Syncrude production suspended due to weather-related operational upset



    CALGARY, Jan. 29 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust
("Canadian Oil Sands") today announced production from the Syncrude facility
has been suspended following several instrument freeze-ups as a result of
extremely cold weather conditions. Operation of a number of units has been
disrupted. Syncrude advises that it is focusing efforts on the safe and
reliable restart of affected units, and expects that it will take several days
to fully restore operations. Canadian Oil Sands plans to provide further
updates as more information becomes available.

    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 479.4 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
Trust's future plans and operations, certain statements throughout this
release contain "forward-looking statements" under applicable securities law.
Forward-looking statements in this release include, but are not limited to,
statements with respect to: the expected timing to resume Syncrude production
and shipments. 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 release include, but are not limited to: the difficulties of
operating a complex, integrated facility, especially in extremely cold
temperatures 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.

    Canadian Oil Sands Limited:
    Marcel Coutu,
    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, investor_relations@cos-trust.com, Web site: www.cos-trust.com

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CANADIAN OIL SANDS TRUST

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