Syncrude to perform maintenance on Coker 8-3



    CALGARY, March 13 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust (the
"Trust", "Canadian Oil Sands" or "we") today announced that Syncrude plans to
perform maintenance on Coker 8-3 to remove coke residue build-up within the
vessel. Following several weeks of analysis regarding the coker's performance,
Syncrude believes this residue has led to fouling within the coker reactor,
resulting in constrained production rates from the unit since late 2006.
Syncrude anticipates that the work will occur during the second quarter of
2007.
    Coker 8-3 is Syncrude's newest coker and came onstream in 2006 as part of
the Stage 3 expansion. We had expected that a period of optimizing the
performance of the new Stage 3 operating units would be required before we
could ramp up to total productive capacity of 350,000 barrels per day, gross
to Syncrude.
    Syncrude is in the process of rescheduling the turnarounds for its
original cokers with the turnaround planned for the fall of 2007 possibly
being postponed to early 2008. The decision to proceed with the maintenance
work on Coker 8-3 in the second quarter is expected to enable the coker to
return to service at higher production rates, which will allow Syncrude to
reduce throughput on the other cokers and thereby extend their run lengths. We
expect the modifications to the new hydrogen plant steam generation system
will be performed as planned in the fall of 2007, which should enable Syncrude
to transition all of its production volumes to the higher Syncrude(TM) Sweet
Premium quality level by the fourth quarter of this year.
    Canadian Oil Sands is maintaining its current production estimate for
Syncrude of 110 million barrels annually, or 40.4 million barrels net to the
Trust. This estimate is based on quarterly production of: 27 million barrels
in Q1, 23 million barrels in Q2, 30 million barrels in Q3, and 30 million
barrels in Q4. This quarterly production outlook has been revised from the
breakdown provided in our January 29, 2007 Guidance Document. We also have
reduced the top end of our annual production range from 120 million barrels to
115 million barrels, gross to Syncrude, to reflect the reduced likelihood of
achieving higher than expected operational reliability and stability. The low
end of the range has been maintained at 105 million barrels as the possibility
of an additional coker turnaround continues to exist, particularly given the
uncertainty in postponing the fall 2007 turnaround. The current production
range estimate, net to the Trust, is 39 to 42 million barrels.

    Non-resident ownership declines to 33 per cent
    Based on information from the statutory declarations by Unitholders, we
estimate that, as of February 8, 2007 approximately 33 per cent of our
Unitholders are non-Canadian residents with the remaining 67 per cent being
Canadian residents. Canadian Oil Sands' Trust Indenture currently provides
that not more than 49 per cent of its Units can be held by non-Canadian
residents.
    The Trust continues to monitor its foreign ownership levels on a regular
basis through declarations from Unitholders, and posts the results of the
declarations on its web site at www.cos-trust.com under investor information,
frequently asked questions. This section of the web site and page 45 of the
Management's Discussion and Analysis section of the Trust's 2005 annual report
describe the Trust's steps for managing its non-Canadian resident ownership
levels.
    Canadian Oil Sands Trust provides a pure investment opportunity in the
oil sands through its 36.74 per cent working interest in the Syncrude Project.
Located near Fort McMurray, Alberta, Syncrude operates large oil-sands mines
and an upgrading facility that produces a light, sweet crude oil. The Trust is
an open-ended investment trust managed by Canadian Oil Sands Limited and has
approximately 479 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 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 and impact of maintenance on Coker 8-3 and the other cokers as
well as a hydrogen plant; the expected time to produce Syncrude(TM) Sweet
Premium and the production outlook for 2007.
    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,
especially regarding technical difficulties relating to complex equipment such
as cokers; labour disruptions and disputes; 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
    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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