october 2011 investor information, osum oil

We are unlocking Canada’s unrealized bitumen resource potential.

The time is right.

Investor PresentationOctober 2011

1

Disclaimer

Forward Looking Statements

This presentation contains statements that may constitute "forward-looking statements” within the meaning of applicable securities legislation. These statements include, among others, statements regarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about future events or performance. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency "uctuations, environmental risks, competition from other industry participants, lack of availability of quali#ed personnel or management, stock market volatility and ability to access suf#cient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect and, as such, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by any forward looking statements in this presentation, and accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what bene#ts the Corporation will derive therefrom.

The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Reserves and Resources

The reserve and resource estimates herein were extracted from reports prepared by GLJ, an independent professional petroleum engineering #rm, in accordance with Canadian Securities Administrators’ National Instrument 51-101 (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook. Under NI 51-101, proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. It is 90 percent likely that actual remaining quantities will exceed estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is only a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent Resources are further classi#ed in accordance with the level of certainty associated with the estimates and may be subclassi#ed based on project maturity and/or characterized by their economic status. Resource estimates are described as follows: Best Estimate –This is considered to be the best estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.; High Estimate – This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Low Estimate– this is considered to be a conservative estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods were used, the term re"ects a P90 con#dence level.

Unless otherwise stated, all !gures presented in Canadian Dollars.

ALL REFERENCES TO THE FEBRUARY 2011 GLJ ASSESSMENT REFLECT THE JANUARY 2011 GLJ ASSESSMENT FOR THE COMPANY'S RESERVE AND RESOURCE BASE AT THAT DATE, PLUS A FEBRUARY 2011 GLJ ASSESSMENT OF A PROPERTY ACQUIRED BY OSUM IN FEBRUARY 2011 - ALL USING THE GLJ JANUARY 2011 PRICE FORECAST.

2REF: 2011.10.0005

Table of Contents

CORPORATE OVERVIEW: A DISTINCT VALUE PROPOSITION

GROSMONT CARBONATE PROJECTS: SIGNIFICANT UPSIDE

THE TAIGA PROJECT: NEAR TERM PRODUCTION AND CASH FLOW

ORGANIZATION

SUMMARY

3

4

SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION

• Early mover in the largest undeveloped oil field in the world

• 170,000 net acres of contiguous land in the heart of the trend

• 3,154 million barrels of contingent recoverable resource (1)

• 300,000+ bbl/day net production potential

• Commercial performance demonstration underway withSAGD pilot (40% WI)

• First commercial project application submitted

Impressive growth potential with a solid foundation.

(1) GLJ February 2011

5

UNDERPINNED BY A SOLID FOUNDATION

• 45,000 bbl/d Taiga Project

• 359 million barrels of 2P reserves (1)

• Regulatory approval anticipated in 2011 / early 2012

Impressive growth potential with a solid foundation.

SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION

• Early mover in the largest undeveloped oil field in the world

• 170,000 net acres of contiguous land in the heart of the trend

• 3,154 million barrels of contingent recoverable resource (1)

• 300,000+ bbl/day net production potential

• Commercial performance demonstration underway withSAGD pilot (40% WI)

• First commercial project application submitted

(1) GLJ February 2011

Estimated remaining funding(Year End 2011)

6

FINANCIAL HIGHLIGHTS

• $540MM of capital raised to date

• 83.2MM basic (96.9MM fully diluted) shares outstanding

• $176MM working capital (including $60MM of callable common share purchase warrants) as at June 30, 2011

• Knowledgable equity investors

‣ Warburg Pincus

‣ Blackstone Capital Partners

‣ Korea Investment Corporation

‣ Goldman Sachs

‣ Camcor Partners

INTRODUCTION TO OSUM

• Osum is a private, well-capitalized, fully staffed, Canadian in-situ oil sands developer based in Calgary, Alberta

• Osum’s strategy focuses on:

1. Reservoirs with both lateral and vertical continuity

2. Assets that are close to existing infrastructure

3. Proven thermal technologies to develop the assets

• The Company has a richly experienced project team, with a deep understanding of its resource base.

#1 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES

#3 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES PLUS BEST ESTIMATE CONTINGENT RECOVERABLE RESOURCES

7

Source: Credit Suisse

OsumIn ProductionPre-Production

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7,170

359 MMbbls

28,039

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5000

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10000

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3,617 MMbbls

TOTAL RESERVE AND RESOURCE BASE (1)

TAIGA RESERVE AND RESOURCE BASE

359 MMbbl

RESOURCE104 MMbbl

RESERVES359 MMbbl

SALESKI JV

SALESKI WEST / LIEGE

SALESKI EAST

TAIGA

(1) Reserves (2P) plus best estimate contingent resources (NET)

20152014201320122011 2020 20212019201820172016

SALESKI JV COMMERCIALEXPANSION

SALESKI EAST COMMERCIALPHASE 1

SALESKI JV COMMERCIALPHASE 2

SALESKI EAST COMMERCIALPHASE 1

SALESKI JV COMMERCIALPHASE 1

TAIGAPHASE 2

TAIGAPHASE 1

TOTAL CUMMULATIVEDAILY CAPACITY (bbls/d)

SALESKI JV PILOTOPERATIONS

Corporate Projects: Development Timeline

172,000112,00088,00088,00058,00028,00028,000

60,00024,000

30,0008,00022,000

5,00023,000

CONSTRUCTION OPERATIONS8

2

x

•v

CORPOR ATE NET PRODUCTION PROFILE

Production Potential in Excess of 350,000 Barrels per Day

Raw

Bitu

mem

Rat

e (b

bl/d

)

Taiga Project Saleski JV Saleski East Liege Saleski West

GLJ Reserves/Resource Report (February 2011), 2P Reserves plus Best Estimate Contingent Recoverable Resources.Refer to “Reserves and Resources” inside front cover. 9

9

LeaseAcquisition

DelineationCore Well& Seismic

ProjectDe!nition &

InitialContingent

ResourceBooking

Piloting RegulatoryApplication

& InitialConversion

of Resourcesto Reserves

Engineering& Commercial

Preparation

RegulatoryApplication

Approval

Construction Production

$9,113,000,000

$1,796,000,000

SALESKI CARBONATE PROJECTS / UNRISKED NPV(1)

TAIGA PRJOJECT / UNRISKED NPV(2)

Net interest in JV portion of carbonate projects($3,473,000,000)

100% portion of carbonate projects($5,640,000,000)

(1) Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011)(2) 2P Reserves plus Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011)

For Illustrative Purposes10

0

15

30

45

60

75

90

105

120

January 2007 January 2008 January 2009 January 2010 January 2011 February 2011

Net Working Capital (including dilutive proceeds)10% BT NAV of GLJ Proved Plus Probable Reserves10% BT NAV of GLJ Best Estimate Contingent Recoverable Resources Financing Valuation Per Share (based on last #nancing)

Equity placement

Net

Ass

et

Valu

e (

10%

BT

) /

Fu

lly D

ilu

ted

Sh

are

($

)

NET ASSET VALUE PER SHARE GROWTH

$13/share(Nov, 2010)

$10.50/share(Aug, 2008)

$8.11/share(Jul, 2007)

Date of GLJ Assessment

11

Grosmont Carbonate Projects (Saleski)

THE MOST SIGNIFICANT OIL SANDSOPPORTUNITY IN A QUARTER OF A CENTURY

12

WE HAVE PLACED OURSELVES AT THE FOREFRONT OF A MASSIVE OPPORTUNITY

• Osum dominates the southern portion of the main trend which is closest to infrastructure

• Osum holds over 11 billion barrels of bitumen in the Grosmont and an estimated net 3.2 billion barrels of contingent recoverable resources (1) (2)

• Osum’s projects will provide the first commercial bitumen to market from the Grosmont.

(1) GLJ Best Estimate Contingent Recoverable Resources as of February 2011.

(2) Refer to “Reserves and Resources” in disclaimer

Pay Thickness Map Source: ERCB , 2010

newly acquired leases

13

N

SALESKI JVSALESKI EAST 100%

SALESKI WEST 100%LIEGE 100%

NEW LANDS – ACQUIRED JUNE 2011

Previous Wells3-D Seismic Area

2011 Winter DrillingJV Pilot 70 – 120

60 – 7050 – 6040 – 50

30 – 4020 – 3010 – 201.5 – 10

Grosmont erosional edgeRivers

Bitumen Pay Thickness (m)

KM YC

4

sg

PROJECT: 2836327 Saleski Map Updates FILE NAME: 2836327 Saleski Map Updates.indd SIZE: 8.5”x5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: n/a

2836327 Saleski Map Updates.indd 2 05/07/11 5:34 PM

Grosmont:406 Bln BOIP

⤶

• v

Bitumen oozes from core on Osum’s Saleski East lands. March 2nd, 2011.

14

3 WAYS TO INCREASE VALUE SIGNIFICANTLY

Increased recovery factors

Increased resource base

Pilot Results

GLJ recovery factors currently 36% -

potential exists for substantial increases

Pilot operations underway

Delineation ongoing at Saleski West & East

15

!"#$%%&

%!"

#$%'%

(%

Grosmont C, brecciated sucrosic dolomudstone, 260.10 m.

Grosmont C, amphipora dolopackstone, 262.20 m.

Grosmont C, massive to vuggy dolomudstone, 253.30 m.

Grosmont D, brecciated dolomudstone, 250.25 m

Grosmont C, massive fractured dolomudstone, 260.90 m.

Grosmont C, sucrosic dolomudstone, 269.15 m

16

GROSMONT CARBONATE RESERVOIR

• Highly fractured core

• Multiple porosity systems

• Excellent candidate for Steam Assisted Gravity Drainage

Core sample showing vugs and fractures

THE GROSMONT CARBONATES

2008 2011 2015 to 2018

Grosmont Fundamentals Verify and Prove Application

Field Test of Cold Solvent (complete)

Laboratory Test (complete)

Analysis of Past Field Tests (complete)

Analog Studies (ongoing)

Modelling Studies for Pilot and Commercial Prediction (ongoing)

Access JIP & Public Data (ongoing)

Field Pilot Construction (underway)

Pilot Test or Demonstration

Operation Experience

Verify Predictive Models

Commercial Assessment

Studies on Alternative Recovery Process

Delineation and Mapping

Commercial Development

Optimization

KM YC

4

ds

PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”

KM YC

4

ds

PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”

SALESKI SAGD PILOT

Initial cold solvent pilot tests complete

Bitumen mobilized and produced in the field

JV SAGD construction near completion

JV Pilot operations to begin by year end

Amendment to include solvents approved

TECHNICAL PATH AT SALESKI

39

2008 - 2010 2011+ 2012+

Commercial

(complete)

• Bolster Resource Holdings

The Path to Realizing Full Value

• Field Test of Cold Solvent

• Laboratory Tests

• Analysis of Past Field Tests

• Analog Studies

• Modelling Studies for Pilot and Commercial Production

• Access JIP & Public Data

• Field Pilot Construction

• Pilot Test

• Operation Experience

• Verify Predictive Models

• Commercial Assessment & Preparation - JV & 100%

• Studies on Next Generation Recovery Processes

• Delineation and Mapping

• Bolster Resource Holdings

• Commercial Development

• Optimization

17

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DEMONSTRATION OF COMMERCIAL PERFORMANCE

• Demonstrating performance with commercial well lengths, spacing and rates enables smooth transition to commercial development

• Testing SAGD and SAGD with solvent

EXPANDABLE DEPENDING ON INITIAL LEARNINGS

• Licensed for up to 6 well pairs and 1,800 bbls / day oil production

INITIAL EXECUTION

• 3 well pairs drilled, 2 in operation and 1 as backup

• First steam December 23, 2010

Grosmont C

Grosmont D SAGD START-UP

• Oil is being produced at relatively low temperatures

• Evidence of a strong pressure response between the injector and producer wells

• Effective vertical permeability

Taiga Project (Cold Lake)NEAR TERM PRODUCTION & CASH FLOW

19

The Cold Lake region supplies more than 10% of Canada’s daily oil production.

20

x

• v

THAT’S REFRESHING Osum has always committed to zero fresh water use to generate steam for the Taiga Project. In April 2009 we conducted tests on our leases that confirmed the viability of our plan. An adequate supply of non-potable water from the McMurray formation (approximately 600 metres below ground) has been confirmed.

As well, the bulk of the water used to generate steam for the SAGD process will be recycled and reused, with efficiencies of 90% or greater.

Taiga will not use fresh water

Brackish water drawn from a deep source well

High efficiency water recycling

0

200

400

600

800

1000

1200

29

mete

rs

GEOLOGICAL STRATIGRAPHY - NATURAL ADVANTAGES

• Two developable zones (Lower Grand Rapids and Clearwater)

• Proven brackish water supply from McMurray

• Proven deep disposal zone (Granite Wash)

• Deep salt zone can be used for safe solid waste disposal

21

Osum Delineation Wells Pre-existing Delineation Wells Water Source & OBS Wells 3D Seismic Area

1 mi

1.6 km

KM YC

4

AS

PROJECT: 2836263 Presentation Slides FILE NAME: 2836263 Presentation Slides.indd FLAT SIZE: 8.5”x5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”

2836263 Presentation Slides.indd 4 31/05/11 1:40 PM

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PROPOSED PAD L AYOUT AND PL ANT LOCATION A number of measures have been proposed to the facility’s design to reduce impacts on the surrounding areas as much as possible. For example, by “doubling up” and in some cases “tripling up” on infrastructure associated with each well pad, Osum has been able to reduce the total number of proposed pads for the project from 63 to 36. In addition, we have attempted to follow existing cleared Rights of Way (ROWs) as much as possible. Pipelines and roads have been minimized as a consequence of these two design practices, resulting in an approximate net reduction of 25% to surface disturbance. Osum’s team has endeavored to achieve balance in the proposed layout, positioning well pads for optimized oil recovery while minimizing proximity to water bodies and wetlands.

A progressive reclamation plan has also been included in the Taiga Project application to reduce the impact of the project at any one time. What this means is that not everything will happen at once. By the time the last succession of well pads are being constructed, many of the first wells drilled for the project will already have been abandoned with the reclamation process underway.

7 8 9 10 11 12

131415161718

19 20 21 22 23 24

252627282930

31 32 33 34 35 36

10 11 12

131415

22 23 24

252627

34 35 36

123456

7 8 9 10 11 12

131415161718

19 20 21 22 23 24

252627282930

31 32 33 34 35 36

123

10 11 12

131415

22 23 24

252627

34 35 36

I.R . 149c

P rovinc ia l P ark

´

R2W4

T65

T66

Current Proposed CPF Taiga Pads First Phase Pads Source Water Wells Salt Cavern and Disposal Pad Borrow Pit First Phase Pipeline and Road SAGD Pipeline and Road

CSS Pipeline and Road Source Water Pipeline and Road Other Existing Pipelines CPF Access Road Borrow Pit Access Road Major Roads Other Existing Roads Provincial Park

TAIGA PROJECT FACIL IT IES PL AN

THE TAIGA PROJECT 45,000 bbl/day, 2 phase development

22

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THE TAIGA PROJECT: DEVELOPMENT TIMELINE

23

THE TAIGA PROJECT: DEVELOPMENT T IMELINE

2008 2009 2010 2011 2012 2013 2014 2015 2016

Public Consultation Process

Delineation Drilling & Seismic Acquisition

Geosciences, Reservoirs and DBM Development

Environmental Impact Assessment

Project Disclosure / Regulatory Application

Regulatory Review & Approval

Engineering

Procurement

Wells Drilling / Facilities / Pipelines

Construction Phase 1

First Oil Phase 1

Construction Phase 2

First Oil Phase 2

We have the right people, and we have the right plan.

24

• v

0

4

8

12

16

20

Geoscience Reservoir Projects Operations

Public &InvestorRelations

HumanResources

Health,Safety &Environmental

Finance &Commercial

Num

ber o

f Em

ploy

ees

Actual Employees December 31, 2008Actual Employees March 15, 2011Forecast Employees December 31, 2014

ORGANIZATIONAL COMPETENCIES

50+

25

• v

Recent Thermal Projects Represented

SaleskiCarbonates

Peace River

Long Lake

Firebag

Leismer

Christina Lake

Foster Creek

Imperial Cold Lake

North Tangleflags

Primrose

Tucker

Wolf Lake

Orion

Taiga ProjectCold Lake

26

27

Summary

282011 2012

VALU

E

2013 2014 2015

RECENT MILESTONES Saleski JV pilot start-ups Saleski JV PH1 commercial application filed Saleski West and Woodenhouse acquisitions19 well delineation at Saleski East

NEAR TERM VALUE MILESTONESTaiga Project ApprovalSaleski JV pilot operations reach for >1 yearSaleski JV PH1 commercial application approvalSaleski West delineation and expanded resource assessmentSaleski East delineation

Taiga Phase 1 executionSaleski JV PH1 commercial constructionSaleski East PH1 commercial application approval

Taiga Phase 1 start-upSaleski JV phase 1 start-upSaleski East PH1 commercial construction

Taiga PH2 ConstructionSaleski JV PH2 App filedLiege PH1 Application filed

MILESTONES AND VALUE CREATION

COLD LAKE

• 359 MMbbls of 2P reserves (1)

• 104 MMbbls additional recoverable (2)

• Taiga leases fully delineated

• Commercial project approval targeted mid-2011

CARBONATES

• 3.2 Billion barrels recoverable resources (2)

• JV pilot operationsunderway sinceDecember 2010

• JV commercialdemonstrationprojectdelineation(seismic and wells)completed and 1stphase commercialapplication !led

• Upside in recovery through proof of technology, and in in-place volumes through assessment of newer leases.

• Funded through all key corporate milestones

through 2011(3)(4)

• Investors includeworld class equityproviders

• The right matrix of capabilities and

experience

(See osumcorp.com/team for executive and management

bios).

(1) GLJ, January 2011(2) GLJ Best Estimate Contingent Recoverable Resources, February 2011(3) Inclusive of callable common share purchase warrants(4) Based on current capital cost estimates and scheduling.Refer to “Reserves and Resources”, disclaimer.

29

The Means The TeamThe PrizeThe Solid Base

Thank you.

30

31

KM YC

6

AS


L AB TESTS : CONSISTENT HIGH RECOVERIESRe

cove

ry F

acto

r

Production Time (Hours)

Steam (JV Test) Steam (Porosity Below GLJ Cutoff) Cold Solvent Warm Solvent


• v

JV FACILITIES

32

COLD LAKE

• Existing infrastructure

• Stable population with robust oilfield services ecosystem

• Mature technology and deep knowledge of the reservoirs

33

PRIMROSE / WOLF LAKEFirst production 1980 Current capacity 120,000bbl/d

IMPERIALFirst production 1960s Current capacity 150,000bbl/dFuture capacity 180,000bbl/d

HUSKYFirst production 2006 Current capacity 30,000bbl/d

ORIONFirst production 1997 (Hilda Lk. Pilot)Current capacity 10,000bbl/d** With regulatory approval for 20,000bbl/d

FOSTER CREEKFirst production 1996 Current capacity 120,000bbl/d Future capacity 210,000bbl/d

CURRENT PRODUCTION(bbls/d) 320,000

175 135260Projects

Operations Geoscience

Finance & Commercial Reservoir

HSE Public & Investor Relations

HR

EIGHTYEIGHTY EIGHTYEIGHTY

SIXTY-FIVE

FORTY-NINE

FORTY-NINEHwy #41

CENOVUSFOSTER CREEK

CNRLPRIMROSENORTH

CNRLPRIMROSESOUTH

CNRLWOLF LAKE

HUSKYTUCKER LAKE

SHELLORION

CNRLPRIMROSEEAST

IMPERIALNABIYE

IMPERIALCOLD LAKE

TAIGAPROJECTWolf Lake

Cold Lake

Primrose Lake

Marie Lake

KM YC

6

AS



TUCKER

“ Right timing in all things is the most important factor.”– Hesiod

mb/

d

Unconventional Oil Natural Gas Liquids Crude Oil – Fields yet to be developed or found Crude Oil – Currently producing fields Total Crude Oil

Source: IEA November 2010, World Oil Production by Type, “New Policies Scenario”.

*

* Does not include carbonates34

TRANSPORTATION FUELS - LONG TERM FUNDAMENTALS

35

Reserves and Resources (MMbbls) Reserves and Resources (MMbbls) Reserves and Resources (MMbbls)

GLJ Best Case Location WI % 2PCont. (best)

2P + Cont. (best)

Taiga Cold Lake 100 359 104 463

Saleski JV Saleski 40 - 1,089 1,089

Saleski East Saleski 100 - 680 680

Saleski West Saleski 100 - 870 870

Liege Saleski 100 - 515 515

Total 359 3,258 3,617

RESERVES AND RESOURCES SUMMARY

VALUATION

Net Present Value (1) (2) (GLJ February 2011)

NPV (Mln$, 8% Pre Tax) NPV (Mln$, 10% Pre Tax)

2P Reserves 2,056 1,423

3P Reserves 2,764 1,883

Low Estimate Contingent 2,512 1,537

Best Estimate Contingent 15,026 9,486

High Estimate Contingent 28,085 17,714

(1) Pre tax present value of future net revenue based on forecast pricing and costs.(2) Represents the Company’s working interest (operating and non-operating) share before deducting royalties.Refer to “Reserves and Resources” inside front cover.

36

Executive

STEVE SPENCE, P.ENG., PRESIDENT AND CHIEF EXECUTIVE OFFICERB.A.Sc. (Honours), Chemical Engineering, University of British ColumbiaMr. Spence is a Professional Engineer with extensive senior management experience in both conventional and heavy oil exploration and development. He has provided leadership to numerous petroleum projects in Canada and Australia including, most recently, Shell Canada’s Peace River and Orion thermal oil sands developments. Mr. Spence is also a Governor of the Canadian Association of Petroleum Producers, a Director of the In Situ Oil Sands Alliance, and a Director of the Canadian Energy Research Institute.

VICTOR ROSKEY, CHIEF FINANCIAL OFFICERLL.B., Osgoode Hall Law School, York UniversityMr. Roskey brings a diverse mix of senior oil and gas "nance expertise and proven leadership skills to Osum. With extensive management experience in investment banking, mergers and acquisitions, project "nance, private equity and capital restructurings, Mr. Roskey has held senior management positions at Edgestone Capital Partners, Enterra Energy Trust, Scotia Waterous and Citigroup. He has also served on a number of public and private company boards.

RICK WALSH, P.ENG., EXECUTIVE VICE PRESIDENT, PROJECTSB.Sc., Chemical Engineering, University of AlbertaMr. Walsh brings over 20 years of oil sands and conventional oil & gas experience to Osum. Most recently, he was a Project Director for Suncor Energy where over his 14 year career there, he led projects up to $3B. He was involved in Firebag Stages 5 & 6, the MNU Project and the MCU Upgrader expansion projects. Before joining Suncor, he was with Amoco Canada for 6 years in their Grande Prairie operation. Mr. Walsh is a member of the Canadian Heavy Oil Association and is a practicing member of APEGGA.

ANDREW SQUIRES, P.ENG., SR. VICE PRESIDENT, ENGINEERING AND OPERATIONSB.Sc. Mechanical Engineering, University of Alberta Mr. Squires is currently Vice President, Engineering for Osum and has over 20 years of conventional oil, heavy oil, and oil sands experience. He started his career in heavy oil at AMOCO and his "eld work and paper on cold heavy oil sand production mechanisms resulted in a fundamental change in the understanding of the primary heavy oil production and recovery process. After leaving Amoco he consulted to numerous major oil companies on new heavy oil recovery technology, production optimization and commercial play development. From 2000 to 2003, Mr. Squires was Area Manager N.E. for Paramount Resources. Mr. Squires is a member of the Canadian Heavy Oil Association, Petroleum Society of the CIM and is a practicing member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.

DR. PETER PUTNAM, P.GEOL., SR. VICE PRESIDENT, GEOSCIENCEB.Sc., M.Sc., Ph.D., Geology, University of CalgaryDr. Putnam is the Chairman of Petrel Robertson Consulting Ltd. (PRCL), one of Canada's pre-eminent petroleum geoscience "rms. Prior to his 21 years at PRCL, he spent nearly 6 years in Husky Oil's heavy oil department. Over his career, he has worked on several aspects of the heavy oil/bitumen business including strategic planning, prospect generation, operations, cold production and thermal recovery development, reservoir modeling and simulation, research, and reserves reporting. Dr. Putnam has worked on heavy oil and bitumen properties found on four continents, including the world's deepest and shallowest thermal projects. He has published widely on the geology of Canada's heavy oil and bitumen deposits and has been an invited speaker to several domestic and international forums dealing with issues surrounding thermal recovery. Dr. Putnam is a past-president of the Canadian Society of Petroleum Geologists, Canada's largest earth science organization, and he has served as a Councilor for APEGGA and as an adjunct professor at the University of Calgary. He currently serves on the board of directors of PRCL, Saxony Petroleum Ltd. and Central European Petroleum Ltd.

JEFFREY R. MACBEATH, CA, VICE PRESIDENT, FINANCEBComm, Dalhousie UniversityMr. MacBeath brings a broad range of experience from increasingly senior "nancial roles within the oil and gas sector. Through recent positions at Shiningbank Energy Income Fund and Prime West Energy Trust, Mr. MacBeath developed expertise in "nancial management including external "nancial reporting, corporate governance, forecasting and budgeting, treasury, economic modeling, due diligence, and mergers and acquisitions. Prior to entering industry, Mr.MacBeath spent 6 years at KPMGLLP where he gained valuable experience in "nancial reporting, tax compliance, internal controls, and securities regulations. Mr.MacBeath is a member of the Institute of Chartered Accountants of Alberta.

JOHN ZAHARYChairman

STEVE SPENCEPresident & CEO, Osum Oil Sands

VINCENT CHAHLEYIndependent Businessman

GEORGE CROOKSHANKIndependent Energy Consultant

WILLIAM FRILEY Chairman, TimberRock Energy Corp

DAVID FOLEYSenior Managing Director, Blackstone Capital Partners V LP

JEFFREY HARRIS Senior Advisor, Warburg Pincus LLC

DAVID KRIEGER Managing Director, Warburg Pincus LLC

CAMERON MCVEIGH Founder, Camcor Capital

RICHARD TODDIndependent Businessman

Directors

OSUM OIL SANDS CORP.Suite 1900, 255 – 5th Avenue SWBow Valley Square 3Calgary, Alberta, Canada T2P 3G6(403) 283-3224

www.osumcorp.com

The time is right.

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http://www.osumcorp.com

http://www.osumcorp.com