Canadian Oil Sands Trust

Canadian Oil Sands Trust

January 22, 2010 18:33 ET

Canadian Oil Sands Limited Announces Expiration of Consent Solicitation

CALGARY, ALBERTA--(Marketwire - Jan. 22, 2010) -


Canadian Oil Sands Limited (COSL) (TSX:COS.UN), a wholly owned subsidiary of Canadian Oil Sands Trust, announced today the results of its consent solicitation to amend the indentures (the "Indentures") relating to its 5.8% Senior Notes due 2013 (the "2013 Notes"), its 7.75% Senior Notes due 2019 (the "2019 Notes"), its 7.9% Senior Notes due 2021 (the "2021 Notes") and its 8.2% Senior Notes due 2027 (the "2027 Notes" and together with the 2013 Notes, the 2019 Notes and the 2021 Notes, the "Notes"). The consent solicitation expired at 5 p.m. EST on Jan. 22, 2010 (the "Expiration Time").

As of the Expiration Time, COSL had received the consent of holders of US$290.80 million aggregate principal amount of the 2013 Notes, US$478.79 million aggregate principal amount of the 2019 Notes, US$242.40 million aggregate principal amount of the 2021 Notes and US$73.95 million aggregate principal amount of the 2027 Notes, representing approximately 96.93 per cent, 95.76 per cent, 96.96 per cent and 100 per cent of the 2013 Notes, 2019 Notes, 2021 Notes and 2027 Notes outstanding, respectively. COSL has therefore received valid consents from holders of a majority in aggregate principal amount outstanding of each series of Notes to amend the Indentures. COSL expects to settle the consent solicitation as promptly as possible upon receipt of instructions from the Information and Tabulation Agent.

The purpose of the consent solicitation was to conform certain Indenture definitions and to facilitate the conversion of Canadian Oil Sands Trust and its subsidiary entities into a corporate structure (the "Reorganization"). As part of the Reorganization, COSL will transfer all or substantially all of its assets to a newly formed Canadian Oil Sands Partnership I (the "Partnership") and the Partnership will issue a full, unconditional and irrevocable guarantee of COSL's obligations under each of the Indentures.

BofA Merrill Lynch acted as the Solicitation Agent for the consent solicitation. D.F. King & Co. Inc. acted as the Information and Tabulation Agent.

Advisory: This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation was made solely pursuant to a consent solicitation statement dated January 11, 2010 and the related letter of consent.

Canadian Oil Sands Limited

Marcel Coutu, President & Chief Executive Officer

Units Listed - Symbol: COS.UN

Toronto Stock Exchange

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