Canadian Oil Sands Trust

Canadian Oil Sands Trust

March 10, 2008 23:59 ET

Canadian Oil Sands Files Syncrude Reserves and Resources

CALGARY, ALBERTA--(Marketwire - March 10, 2008) - Canadian Oil Sands Trust (TSX:COS.UN) ("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 contingencies.

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 resources.

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 statement.

Canadian Oil Sands Limited

Marcel Coutu, President & Chief Executive Officer

Units Listed - Symbol: COS.UN

Toronto Stock Exchange

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