Osum Oil Sands Corp., a private in-situ oil sands company, announced that its wholly-owned subsidiary, Osum Production Corp. (OPC), has completed the purchase of the Orion Oil Sands Project from Shell Canada for CAN$ 325 million.
Commenting on the success of the acquisition, Steve Spence, President and CEO, said: "The acquisition of the Orion project provides Osum with significant current production and cash flow. As well, we are pleased to welcome the high quality, experienced operating team members joining our organisation today. We believe Osum has a unique opportunity to build a significant production platform from both Orion and our neighboring Taiga project in the Cold Lake region."
The acquisition was funded from cash on hand and with the net proceeds of a new US$ 210 million Senior Secured Term Loan Facility to OPC.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/01082014/osum-oil-sands-purchases-shell-oilsands-company-1181/
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