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February 09, 2011 – Calgary, Canada – Osum Oil Sands Corp (“Osum”), a privately held Alberta in situ oil sands company, today announced that Victor Roskey has joined the company as Chief Financial Officer. Mr. Roskey brings to the position a diverse mix of senior oil and gas experience along with proven management and leadership skills.
“We’re delighted to welcome Vic to the Osum team. As we enter the most exciting and value creating period in the Company’s history, his extensive capital markets experience and comprehensive knowledge of financial management and operations in the energy sector will be a tremendous asset,” said President and CEO Steve Spence. “From demonstrated leadership in several successful start-ups to the management of multi-million dollar equity portfolios, Vic’s broad background has equipped him well for this position.”
Previously, Mr. Roskey held senior management positions at EdgeStone Capital Partners, Enterra Energy Trust, Scotia Waterous and Citibank Canada. He has served on numerous public and private company boards. Mr. Roskey holds a LL.B from the Osgoode Hall Law School at York University.
Osum anticipates regulatory approval of its 35,000 barrel per day Taiga Project in the third quarter of 2011, with first production targeted for 2014. Steam injection at the company’s joint venture Saleski pilot project in the Grosmont carbonate fairway started this past December. Osum is a major resource holder in the Grosmont, which the Energy Resources Conservation Board estimates holds 406 billion barrels of oil in place.
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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