Dec 3 (Reuters) -
* OSUM FILES APPLICATION WITH ALBERTA SECURITIES COMMISSION TO CEASE TRADE WATEROUS HOSTILE BID
* OSUM-ASKED ASC TO CEASE TRADE HOSTILE BID ON GROUND THAT CONDITIONS TO WATEROUS' ACQUISITION FINANCING CANNOT BE SATISFIED WHEN PAYMENT FOR SHARES DUE
* OSUM- ASKED ASC TO CEASE BID AS WATEROUS HAS NOT PROVIDED AN INDEPENDENT VALUATION AS IS REQUIRED UNDER CANADIAN SECURITIES LAWS