Syncrude's Coker 8-3 returns to operation following planned turnaround



    All figures below gross to Syncrude unless otherwise indicated.

    CALGARY, June 9 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust
("Canadian Oil Sands") today reported that the planned turnaround of Coker 8-3
has been completed with Syncrude production ramping up. During the turnaround
modifications also were made to the coker with the aim of improving yield and
run length.
    The Coker 8-3 turnaround began on March 17, 2009 and was expected to take
approximately two months to complete; however, the work took longer than
anticipated and the associated costs are correspondingly higher than budget.
As a result, Canadian Oil Sands believes it will be more challenging to
achieve the mid point of its production guidance of 109 million barrels, gross
to Syncrude, in 2009. We will continue to monitor the Syncrude operations and
provide any updates as necessary.
    "During the first half of this year our results will reflect the impact
of reduced volumes and higher per barrel operating costs associated with this
turnaround work," said Marcel Coutu, President and Chief Executive Officer.
"We are encouraged by the outlook for Syncrude's operations going forward; a
comprehensive coker turnaround and modification is now behind us, bitumen
tanks are full, and exposed mineable ore inventories have increased. These
fundamentals point to a stronger second half, which is required to meet our
current production outlook."
    Canadian Oil Sands plans to release its second quarter results on July
27, 2009.

    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 484.4 million units outstanding, trading on the Toronto Stock
Exchange under the symbol COS.UN.
    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.

    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 expectations
for improvement to yield and run length of Coker 8-3, the ramp up in Syncrude
production; the costs associated with the Coker 8-3 turnaround; and the
outlook provided by Canadian Oil Sands on April 29, 2009, as such relates to
production, operating costs, timing of maintenance and turnarounds in
particular, and cash from operating activities. 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
    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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