OSUM OIL SANDS CORP. | JANUARY 2018 INVESTOR PRESENTATION

Delivering Growth

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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, except as required by law. Reserves and Resources Except where noted to be from another source, the reserve and resource estimates herein were extracted from reports prepared by GLJ Petroleum Consultants Ltd. (GLJ), an independent professional petroleum engineering firm. GLJ’s reports for the Company’s Orion and Taiga projects are dated September 14, 2017 and September 22, 2017, respectively, and have an effective date of September 1, 2017. GLJ’s report for the Company’s Saleski carbonate projects is dated February 28, 2017 and has an effective date of December 31, 2016. GLJ’s reports were prepared in accordance with resources and reserves definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (COGEH). 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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A Growing Oil Business

PRIVATELY OWNED

QUALITY ASSETS

STRONG BALANCE SHEET

& $234MM

“COVENANT-LIGHT”

TERM LOAN*

$251MM

NET WORKING CAPITAL*

+ 2 Canadian pension funds

PRODUCING 9,000 BPD

EXECUTING

BY THE END OF 2019 PRODUCTION

PLAN TO DOUBLE

*As at September 30, 2017

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Integrating safety, environmental and social considerations into

all decisions

Maintaining financial discipline

Building a base of production in Cold Lake, Alberta

A Responsible Strategy

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•  High quality reservoir — continuous, thick, scalable.

•  Better quality bitumen than Athabasca region.

•  Highly-skilled, resident workforce.

•  Extensive transportation and pipeline infrastructure.

•  Closer to Edmonton and US markets.

The Cold Lake Region

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$0

$10

$20

$30

$40

$50

Q3 2017 YTD Realized Bitumen Price

$40.37 $38.05 $36.41 $33.29 $32.32

Cold Lake Athabasca

Source: Company reports. Prices are net of transportation & blending and, where disclosed, exclude financial and physical hedges. Q3 2017 YTD average WTI US$49.44/bbl and average C$/US$ rate 1.3067.

$27.77

Better Pricing CDN

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•  Acquired in 2014.

•  Base of current Cold Lake operations.

•  Executing plan to double production by the end of 2019.

•  Regulatory approval for production of 20,000 BPD.

The Orion Project

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Delivering Results •  Improved performance across all areas of the business.

•  Demonstrated track record as a safe and responsible operator.

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At Acquisition

Base Production

PHASE 2B (Steam in Q3 2018)

PHASE 2C (Steam in Q4 2018)

PHASE 2A COMPLETED

(Steam in Q2 2017)

6,700 BPD

7,600 BPD

•  Phased brownfield expansion enables growth with lower risk and lower capital intensity.

•  Modified development plan results in more efficient operations with significantly less environmental impact than original design.

•  Production ramps up during the 12 months following the wells coming online.

•  Phased expansion results in the doubling of production by the end of 2019 and ~20% reduction in per barrel operating costs.

PHASE 1

20,000 BPD

Approved Capacity

9,100 BPD

12,000 BPD

18,000 BPD

The Path to 20,000 BPD

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•  $234MM net working capital, US $15MM undrawn revolver.*

•  $251MM “covenant light” term loan maturing in 2020.*

•  Active rolling commodity hedging program targeting about 50% of production for the first 12 months and 25% for the next 6 months.

•  Prudently managing spending within the context of the current environment.

•  Supportive shareholder base.

*As at September 30, 2017

Funded to Execute

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20,000 BPD

55,000 BPD

35,000 BPD

The Taiga Project

•  Comprehensive delineation and seismic assessments provide an extensive understanding of the geology.

•  Two proven thermal development target zones.

•  Same pricing advantages, reservoir and community as Orion.

•  Regulatory approval for 35,000 BPD.

•  Brings total approved capacity to 55,000 BPD.

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Saleski Carbonates: Future Potential •  Osum is one of the largest resource

holders in the carbonates.

•  Holdings of over 16 billion barrels of bitumen resource in place.1

•  Five years of pilot operation has clearly demonstrated the potential for thermal recovery.

•  Commercial demonstration options will be progressed when prudent.

1As at December 31, 2016

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Approval in hand for 55,000 BPD with Orion

and Taiga projects, significant upside with

Saleski Carbonates.

FUTURE POTENTIAL

Executing plan to double current production by the

end of 2019.

PATH TO 20,000 BPD

Producing 9,000 BPD at Orion thermal project

with approval for 20,000 BPD.

9,000 BPD AT ORION

A Sustainable Future

FUNDED TO EXECUTE

$234MM in working capital and $251MM

“covenant light” term loan.*

*As at September 30, 2017

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Osum Oil Sands Corp. Suite 1900, 255 – 5th Avenue SW, Calgary, Alberta T2P 3G6

T. 403.283.3224 F. 403.283.3970 info@osumcorp.com

osumcorp.com

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