Osum Oil Sands Corp. has entered into an agreement to purchase the Orion Oil Sands Project from Shell Canada (a Royal Dutch Shell Group entity) for Canadian $325 Million (subject to customary purchase price adjustments and certain closing conditions). The transaction is expected to close on or about July 31, 2014.
Commenting on the acquisition, Steve Spence, President and Chief Executive Officer, said: “The Orion Project is a first class operation that will provide Osum with significant current production and cash flow. Our immediate focus is on ensuring a safe and smooth transition of operations. In the longer term we believe that by linking Orion together with our nearby Taiga Project, Osum has a unique opportunity to build a significant production platform in the Cold Lake region.”