Canadian Oil Sands reports operational disruption at Syncrude



    CALGARY, Dec. 5 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust (the
"Trust" or "Canadian Oil Sands" or "we") today announced that Syncrude had a
fire in part of its Coker 8-3 in the flue gas section of the unit late in the
day on December 4/early morning of December 5. The fire has been extinguished.
At this time, further investigation is being undertaken by Syncrude as to the
scope of damage and the cause of the fire. It is expected that this
investigation will take several days. Production from Coker 8-3 is continuing
at minimum rates. At the current time, Canadian Oil Sands is unable to advise
as to the extent of this reduced production and will provide more information
when Syncrude is able to advise as to the extent of the damage.

    Located near Fort McMurray, Alberta, Syncrude Canada operates large
oil-sands mines and an upgrading facility that produces a light, sweet crude
oil on behalf of its joint venture owners, which include Canadian Oil Sands
Limited, ConocoPhillips Oilsands Partnership II, Imperial Oil Resources, Mocal
Energy Limited, Murphy Oil Company Ltd., Nexen Oil Sands Partnership, and
Petro-Canada Oil and Gas.

    Canadian Oil Sands provides a pure investment opportunity in the Syncrude
Project through its 36.74 per cent working interest. The Trust is an
open-ended investment trust managed by Canadian Oil Sands Limited and has
approximately 479.3 million units outstanding, trading on the Toronto Stock
Exchange under the symbol COS.UN.

    Advisory: in the interest of providing Canadian Oil Sands Trust
("Canadian Oil Sands" or the "Trust") unitholders and potential investors with
information regarding the Trust, including management's assessment of the
extent of damage or impact of the fire on Syncrude's operations and any impact
on the Trust. By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur. Although the
Trust believes that the expectations represented by such forward-looking
statements are reasonable, there can be no assurance that such expectations
will prove to be correct. Some of the risks and other factors which could
cause results to differ materially from those expressed in the forward-looking
statements contained in this release include, but are not limited to: issues
relating to the operation of complex operations such as upgrading of oil
sands; labour and cost pressures in the oil sands industry and in the Fort
McMurray area in particular; the regulatory changes that impact oil and gas
operations; the nature of the regulations imposed by the federal government on
income trusts; general economic, business and market conditions; commodity
prices; and such other risks and uncertainties described from time to time in
the reports and filings made with securities regulatory authorities by the
Trust. You are cautioned that the foregoing list of important factors is not
exhaustive. Furthermore, the forward-looking statements contained in this
release are made as of the date of this release, and the Trust does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this release
are expressly qualified by this cautionary statement. The information was
approved by management on December 5, 2007 and circumstances after this date
may change the outcomes or results achieved.

    Canadian Oil Sands Limited
    Trevor Roberts
    Chief Operations Officer
    (403) 218-6214

    Units Listed - Symbol: COS.UN
    Toronto Stock Exchange





For further information:

For further information: Rob Dawson, Treasurer, (403) 218-6225, 
investor_relations@cos-trust.com, Web site: www.cos-trust.com

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CANADIAN OIL SANDS TRUST

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