Canadian Oil Sands files Syncrude reserves and resources

    CALGARY, March 10 /CNW/ - (TSX - COS.UN) - Canadian Oil Sands Trust
("Canadian Oil Sands") today announced that it has filed the results of the
independent evaluation of its reserves and a review of its resources for the
Syncrude Project leases at December 31, 2007 with the Canadian securities
administrators on their SEDAR web site. This information also has been posted
on Canadian Oil Sands' web site at:
    Based on independent reserves and resources estimates by GLJ Petroleum
Consultants Ltd. ("GLJ") as of December 31, 2007, the best estimate of proved
plus probable reserves of 4.9 billion barrels of fully upgraded synthetic
crude oil remains virtually unchanged from 5 billion barrels at December 31,
2006. The best estimate for remaining recoverable resources is 12.7 billion
barrels of fully upgraded synthetic crude oil. The Trust previously disclosed
remaining recoverable resources of approximately 9 billion as of December 31,
2006 (all figures gross to the Syncrude Project). The increase in resources
reflects the reporting of a new category, known as prospective resources, as
well as mine pit design criteria that expand the pit sizes in some areas,
consistent with the current business environment.

    Reserves and Resources(1)                       Syncrude    Canadian Oil
    (Billions of barrels of synthetic crude oil)     Project       Sands(2)
    Proved plus Probable Reserves                      4.9           1.8

    Contingent Resources - best estimate               5.6           2.1

    Prospective Resources - best estimate              2.2           0.8
    Remaining Recoverable Resources                   12.7           4.7

    (1) Prepared by GLJ, independent qualified reserves evaluator, as of
        Dec. 31, 2007 and in accordance with the COGE Handbook.
    (2) The Trust, through its operating subsidiary, holds a 36.74 per cent
        interest in the Syncrude Project.

    "While Syncrude's reserves remain virtually unchanged, the increase to
resource base extends the resource life and should result in Syncrude's owners
reassessing expansion plans, including a potential of reaching productive
capacity beyond the currently planned 500,000 barrels per day," said Marcel
Coutu, Canadian Oil Sands' President and Chief Executive Officer. "Syncrude
will continue to better define the resources on its existing leases over the
next few years through further drilling and evaluation work."

    Reserves and Resources Definitions:

    Proved plus Probable Reserves are those additional reserves that are less
certain to be recovered than proved reserves. NI 51-101 defines the certainty
level as "at least a 50 percent probability that the quantities actually
recovered will equal or exceed the sum of the estimated proved plus probable
reserves". Therefore, under NI 51-101, the proved plus probable reserves
represent a "best estimate" or "expected reserves".

    Contingent Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more

    Prospective Resources are those quantities of petroleum estimated, as of
a given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development.

    Best Estimate is considered to be the best estimate of the quantity that
will actually be recovered. It is equally likely that the actual remaining
quantities recovered will be greater or less than the best estimate. The best
estimate of Contingent and Prospective Resources is prepared independent of
the risks associated with achieving commercial production.

    Remaining Recoverable Resources are the sum of reserves, contingent
resources and prospective resources.

    The contingent resources are primarily associated with separate pits not
currently planned to be developed in a timeframe that enable them to be
classified as reserves, and for which an application for regulatory approval
has not yet been prepared. While we consider the contingent resources to be
potentially recoverable under reasonable economic and operating conditions,
there is no certainty that they will be commercially viable. In addition, the
Syncrude owners have not approved the contingent pit designs associated with
GLJ's evaluation nor have they approved any related capital expansion plans.
    Prospective resources have significant additional risks relative to
contingent resources. They are associated with specific areas within the
Syncrude leases where existing well control is not sufficient, and it is
believed that additional drilling could either result in the movement of these
areas to contingent resources or their elimination from the assumed planning
basis. There is no certainty that any portion of the prospective resources
will be discovered. Furthermore, if discovered, there is no certainty that it
will be commercially viable to produce any portion of the prospective

    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 extension of the resource life and
the potential to have higher production levels as a result of the new resource
information; the expected amount to be recoverable from resources and reserves
and any approval by the Syncrude owners of further expansion plans. 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 lack of precision around estimates of resources and reserves;
the requirement for all Syncrude owners to approve major capital expansion
plans under the Syncrude joint venture agreement 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. In any reference
to resources, there is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources. The forward-looking statements
contained in this release are expressly qualified by this cautionary

    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,, Web site:

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