The transaction, which is subject to approvals, is scheduled to close on or about 31 July 2014.
Osum Oil Sands president and chief executive officer Steve Spence said that the Orion project is a first class operation that will provide significant current production and cash flow for Osum.
"Our immediate focus is on ensuring a safe and smooth transition of operations," Spence added.
"In the longer term we believe that by linking Orion together with our nearby Taiga Project, Osum has a unique opportunity to build a significant production platform in the Cold Lake region."
First quarter production averaged approximately 6,700 barrels per day of bitumen from 22 well pairs while the project is slated to have an economic life in excess of 25 years.
Located in the Cold Lake oil sands region, in close proximity to numerous major oil sands developments, the project has been producing commercially using the Steam Assisted Gravity Drainage (SAGD) thermal heavy oil recovery technology, since 2007.
Following completion of transaction, Osum will hold 100% working interest and operatorship of the project.
