Southern Pacific Resource Corp STPJF

Osum to buy Orion oil sands project from Shell Canada for $

[sculpin2]

Osum to buy Orion oil sands project from Shell Canada for $325-million by Canadian Press

CALGARY — Osum Oil Sands Corp. said Tuesday it’s buying the Orion Oil Sands project in northeastern Alberta from Shell Canada for $325 million.
Calgary-based Osum says the operation, located in the Cold Lake oilsands region, will significantly increase its current production.
Osum says first-quarter production at Orion Oil Sands averaged about 6,700 barrels per day of bitumen and the project is expected to have an economic life in excess of 25 years.
The company says Orion Oil Sands is close to another of its oilsands developments in the Cold Lake area, which has received regulatory approval for the construction and operation of a 35,000 barrel per day facility.
The transaction with Shell Canada is expected to close at the end of July.
Established in Alberta in 2005, Osum Oil Sands Corp. is a private oil sands producer focused on in-situ recovery technologies, which pump steam underground to extract the sticky bitumen.

[freedom45]

that's good value for a non core asset they wrote down and have had for sale for 2 years................................................. Royal Dutch Shell PLC is focusing its future oil sands growth on the Peace River area as it looks for a buyer for a Cold Lake, Alta.-area heavy oil project that it acquired six years ago as part of a $2.4-billion acquisition. The Anglo-Dutch super major is