Osum has been assigned Proved plus Probable Reserves totaling 320 million barrels in this year's independent engineering evaluation (conducted by GLJ Petroleum Consultants).
Instrumental in the reserves booking was the fact that in December of 2009, the Company submitted to regulators a commercial application for it's proposed 35,000 barrel per day Taiga Project. Taiga is located in the Cold Lake region, known for its long productive history that includes the largest thermal in situ projects in North America. Taiga leases have been fully delineated to commercial project approval requirements.
Osum CEO and Chairman, Richard Todd, commenting on the significance of the evaluation, stated, "This proved plus probable reserves designation is reflective of the de-risking of Osum's high quality Taiga Project at Cold Lake. The Company's 2.1 billion barrels of best estimate contingent recoverable resources, together with 320 million barrels of 2P reserves at Taiga, could support production in excess of 200,000 barrels per day, for more than 30 years."
The Company holds an estimated 10 billion barrels of oil in place in it's two core project areas, Cold Lake and the Saleski carbonates, a fairway that is increasingly recognized for its potential to be one of the world's next giant commercial bitumen developments.
Todd continued, "Pilot work at Saleski is ongoing this winter, plus Osum continues to attract and build our team of industry professionals as we move to first commercial production. In summary, I am very pleased with our team as we continue to implement key value creation milestones in our strategic plan."
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