Delivering Growth - Osum Oil Sands Corp....This presentation contains statements that may constitute "forward-looking statements” within the meaning of applicable securities legislation.

Delivering GrowthOSUM OIL SANDS CORP. | FEBRUARY 2020 CORPORATE PRESENTATION

Osum Oil Sands Corp.

Disclaimer

Forward Looking Statements

This presentation contains statements that may constitute "forward-looking statements” within the meaning of applicable securities legislation. These

statements include, among others, statements regarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about future

events or performance. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the

Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations,

environmental risks, competition from other industry participants, lack of availability of qualified personnel or management, stock market volatility and

ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such

information, although considered reasonable at the time of preparation, may prove to be incorrect and, as such, undue reliance should not be placed on

forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by any forward looking

statements in this presentation, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will

transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The Company disclaims any intention or obligation to update

or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Reserves and Resources

Except where noted to be from another source, the reserve estimates herein were extracted from reports prepared by GLJ Petroleum Consultants Ltd.

(GLJ), an independent professional petroleum engineering firm, in accordance with definitions, standards and procedures contained in the Canadian Oil

and Gas Evaluation Handbook (COGEH), with the exception that data pursuant to the Curtailment Rules not available as at December 31, 2018 was

considered when estimating allowable bitumen production for 2019 in the evaluation of reserves and resources estimates at December 31, 2018.

Reserves are classified according to the degree of certainty associated with the estimates. Proved reserves are those reserves which can be estimated

with a high degree of certainty to be recoverable. It is 90 percent likely that actual remaining quantities will exceed estimated proved reserves. Probable

reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities

recovered will be greater or less than the sum of proved plus probable reserves. Possible reserves are those additional reserves that are less certain to

be recovered than probable reserves. Other criteria that must also be met for the categorization of reserves are provided in the COGEH. The preparation

of an evaluation requires the use of judgement in applying the standards and definitions contained in the COGEH. As the Company’s independent reserve

evaluator, GLJ applies those standards and definitions based on its experience and knowledge of industry practice. However, because the application of

the standards and definitions contained in the COGEH requires the use of judgement there is no assurance that governing securities regulator(s) will not

take a different view than GLJ as to some of the determinations in an evaluation.

Presentation of Financial Information

Unless otherwise stated, all figures presented are in Canadian Dollars.

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Osum Oil Sands Corp.

A Growing Oil Business

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QUALITY THERMAL ASSETS LOW DECLINE, LONG LIFE PRODUCTION

OVER 20,000 BPD IN Q4 2019

SOLID FINANCIAL POSITION

GOOD LIQUIDITY, SUBSTANTIAL FREE CASH

FLOW AND FALLING DEBT

FUTURE GROWTH POTENTIAL

APPROVAL FOR 60,000 BPD WITH 500+ MMBBL

2P RESERVES IN THE COLD LAKE REGION

Osum Oil Sands Corp. 4

Corporate Overview

● Private company with a growing, robust oil

business

● Led by an experienced management team

and board of directors

● Established production and cash flow base

in the Cold Lake region of Alberta

● Near term focus is on the Orion

Steam-Assisted Gravity Drainage (SAGD)

project – pursuing further facility

debottlenecking, cost reduction and staged

growth opportunities

● Additional organic growth opportunities

include the nearby Taiga SAGD project and

extensive holdings in the Grosmont

carbonate formation

● Development approach balances financial,

social and environmental priorities

Osum Oil Sands Corp.

The Orion Project

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● SAGD project consisting of a central

processing facility and five well pads

● A series of phased brownfield expansions

have enabled growth with lower risk and

capital intensity

● Phase 2A expansion completed on time

and on budget in Q3 2017

● Phase 2BC expansion completed ahead

of schedule and under budget in Q3 2018

● Since acquiring Orion in 2014, Osum has

almost tripled production

Osum Oil Sands Corp.

Production Performance

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-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Ste

am

In

jecti

on

(T

/d)

Bit

um

en

Pro

du

cti

on

(b

bl/d

)

Bitumen Production Steam Injection

Phase 2BC

Start Up

Osum Oil Sands Corp.

Cold Lake Production Growth

• Current production of 20,000 BPD requires minimal

sustaining capital

• The next staged growth opportunities are expected to

increase production to 25,000 BPD

• The Taiga Project will follow Orion and has regulatory

approval for 35,000 BPD

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ORION PHASE 2BCCOMPLETED

ORION PHASE 2ACOMPLETED

9,000 BPD

19,000 BPD

25,000 BPD

35,000 BPD

TOTAL ORION AND TAIGAPRODUCTION POTENTIAL

Osum Oil Sands Corp.

SAFETY LAND

WATER AIR

Safety and Environmental Performance

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● Adopted Energy Safety Canada’s 10

Life Saving Rules as part of a broader

effort to align safety and training

practices across the industry

● Two recordable incidents in 2019 and

no lost time incidents

● No fresh water used for steam

generation

● Produced water recycle rate

approaching 90%

● In 2018, achieved an 11% reduction in

greenhouse gas intensity over 2017

● Overall, 26% reduction from original

facility baseline GHG intensity (2018

versus 2010)

● Phase 2ABC wells were drilled from

existing pads reducing surface

disturbance by 74% compared to the

original Phase 2 design

Osum Oil Sands Corp.

Solid Financial Position

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● Given the curtailment of oil production by the Provincial

Government, focus is on strengthening the balance sheet

to be positioned for the next growth stage

● At December 31, 2019 vs. December 31, 2018:

− $114 million in unrestricted cash (+$61 million)

− Undrawn US$15 million revolving loan (no change)

− $223 million covenant light term loan (-$51 million)

● Rolling 12-month commodity hedging program executed

through 2020, targeting 50% of net production

● Supportive shareholder base

Osum Oil Sands Corp.

Approval for

60,000 BPD with Orion

and Taiga projects,

significant upside with

Saleski Carbonates

FUTURE

POTENTIAL

Phase 2ABC expansions

completed successfully

with additional staged

growth to follow

PATH TO

25,000 BPD

More than 20,000 BPD

at Orion*

*Q4 2019 Average

ESTABLISHED

BASE OF

PRODUCTION

SOLID

FINANCIAL

POSITION

Good liquidity, substantial

free cash flow and

falling debt

A Sustainable Future

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Osum Oil Sands Corp.

Board of Directors

Name / Title Relevant Prior Experience

William A. Friley

Chairman

• President and Chief Executive Officer of Telluride Oil and Gas and President of Skyeland Oils

• Director of Obsidian Energy and Advanced Flow Technologies

Roy Ben-Dor • Principal, Warburg Pincus LLC

• Director of Black Swan Energy, Artis Exploration and Zenith Energy

Vincent Chahley • Director of Venturion Oil, Velvet Energy, and Aequitas Innovations

• Former Managing Director of Corporate Finance at FirstEnergy Capital

George Crookshank • Director of Advanced Flow Technologies

• Former Vice President of Finance and Chief Financial Officer of OPTI Canada Inc.

Jeffrey Kelly • Managing Director, Blackstone Capital Partners and Blackstone Energy Partners

• Formerly with Anadarko, Accenture and IHS

Jun Hyung (John) Lee • Principal, Blackstone Capital Partners and Blackstone Energy Partners

• Director of Huntley and Huntley, Utility One Source GP LLP and Gavilan Resources LLP

Francesco Mele • Partner, Azimuth Capital Management

• Director of Timber Rock Energy, Cequence Energy, and Altex Energy

Brian Reinsborough • Founder and CEO of Novara Energy LLC

• Founder, former President and CEO of Venari Resources

Steve Spence • President & CEO of Osum

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Osum Oil Sands Corp.

Osum Oil Sands Corp. T: 403.283.3224 F: 403.283.3970

E: [email protected]

1900, 255 – 5th Avenue SW

Calgary, Alberta T2P 3 G6

Facebook.com/osumcorp

osumcorp.com

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