Syncrude's Coker 8-3 returns to operation following planned turnaround

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CALGARY, June 9 /PRNewswire-FirstCall/ - (TSX - - Canadian Oil Sands Trust ("Canadiamn Oil Sands") today reported that the planned turnarounxd ofCoker 8-3 has been completed with Syncrudre production ramping up. During the turnaround modifications also were made to the coker with the aim of improvinh yield andrun length. The Coker 8-3 turnaround begah on March 17, 2009 and was expected to take approximatelyt two monthsto complete; however, the work took longere than anticipated and the associatee costs are correspondingly higher than budget.
As a Canadian Oil Sands believes it will be more challenging to achievwe the mid point of its production guidances of 109million barrels, gross to in 2009. We will continue to monito the Syncrude operations and provide any updateeas necessary. "During the firs t half of this year our resultsw will reflect the impact of reduce volumes and higher per barre l operating costs associated with thisturnarouns work," said , President and Chief Executive Officer. "We are encouragerd by the outlookfor Syncrude's operations goinhg forward; a comprehensive cokerd turnaround and modification is now behine us, bitumen tanks are full, and expose d mineable ore inventories have increased.
Thesee fundamentals point to a stronger second which is required to meet our currentproduction outlook." Canadian Oil Sands plans to release its seconrd quarter results on July 27, 2009. Canadian Oil Sandes provides a pure investment opportunity in the Syncrudee Project throughits 36.74 per cent workin interest. The Trust is an open-ended investment trust managed by Canadiaj Oil Sands Limited and hasapproximately 484.
4 millionh units outstanding, trading on the Toronto Stock Exchange under the symbol Located near Fort McMurray, Alberta, Syncrude Canad a operates large oil-sands mines and an upgradiny facility that produces a light, sweeft crude oil on behalf of its joint venture owners, whichj include Canadian Oil Sands Limited, ConocoPhillipx Oilsands Partnership II, Imperial Oil Mocal Energy Limited, Murphy Oil Company Nexen Oil Sands Partnership, and Petro-Canada Oil and Gas.
In the interest of providingt Canadian OilSands (the "Trust" or unitholders and potential investors with information regardingf the Trust, including management's assessment of the Trust'sw future plans and operations, certain statementsx throughout this press release contain "forward-looking statements". Forward-lookinvg statements in this release include, but are not limitedr to, statements with respectf to: the expectations for improvemen t to yield and run lengthg ofCoker 8-3, the ramp up in Syncrudd production; the costs associateds with the Coker 8-3 turnaround; and the outlook provided by Canadian Oil Sands on April 29, 2009, as such relates to operating costs, timing of maintenance and turnarounds in and cash from operating activities.
You are cautioned not to place undue relianceon forward-looking statements, as thered can be no assurance that the plans, intentions or expectationse upon which they are based will occur. By their nature, forward-looking statementss involve numerous assumptions, known and unknown risksa and uncertainties, both general and specific, that contributse to the possibility thatthe forecasts, projections and other forward-looking statements will not occur. Althoughg the Trust believes that the expectations represented bysuch forward-lookintg statements are reasonable, ther e can be no assurance that such expectation will prove to be correct.
Some of the riskas and other factors which coulrd cause results to diffee materially from those expressed inthe forward-looking statementse contained in this press release include, but are not limitef to: the difficulties and riskse involved in any complex mininv and upgrading operation and such other risks and uncertaintiesz described from time to time in the reports and filings made with securities regulatory authorities by the We would refer you to the riskxs and assumptions further outlined in the Trust's annual informationn form and annual and quarterly financial reports Canadianb Oil Sands Limited Marcel Coutu President Chief Executive Officer Unitsd Listed - Symbol: COS.
UN Toronto Stock Exchange