Osum’s Taiga Project Receives Approval from the ERCB

abarrelfullabarrelfull wrote on 08 Jan 2014 20:18

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September 12, 2012.

Following a comprehensive review by the Energy Resources Conservation Board (ERCB), Osum Oil Sands Corp (Osum) has received notice that the Company’s application for the development of a 35,000 barrel per day 100% owned thermal project at Cold Lake (Taiga) has been approved. The Taiga project has been assigned 359 million barrels of proved plus probable reserves.

“Regulatory approval of the Taiga Project is a significant milestone for Osum on our path to full-scale operated commercial production.” said Steve Spence, Osum’s President & Chief Executive Officer. “Taiga is about unlocking the potential of people, communities and resources, and this news moves us one step closer to doing exactly that.”

With regulatory approval now in hand, the timing of development is under evaluation.
The construction of Taiga will require additional sources of financing and Osum is currently evaluating funding alternatives that will position the project for approval by Osum’s Board.

The application goes next to the Lieutenant Governor in Council for final approval.

About Taiga
The Taiga Project is located in the prolific Cold Lake region of Alberta adjacent to some of the largest thermal projects in Canada. The project has been assigned 359 million barrels of proved plus probable reserves and 105 million barrels of best estimate contingent resource, which may support up to 45,000 barrels per day of production for over 30 years.

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