Osum completes purchase of Orion project from Shell

Osum Production Corp., a wholly owned subsidiary of Osum Oil Sands Corp., Calgary, has completed its purchase of the Orion oil sands project in the Cold Lake region of Alberta from Shell Canada for $325 million (Can.) (OGJ Online, June 11, 2014).

Osum says the project is in close proximity to numerous major oil sands developments, including the company’s Taiga project, which received regulatory approval for the construction and operation of a 35,000 b/d facility in 2012 (OGJ Online, Sept. 12, 2012).

Production from Orion in the second quarter averaged 6,800 b/d of bitumen from 22 well pairs, slightly more than the 6,700 b/d of bitumen produced in the first quarter also from 22 well pairs.

Osum holds 100% working interest and operatorship of the project.