Suncor Energy Inc.

Suncor Energy Inc.

April 15, 2008 00:00 ET

Suncor Energy reports agreement with Province of Alberta on construction and maintenance of highway interchange

(All financial figures are in Canadian dollars.)

Fort McMurray, Alberta (April 15, 2008) — Suncor Energy and the Province of Alberta have signed an agreement for the construction and maintenance of an interchange that will improve traffic flow and safety on Highway 63. Under the agreement, Suncor will pay for and construct a $55 million interchange, to be built about 25 kilometres north of Fort McMurray. Once complete, ownership will transfer to the Province.

The new highway infrastructure is expected to provide benefits for all users of Highway 63 north of Fort McMurray, including employees and tradespeople working at Suncor's existing and planned operations, as well as community residents and workers at industry sites further north. 

Suncor initiated plans for the interchange as a means to improve highway safety during the construction and operation of the company's new upgrader, which is part of a planned $20.6 billion oil sands expansion. When complete, the interchange will also link Suncor's base plant on the east side of Highway 63 to the new upgrader, as well as other planned developments, on the west side that may occur in the future.

The freeway-style interchange will replace the current ground-level intersection. When complete, it's expected to allow traffic to maintain speed on the highway, reducing travel times through this busy area, while on- and off-ramp access improves safety at the intersection. The interchange will also accommodate future widening of Highway 63.

"The new interchange will improve safety for motorists and reduce congestion on Highway 63," said Kirk Bailey, Suncor's executive vice president. "But we're not in the infrastructure business, so it makes sense to have the Province own and maintain the interchange."

Construction on the project is underway and is expected to be completed by December 2008. The Province will assume ownership of the interchange once it passes all quality assurance inspections.

This news release contains forward-looking statements identified by the words "expected" and "planned" that are based on Suncor's current expectations, estimates, projections and assumptions made in light of its experiences and the risks, uncertainties and other factors related to its business. Actual events could differ materially as a result of changes to Suncor's plans and the impact of events, risks and uncertainties discussed in Suncor's current annual information form, annual and quarterly reports to shareholders and other documents filed with regulatory authorities.

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66® brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Phillips 66® brand and marks in the state of Colorado. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of Philadelphia.

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For further information, contact:

Brad Bellows
(403) 269-8717