CALGARY, Oct. 11 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust
("Canadian Oil Sands") today reported that Syncrude introduced feed into Coker
8-3 on October 5 with production from the unit currently averaging about
55,000 barrels per day. Canadian Oil Sands previously reported that an
operational upset on Coker 8-3 resulted in the unit being taken off line.
Syncrude is working to increase production rates from the coker towards design
capacity, with the expectation that this will take at least a week to achieve.
Syncrude's production is currently averaging about 300,000 barrels per day, or
approximately 110,000 barrels per day net to Canadian Oil Sands.
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: any potential
further maintenance on Coker 8-3, or the timing of it reaching design
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