Solid results, significant upside

Metropolitan Centre, Calgary

May 4, 2017

Osum Oil Sands Corp.

Annual General Meeting

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 Canadian Securities Administrators’ National Instrument 51-101 (NI 51-101) and the

Canadian Oil and Gas Evaluation Handbook (COGEH). Under NI 51-101, 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. There is only a 10 percent

probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

The preparation of an evaluation requires the use of judgement in applying the standards and definitions contained in COGEH and NI 51-101. 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 COGEH and NI 51-101 require 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.

Solid results, significant upside

2016 Corporate Highlights Safety

& Environment

Operations

&

Production

Growth

&

Development

Orion Phase 2A

Execution

Solid Financial

Position(1)

1 As at December 31, 2016 2 Excludes net unrealized hedging liabilities. Includes $100 million from proceeds of callable warrants, received in February 2017.

Cold Lake: A cut above in quality

Results: Orion production

0

1,500

3,000

4,500

6,000

0

2,500

5,000

7,500

10,000

Ste

am

In

jectio

n (

T/d

)

Bitu

me

n P

rod

uctio

n (

bb

l/d

ay)

Bitumen production Steam injection

Results: Netbacks

Responsible management

in a low price environment

Orion Operating Results Change Change - %

Bitumen Production (1) bbl/d 7,256 7,736 -480 -6%

WTI US$/bbl 43.37 48.76 -5.39 -11%

Cold Lake Blend US$/bbl 28.61 33.84 -5.23 -15%

Differential US$/bbl 14.76 14.92 -0.16 -1%

Differential % 34% 31% 11%

Foreign Exchange Rate US$/C$ 0.75 0.78 -4%

AECO Gas Price $/mcf 2.25 2.68 -0.43 -16%

Bitumen Field Price $/bbl 29.17 34.61 -5.44 -16%

Royalties $/bbl 0.46 0.69 -0.23 -33%

Operating Costs $/bbl 18.59 18.18 0.41 2%

Field Netback Before Hedging $/bbl 10.12 15.74 -5.62 -36%

Realized Hedging Gains $/bbl 5.55 6.10 -0.55 -9%

Cash Operating Netback After Hedging $/bbl 15.67 21.84 -6.17 -28%

Field Netback Before Hedging $MM 26.9 44.4 -17.5 -39%

Realized Hedging Gains (2) $MM 14.7 17.2 -2.5 -15%

Cash Operating Netback After Hedging $MM 41.6 61.7 -20.1 -33%

Balance Sheet

Reserves

1. GLJ Petroleum Consultants as at December 31, 2016. See “Reserves and Resources” Disclaimer on page 2.

Orion Plus: Team commencing

installation of additional boiler

August 2, 2016

Cold Lake, Alberta

Moving forward: Orion expansion Phase 2A

• The Orion Phase 2A expansion project is currently underway

• Steam capacity was expanded by 15% at year end with the addition of a third boiler and

associated water treatment equipment

• We are in the middle of installing a crystallizer unit that will decrease evaporator blowdown

water disposal and reduce operating costs. It will be operational in Q4 2017

• Three sustaining SAGD well pairs will be drilled in H1 2017

• The program is projected to add 1,000-1,500 bbl per day of bitumen production

Next expansions: Shovel ready, path to 20,000 bbls/day

• Regulatory approval to expand Orion to 20,000 bbls/day

• The next expansion stage, Phase 2B, could be

sanctioned late 2017 adding ~3,000 bbl per day of

bitumen capacity once fully ramped up

• Project scope includes a third evaporator tower, several

smaller pieces of equipment, and 6-8 initial SAGD well

pairs drilled from existing pads

• Additional expansion stages will follow

Growth strategy

Carbonate Core:

Grosmont C

Significant upside: The carbonates

Future capital requirements

2017 Priorities

• Maintain focus on safety and environmental performance

• Deliver profitable production while reducing structural costs

• Complete the Orion Phase 2A expansion and deliver the associated increased

steam injection, bitumen production, and unit cost reductions

• Pursue subsequent small smart production enhancement projects with Phase

2B sanction potentially in late 2017

• Preserve future growth options at low cost

• Manage our finances prudently

Summary

• 2016 was a challenging year characterized by low and volatile oil prices

• Osum delivered increasing production, the best ever steam performance, and

maintained a strong balance sheet

• We created solid opportunities and invested in growth

• Our priorities for 2017 are to further optimize Orion production and costs,

deliver on our growth projects, while maintaining a strong financial position

• The company is well-positioned for near and long term growth with a significant

portfolio of opportunities

Board of Directors

Thank You.