Osum Files Commercial Application for the Taiga Project

abarrelfullabarrelfull wrote on 08 Jan 2014 20:13

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January 20, 2010

Osum Oil Sands Corp (“Osum”), an emerging in situ oil sands company, announced today that it has filed its commercial application for the Taiga Project. The application, which was submitted to Alberta Environment and the Alberta Energy Resources Conservation Board, seeks approval for a 35,000 barrel per day in situ project in the heavy-oil producing region of Cold Lake, Alberta.

“The on-time and on-budget fulfillment of this major milestone has advanced the Taiga Project considerably toward commercial production and cash flow,” said CEO and Chairman, Richard Todd. “As the oil sands show signs of economic recovery, it is an excellent time for Osum to move forward with a project that we are proud of for its postive environmental approach as well as its high resource quality and production potential.”

The highlights of the application include the use of cogeneration facilities to greatly increase energy efficiency and the fact that fresh water will not be used. Only undrinkable brackish water will be used, and recycled with projected efficiencies of greater than 90%.

In contrast to popular imagery associated with the oil sands, the Taiga Project will not involve mines or tailings ponds, and will have a relatively small surface footprint.

Instead, Taiga will utilize SAGD and CSS technologies, which have been operated successfully in the Cold Lake region for over 25 years. The area is home to some of the largest thermal heavy oil projects in the world, and is known to deliver the highest netbacks on these projects due to heavy oil quality that is superior to other regions of Alberta.

Osum is targeting first production from Taiga by 2014.

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