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Providing coverage of Alaska and northern Canada's oil and gas industry
August 2007

Vol. 12, No. 33 Week of August 19, 2007

Strict limits set on Osum seismic work

Faced with tough community and political opposition, Osum Oil Sands has conditional regulatory approval to embark on a seismic survey of an oil sands lease that could lead to the use of innovative technology to extract bitumen from beneath a lake.

It will conduct the survey in the Marie Lake area, 180 miles northeast of Edmonton, and could seek federal and provincial approvals for a C$750 million project to produce 30,000 barrels per day. Osum has so far raised C$45 million from a share sale in the United States and Canada.

The technology for removing the bitumen was developed by a former Alberta government agency, but has never been tested commercially. However, Osum will have to comply with strict conditions on where and how the seismic work is conducted to protect fish species and water quality in the lake. It has promised to post an C$80,000 security deposit as a down payment on any cleanup and restoration costs.

Both residents and opposition parties in the Alberta legislature are pressing the government to withdraw the lease and give Osum a refund.

—Gary Park






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