We are unlocking Canada’s unrealized bitumen resource potential.

The time is right.

Steve Spence, President and CEOTD Securities Unconventional Energy ConferenceJuly 6, 2011

1

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 Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency "uctuations, environmental risks, competition from other industry participants, lack of availability of quali#ed personnel or management, stock market volatility and ability to access suf#cient 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 bene#ts the Corporation will derive therefrom.

The Corporation 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

The reserve and resource estimates herein were extracted from reports prepared by GLJ, an independent professional petroleum engineering #rm, in accordance with Canadian Securities Administrators’ National Instrument 51-101 (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook. 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. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent Resources are further classi#ed in accordance with the level of certainty associated with the estimates and may be subclassi#ed based on project maturity and/or characterized by their economic status. Resource estimates are described as follows: Best Estimate –This is considered to be the best estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.; High Estimate – This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Low Estimate– this is considered to be a conservative estimate of the quantity that will actually be recovered from the accumulation. If probabilistic methods were used, the term re"ects a P90 con#dence level.

Unless otherwise stated, all !gures presented in Canadian Dollars.

ALL REFERENCES TO THE FEBRUARY 2011 GLJ ASSESSMENT REFLECT THE JANUARY 2011 GLJ ASSESSMENT FOR THE COMPANY'S RESERVE AND RESOURCE BASE AT THAT DATE, PLUS A FEBRUARY 2011 GLJ ASSESSMENT OF A PROPERTY ACQUIRED BY OSUM IN FEBRUARY 2011 - ALL USING THE GLJ JANUARY 2011 PRICE FORECAST.

2

3

SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION

• Early mover in the largest undeveloped oil field in the world

• 170,000 net acres of contiguous land in the heart of the trend

• 3,154 million barrels of contingent recoverable resource (1)

• 300,000+ bbl/day net production potential

• Commercial performance demonstration underway in next generation SAGD pilot (40% WI)

• First commercial project application submitted

Impressive growth potential with a solid foundation.

(1) GLJ February 2011

4

UNDERPINNED BY A SOLID FOUNDATION

• 45,000 bbl/d Taiga Project

• 359 million barrels of 2P reserves (1)

• Regulatory approval anticipated in 2011 / early 2012

Impressive growth potential with a solid foundation.

SCALE AND UPSIDE THROUGH AN UNMATCHED POSITION

• Early mover in the largest undeveloped oil field in the world

• 170,000 net acres of contiguous land in the heart of the trend

• 3,154 million barrels of contingent recoverable resource (1)

• 300,000+ bbl/day net production potential

• Commercial performance demonstration underway in next generation SAGD pilot (40% WI)

• First commercial project application submitted

(1) GLJ February 2011

We have the team to back upour assets.

We have the team to back up our assets.Osum is now comprised of over 50 oil sands professionals with hands on experience in all aspects of major thermal projects, from modeling reservoirs to building and operating steam facilities, and doing it all with care for people and the environment. Our people are highly skilled, passionate and motivated to unlock value.

Osum Pie Charts DATA

Years (%) Sta! (%)Projects 260 years (29%) 13 (28%)Operations 175 years (19%) 8 (17%)Geoscience 135 years (15%) 8 (17%)Finance & Commercial 80 years (9%) 5 (10%)Reservoir 80 years (9%) 4 (8%)HSE 65 years (7%) 3 (6%)Public & 49 years (6%) 3 (6%)"" Investor RelationsHR 49 years (6%) 2 (4%)

TOTAL 893 years (100%) 46 sta!

ProjectsOperations

Thermal developments in which our team members have experience

Geoscience Osum projects

Additional Landmarks

Finance & CommercialReservoirHSEPublic & Investor RelationsHR

–Osum projects–Thermal developments in which our team members have experience

SaleskiCarbonates

Peace River

Firebag

Long Lake

Fort McMurray

Leismer

Christina Lake

Foster Creek

North Tangleflags

Primrose

Wolf Lake

Orion

Taiga ProjectCold Lake

Calgary

Edmonton

Tucker

IOL Cold Lake

TARGETED APPROACH

• Laterally and vertically continuous reservoirs

• Close to existing infrastructure

• Developable using proven thermal technology

• Opportunities enhanced with technological innovation

QUALITY TEAM

• Deep understanding of the resource base

• Richly experienced project team

5

LeaseAcquisition

DelineationCore Well& Seismic

ProjectDe!nition &

InitialContingent

ResourceBooking

Piloting RegulatoryApplication

& InitialConversion

of Resourcesto Reserves

Engineering& Commercial

Preparation

RegulatoryApplication

Approval

Construction Production

$9,113,000,000

$1,796,000,000

SALESKI CARBONATE PROJECTS / UNRISKED NPV(1)

TAIGA PROJECT / UNRISKED NPV(2)

Net interest in JV portion of carbonate projects($3,473,000,000)

100% portion of carbonate projects($5,640,000,000)

(1) Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011)(2) 2P Reserves plus Best Estimate Contingent Recoverable Resources, 10% pre tax (GLJ Feb 2011)

For Illustrative Purposes6

PORTFOLIO VALUE - BEST ESTIMATE UNRISKED

FINANCIAL HIGHLIGHTS

• $540MM of capital raised to date

• 83.2MM basic (96.9MM fully diluted) shares outstanding

• $196MM working capital (including $60MM of callable common share purchase warrants) as at March 31, 2011

• Sophisticated equity investors

‣ Warburg Pincus

‣ Blackstone Capital Partners

‣ Korea Investment Corporation

‣ Goldman Sachs

‣ Camcor Partners

Estimated remaining funding(Year End 2011)

Depicts estimated utilized and remaining funding as a portion of approximately $196 MM in Q1 2011 working capital at year end 2011.

7

#1 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES

#3 RANKED PRE-PRODUCTION OIL SANDS COMPANY IN 2P RESERVES PLUS BEST ESTIMATE CONTINGENT RECOVERABLE RESOURCES

8

Source: Credit Suisse

OsumIn ProductionPre-Production

0

750

1500

2250

3000

Sun

cor

CO

S

MEG

Cen

ovus

OPTI

Con

nach

er

Osu

m

Ath

abas

caIv

anho

e

STP

Pet

roba

nkSun

shin

e

Laric

ina

AO

S

Sliv

erbi

rch

Par

amou

ntB

lack

pear

l

BQ

I

7,170

359 MMbbls

28,039

0

2500

5000

7500

10000

Sun

cor

Ath

abas

caC

enov

us

MEG

Laric

ina

CO

S

Osu

m

OPTI

Sun

shin

eSliv

erbi

rch

STP

Con

nach

erPet

roba

nkPar

amou

ntB

lack

pear

lIv

anho

e

AO

S

BQ

I

3,617 MMbbls

MAJOR RESOURCE BASE

• Independent engineering appraisal (1) (2) (3)

RESERVES359 MMbbl Proved plus Probable (2P)533 MMbbl Proved plus Probable plus Possible (3P)

RESOURCES711 MMbbl Low Estimate Contingent3,258 MMbbl Best Estimate Contingent5,503 MMbbl High Estimate Contingent

• Total production potential in excess of 350,000 bopd

(1) Net working interest.(2) Based on February 2011 GLJ assessment.(3) Refer to “Reserves and Resources” on Disclaimer slide.

0

1

2

3

4

June 2007 January 2008 January 2009 January 2010 January 2011 February 2011

GLJ Proved Plus Probable ResourcesGLJ Best Estimate Contingent Recoverable Resources

Billio

ns

of

Barr

els

GROWTH OF RESERVES AND RECOVERABLE RESOURCES

9

0

15

30

45

60

75

90

105

120

January 2007 January 2008 January 2009 January 2010 January 2011 February 2011

Net Working Capital (including dilutive proceeds)10% BT NAV of GLJ Proved Plus Probable Reserves10% BT NAV of GLJ Best Estimate Contingent Recoverable Resources Financing Valuation Per Share (based on last #nancing)

Equity placement

Net

Ass

et

Valu

e (

10%

BT

) /

Fu

lly D

ilu

ted

Sh

are

($

)

NET ASSET VALUE PER SHARE GROWTH

$13/share(Nov, 2010)

$10.50/share(Aug, 2008)

$8.11/share(Jul, 2007)

Date of GLJ Assessment

10

WE HAVE PLACED OURSELVES AT THE FOREFRONT OF A MASSIVE OPPORTUNITY

• Osum dominates the southern portion of the main trend which is closest to infrastructure

• Osum holds over 11 billion barrels of bitumen in the Grosmont and an estimated net 3.2 billion barrels of contingent recoverable resources (1) (2)

• Osum’s projects will provide the first commercial bitumen to market from the Grosmont.

(1) GLJ Best Estimate Contingent Recoverable Resources as of February 2011.

(2) Refer to “Reserves and Resources” in disclaimer

Pay Thickness Map Source: ERCB , 2010

newly acquired leases

11

⤶

N

SALESKI JVSALESKI EAST 100%

SALESKI WEST 100%LIEGE 100%

NEW LANDS – ACQUIRED JUNE 2011

Previous Wells3-D Seismic Area

2011 Winter DrillingJV Pilot 70 – 120

60 – 7050 – 6040 – 50

30 – 4020 – 3010 – 201.5 – 10

Grosmont erosional edgeRivers

Bitumen Pay Thickness (m)

KM YC

4

sg

PROJECT: 2836327 Saleski Map Updates FILE NAME: 2836327 Saleski Map Updates.indd SIZE: 8.5”x5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: n/a

2836327 Saleski Map Updates.indd 2 05/07/11 5:34 PM

Grosmont:406 Bln BOIP

THE GROSMONT CARBONATES

2008 2011 2015 to 2018

Grosmont Fundamentals Verify and Prove Application

Field Test of Cold Solvent (complete)

Laboratory Test (complete)

Analysis of Past Field Tests (complete)

Analog Studies (ongoing)

Modelling Studies for Pilot and Commercial Prediction (ongoing)

Access JIP & Public Data (ongoing)

Field Pilot Construction (underway)

Pilot Test or Demonstration

Operation Experience

Verify Predictive Models

Commercial Assessment

Studies on Alternative Recovery Process

Delineation and Mapping

Commercial Development

Optimization

KM YC

4

ds

PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”

KM YC

4

ds

PROJECT: 2835764 Investor Book FILE NAME: 2835764 Investor Pocket Book FLAT SIZE: 17” x 5” FINISHED SIZE: 8.5” x 5” BLEED SIZE: 0.125”

SALESKI SAGD PILOT

Initial cold solvent pilot tests complete

Bitumen mobilized and produced in the field

JV SAGD construction near completion

JV Pilot operations to begin by year end

Amendment to include solvents approved

TECHNICAL PATH AT SALESKI

39

2008 - 2010 2011+ 2012+

Commercial

(complete)

• Bolster Resource Holdings

The Path to Realizing Full Value

• Field Test of Cold Solvent

• Laboratory Tests

• Analysis of Past Field Tests

• Analog Studies

• Modelling Studies for Pilot and Commercial Production

• Access JIP & Public Data

• Field Pilot Construction

• Pilot Test

• Operation Experience

• Verify Predictive Models

• Commercial Assessment & Preparation - JV & 100%

• Studies on Next Generation Recovery Processes

• Delineation and Mapping

• Bolster Resource Holdings

• Commercial Development

• Optimization

12

• v

NEXT GENERATION SAGD PILOT UNDERWAY

Based on initial assessments of JV pilot data, several factors critical to successful SAGD start-up are evident. Oil is being produced at relatively low temperatures and there is evidence of a strong pressure response between the injector and producer wells, both of which are indicative of effective vertical permeability.

13

Osum’s carbonate holdings are underpinned by the Taiga Project, offering a clear path to near-term commercial production and cash "ow.

14

• v

PROPOSED PAD L AYOUT AND PL ANT LOCATION A number of measures have been proposed to the facility’s design to reduce impacts on the surrounding areas as much as possible. For example, by “doubling up” and in some cases “tripling up” on infrastructure associated with each well pad, Osum has been able to reduce the total number of proposed pads for the project from 63 to 36. In addition, we have attempted to follow existing cleared Rights of Way (ROWs) as much as possible. Pipelines and roads have been minimized as a consequence of these two design practices, resulting in an approximate net reduction of 25% to surface disturbance. Osum’s team has endeavored to achieve balance in the proposed layout, positioning well pads for optimized oil recovery while minimizing proximity to water bodies and wetlands.

A progressive reclamation plan has also been included in the Taiga Project application to reduce the impact of the project at any one time. What this means is that not everything will happen at once. By the time the last succession of well pads are being constructed, many of the first wells drilled for the project will already have been abandoned with the reclamation process underway.

7 8 9 10 11 12

131415161718

19 20 21 22 23 24

252627282930

31 32 33 34 35 36

10 11 12

131415

22 23 24

252627

34 35 36

123456

7 8 9 10 11 12

131415161718

19 20 21 22 23 24

252627282930

31 32 33 34 35 36

123

10 11 12

131415

22 23 24

252627

34 35 36

I.R . 149c

P rovinc ia l P ark

´

R2W4

T65

T66

Current Proposed CPF Taiga Pads First Phase Pads Source Water Wells Salt Cavern and Disposal Pad Borrow Pit First Phase Pipeline and Road SAGD Pipeline and Road

CSS Pipeline and Road Source Water Pipeline and Road Other Existing Pipelines CPF Access Road Borrow Pit Access Road Major Roads Other Existing Roads Provincial Park

TAIGA PROJECT FACIL IT IES PL AN

THE TAIGA PROJECT 45,000 bbl/day, 2 phase development

15

• v

2014 TAIGA COMMERCIAL PRODUCTION TARGET

The Taiga Project: Development Timeline

2008 2009 2010 2011 2012 2013 2014 2015 2016

Public Consultation Process

Delineation Drilling & Seismic Acquisition

Geosciences, Reservoirs and DBM Development

Environmental Impact Assessment

Project Disclosure / Regulatory Application

Regulatory Review & Approval

Engineering

Procurement

Wells Drilling / Facilities / Pipelines

Construction Phase 1

First Oil Phase 1

Construction Phase 2

First Oil Phase 2

THE TAIGA PROJECT: DEVELOPMENT TIMELINE

16

• v

17

CONSTRUCTION OPERATIONS

20212020201920182017201620152014201320122011

SALESKI JV COMMERICALEXPANSION

SALESKI JV COMMERICALPHASE 2

SALESKI WEST COMMERICALPHASE 1

LIEGE COMMERCIALPHASE 1

SALESKI EAST COMMERCIALPHASE 1

SALESKI JV COMMERICALPHASE 1

TAIGAPHASE 2

TAIGAPHASE 1

TOTAL CUMMULATIVEDAILY CAPACITY(bbls/d)

SALESKI JV PILOTOPERATIONS

Corporate Projects: Development Timeline

149,00085,00070,00060,00050,00028,00028,000

24,000

40,000

15,000

10,000

10,000

22,000

5,000

23,000

Saleski development timeline & capacity per GLJ Feb 2011Taiga development timeline & capacity per management view.

x

•v

CORPOR ATE NET PRODUCTION PROFILE

Production Potential in Excess of 350,000 Barrels per Day

Raw

Bitu

mem

Rat

e (b

bl/d

)

Taiga Project Saleski JV Saleski East Liege Saleski West

GLJ Reserves/Resource Report (February 2011), 2P Reserves plus Best Estimate Contingent Recoverable Resources.Refer to “Reserves and Resources” inside front cover. 9

18

COLD LAKE

• 359 MMbbls of 2P reserves (1)

• 104 MMbbls additional recoverable (2)

• Taiga leases fully delineated

• Commercial project approval targeted mid-2011

GROSMONT

• 3.2 Billion barrels recoverable resources (2)

• JV pilot operationsunderway sinceDecember 2010

• JV commercialdemonstrationprojectdelineation(seismic and wells)completed and 1stphase commercialapplication !led

• Funded through all key corporate milestones

through 2011(3)(4)

• Investors includeworld class equityproviders

• The right matrix of capabilities and experience

(See osumcorp.com/team for executive and management

bios).

(1) GLJ, January 2011(2) GLJ Best Estimate Contingent Recoverable Resources, February 2011(3) Inclusive of callable common share purchase warrants(4) Based on current capital cost estimates and scheduling.Refer to “Reserves and Resources”, disclaimer.

19

The Means The TeamThe PrizeThe Solid Base

OSUM OIL SANDS CORP.Suite 1900, 255 – 5th Avenue SWBow Valley Square 3Calgary, Alberta, Canada  T2P 3G6(403) 283-3224

www.osumcorp.com

The time is right.

20