unlawful.

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FOR FURTHER INFORMATION, PLEASE CONTACT:

Media Inquiries:
Justin Robinson
Manager, Communications
jrobinson@osumcorp.com

Business Inquiries:
Jeff MacBeath
Vice President, Finance
jmacbeath@osumcorp.com

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