Shell sells Alberta oil sands project for $325M

|By:, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) agrees to sell its Orion oil sands project in Alberta to privately-held Osum Oil Sands Corp. for $325M.

Orion has been in operation since 2007 and pumped ~6,700 barrels of bitumen per day from 22 steam-driven well pairs as of Q1.

Osum is chaired by former Suncor (SU) CEO Rick George, who helped his former company grow from a valuation of $1B to more than $50B.