PE-backed Osum Oil Sands completes $325 mln buy of Orion project
Osum Oil Sands Corp has closed its previously announced acquisition of the Orion Oil Sands Project from Shell Canada Ltd, a division of Royal Dutch Shell Plc, for $325 million. The project, located in Alberta’s Cold Lake oil sands region, will provide Osum with significant current production and cash flow, the company said. Founded in 2006, the Calgary-based Osum is backed by Canadian private equity firm KERN Partners, The Blackstone Group, Warburg Pincus and other investors. KERN recently launched its fourth energy-focused partnership, KERN Energy Partners IV Fund, which is targeted to raise $750 million.
1 August 2014•5 mins read
