Rick George Appointed Chairman of Osum

Posted: Nov. 05, 2012

Rick George Appointed Chairman Of Osum

Rick George has been appointed chairman of the board of directors of Osum Oil Sands Corp., the company announced this morning.

George was the president and CEO of Suncor Energy Inc. from 1991 until 2012 and is widely regarded as one of the pioneers of Canada’s oilsands. Under his leadership, Suncor grew from a valuation of $1 billion to a market capitalization of more than $50 billion, making it Canada’s largest energy company and one of the top five publicly traded companies in the country.

“We are extremely happy to welcome Rick George to our board of directors,” Steve Spence, Osum’s president and CEO, said in a news release. “His deep understanding of the oilsands sector and wealth of experience gained from building a successful, world class energy company are unmatched. Rick will provide unique and invaluable insights as we develop our assets, both in Cold Lake with our Taiga project and in the Saleski carbonates.”

During his 21 years as CEO, Suncor was consistently a leader in resource capture and development and was known for recognizing opportunity ahead of its peers. An example of this was the company’s decision to aggressively invest in oilsands development in the late 1990s when oil prices were approaching $10 per bbl and expected to fall further.

In recognition of his exemplary leadership and vision, George has received a myriad of awards. Among them are Canada’s Outstanding CEO (1999), Canadian Business Leader Award (2000), Alberta Business Person of the Year (2001), and Officer of the Order of Canada (2007) for his contribution to Canada’s energy resource development.

“I look forward to this opportunity to work alongside Osum’s exceptional management team and board of directors,” George said. “Osum has positioned itself at the forefront of what I believe is the next significant chapter in Canada’s in situ oilsands — the Saleski Grosmont carbonates. I am excited that I will be playing a part in the commercialization of this vast resource and will have a role in building a company that I expect will become a leader in the industry.”

George also serves as a director on the boards of Anadarko Petroleum Corporation and the Royal Bank of Canada.

The company and its board of directors also thanked Richard Todd, who stepped down from Osum’s board to allow George to join. Todd was CEO and chairman of Osum from 2006 to 2010 and then a director from 2010 to present. He played a vital and integral leadership role in bringing Osum from a virtual standing start to the thriving development company that it is today, the company said.

Osum continues to advance its asset portfolio of 3.5 billion bbls of best estimate contingent resource and 359 million bbls of proved and probable reserves toward commercial development.

The initial phases of the 45,000 bbl-per-day Taiga project in the Cold Lake area received regulatory approval from the Energy Resources Conservation Board in September of this year and preparation for the initial commercial phase is well underway with first production expected by 2016.

At Saleski, the thermal pilot in the carbonates continues to show positive results and planning for its expansion with a 10,700 bbl-per-day (gross) commercial demonstration stage is nearing completion with sanction expected in 2013.

In addition, filing of an Environmental Impact Assessment for Osum’s 100 per cent owned and operated 60,000 bbl-per-day commercial project at Saleski East is expected to be filed with regulators in early 2013. In total, Osum’s asset base at Cold Lake and Saleski has the potential to support projects producing 390,000 bbls per day.

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