Canadian Oil Sands Trust

Canadian Oil Sands Trust

December 31, 2010 11:00 ET

Canadian Oil Sands Completes Corporate Conversion

CALGARY, ALBERTA--(Marketwire - Dec. 31, 2010) - Canadian Oil Sands Limited (TSX:COS.UN) ("COS" or "Canadian Oil Sands" or "we" or the "Corporation") today confirmed the completion of the previously announced reorganization of Canadian Oil Sands Trust (the "Trust") into a corporation (the "Conversion"). Pursuant to the Conversion, all outstanding units of the Trust were exchanged for common shares of the Corporation on a one-for-one basis. The publicly traded corporate entity will operate under the name "Canadian Oil Sands Limited".

Canadian Oil Sands' common shares are expected to commence trading on the Toronto Stock Exchange ("TSX") within the next three or four business days under the symbol "COS". The units of the Trust will be delisted concurrent with the commencement of trading of the Corporation's common shares on the TSX.

The reorganization is not expected to trigger adverse Canadian tax consequences for Canadian Oil Sands or our unitholders.

Canadian Oil Sands Limited is the largest joint venture owner of Syncrude, a major producer of light, sweet, synthetic crude oil. We hold a 36.74 per cent working interest in Syncrude, generating revenue from its share of production and demonstrating a history of paying quarterly distributions. COS is a unique investment in long-term crude oil producing assets. Syncrude's productive capacity is 350,000 barrels per day and its reserve base could support production at that level for decades.

Advisory: in the interest of providing Canadian Oil Sands Limited's ("Canadian Oil Sands" or "COS") shareholders and potential investors with information regarding COS, 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 commencement of trading of Canadian Oil Sands' common shares on the TSX; the delisting of the units of Canadian Oil Sands Trust (the "Trust") from the TSX; the tax consequences of the conversion to a corporate structure on Canadian Oil Sands and unitholders of the Trust; the estimated amount of reserves recoverable and the time to recover such reserves. 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 COS 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: general operational issues relating to a complex, integrated mining and upgrading facility; operating constraints due to weather, especially as it relates to bitumen production; the regulatory changes that impact oil and gas operations; general economic, business and market conditions; commodity prices; the unanimous joint venture owner approval for major expansions; the ability to meet or continue to meet the listing requirements of the TSX; changes in tax laws and treatment; and such other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by COS. 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 COS 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   

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