Canadian Oil Sands Trust

Canadian Oil Sands Trust

September 23, 2010 17:05 ET

Syncrude Production Update

CALGARY, ALBERTA--(Marketwire - Sept. 23, 2010) - Canadian Oil Sands Trust (the "Trust", "Canadian Oil Sands" or "we") (TSX:COS.UN) today announced that crude oil production from the Syncrude facility is now estimated to total 105 million barrels (38.6 million barrels net to the Trust) for 2010, with a production range of 102 million to 108 million barrels. The amended production target is the result of unplanned maintenance in certain upgrading units and an extension of the planned Coker 8-1 turnaround that is currently underway. The impact of this lower 2010 production on operating costs and capital expenditures is being assessed and updated guidance for the year is expected to be provided at the time third quarter results are released on October 28.

Canadian Oil Sands 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. The Trust 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. Canadian Oil Sands Trust is an open-ended investment trust managed by Canadian Oil Sands Limited and has approximately 484.4 million units outstanding, trading on the Toronto Stock Exchange under the symbol COS.UN.

Advisory: in the interest of providing Canadian Oil Sands 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 production at Syncrude for 2010; any impact that this lower production will have on operating costs or capital expenditures; the timing for Canadian Oil Sands to provide updated guidance and the estimated amount of reserves recoverable. 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 difficulties of operating a large, complex, integrated facility; imprecision of reserve estimates 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. 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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