CALGARY, Oct. 1 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust
("Canadian Oil Sands") today reported that production from Syncrude's Coker
8-3 was interrupted on September 30 as a result of an operational upset.
Syncrude is currently investigating the cause of the upset and working to
restore Coker 8-3 operations over the next few days; however, if the solution
requires the removal of coke deposits within the vessel, the duration of the
outage could be approximately three weeks. Syncrude has immediately begun to
ramp up production on Coker 8-2 and may also increase rates on Coker 8-1 to
mitigate the production shortfall. Syncrude's productive capacity is currently
reduced by about 70,000 barrels per day.
Pending clarification as to the cause of the operational upset and the
expected return to service of Coker 8-3, Canadian Oil Sands is unable to
provide any information regarding the potential impact on October production
and operating cost estimates.
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 (the "Trust" or
"we") unitholders and potential investors with information regarding the
Trust, including management's assessment of the Trust's future plans and
operations, certain statements throughout this press release contain
"forward-looking statements". Forward-looking statements in this release
include, but are not limited to, statements with respect to: the expected
timing of Coker 8-3 being returned to service.
You are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. 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 press release include, but are not limited to: the
difficulties and risks involved in any complex mining and upgrading operation
and such other risks and uncertainties described from time to time in the
reports and filings made with securities regulatory authorities by the Trust.
We would refer you to the risks and assumptions further outlined in the
Trust's annual information form and annual and quarterly financial reports.
Canadian Oil Sands Limited
President & Chief Executive Officer
Units Listed - Symbol: COS.UN
Toronto Stock Exchange
For further information:
For further information: Siren Fisekci, Director Investor Relations,
(403) 218-6228, email@example.com; Web site: www.cos-trust.com