Osum Responds to Waterous Energy Fund’s Announcement of an Intention to Make an Unsolicited Offer

CALGARY, AB, November 3, 2020 – Osum Oil Sands Corp. (“Osum” or the “Company”) acknowledges yesterday’s announcement by Waterous Energy Fund (“Waterous”) that Waterous intends to make an unsolicited offer to acquire up to 52.5 million of Osum’s outstanding common shares (the “Offer”), representing approximately 40% of the outstanding common shares of the Company. Waterous is currently the owner of approximately 45% of the outstanding common shares of Osum.

The Company’s board of directors (the “Board”) will consider and evaluate the Waterous offer and related takeover bid circular, when received. Legal counsel to Osum is McCarthy Tétrault LLP. TD Securities Inc. and RBC Dominion Securities Inc. have been retained as financial advisors.

No formal offer has been made and Osum shareholders are advised to take no action with respect to any Waterous offer until the Board has had an opportunity to fully review the offer, when received, and to make a recommendation as to its merits. Shareholders will be notified of any recommendation of the Board through a news release and circular in accordance with applicable securities laws.

About Osum

Established in Alberta in 2005, Osum Oil Sands Corp. is a private oil sands producer focused on the responsible application of in situ recovery technologies within Canada’s oil sands and carbonates. Additional information on the Company is available at osumcorp.com.

Contact

Christi Clouter
Communications Manager
cclouter@osumcorp.com

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