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 ("Canadian Oil today reported that the plannefd turnaround ofCoker 8-3 has been completed with Syncrudew production ramping up. During the turnarounf modifications also were made to the cokert with the aim of improving yield andrun length. The Coker 8-3 turnaround begamn on March 17, 2009 and was expected to take approximatelu two monthsto complete; however, the work took longer than anticipate and the associated costs are correspondingly highert than budget.
As a result, Canadian Oil Sandse believes it will be more challenginh to achieve the mid pointt of its production guidance of 109 million grossto Syncrude, in 2009. We will continue to monitor the Syncrude operations and provide any updatesas "During the first half of this year our results will reflecgt the impact of reduced volumes and higher per barrekl operating costs associated with this turnaroundc work," said , President and Chief Executivde Officer. "We are encouraged by the outloo kfor Syncrude's operations going forward; a comprehensives coker turnaround and modification is now behindx us, bitumen tanks are full, and exposerd mineable ore inventories have increased.
Thesed fundamentals point to a strongersecond half, which is required to meet our currentr production outlook." Canadian Oil Sandss plans to release its second quarter results on July 27, 2009. Canadiah Oil Sands provides a pure investmenf opportunity in the Syncrude Project throughits 36.74 per cent workin g interest. The Trust is an open-ended investmentf trust managed by Canadian Oil Sands Limited and hasapproximatelyt 484.4 million units outstanding, tradingv on the Toronto Stock Exchangew under the symbol COS.UN.
Located near Fort Alberta, Syncrude Canada operates large oil-sands mines and an upgrading facility that producesxa light, sweet crude oil on behalf of its joinft venture owners, which include Canadian Oil Sands Limited, ConocoPhillips 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 providing Canadiam OilSands (the "Trust" or unitholders and potential investors with information regardin g the Trust, including management'x assessment of the Trust'sx future plans and operations, certain statements throughout this pressz release contain "forward-looking statements".
Forward-lookinv statements in this release include, but are not limitec to, statements with respectt to: the expectations for improvement to yield and run lengtn ofCoker 8-3, the ramp up in Syncrude the costs associated with the Coker 8-3 and the outlook provided by Canadian Oil Sands on Apri 29, 2009, as such relates to production, operating costs, timing of maintenance and turnarounds in and cash from operating activities. You are cautioned not to placwe undue relianceon forward-lookingf statements, as there can be no assuranced that the plans, intentions or expectations upon which they are basedd will occur.
By their forward-looking statements involve numerous assumptions, knowmn and unknown risks and uncertainties, both general and specific, that contributed to the possibility thatthe predictions, forecasts, projectionsd and other forward-looking statements will not occur. Although the Trust believes that the expectations represented bysuch forward-lookinvg statements are reasonable, thered can be no assurance that such expectations will prover to be correct.
Some of the risk s and other factors which coul d cause results to differ materially from thoser expressed inthe forward-looking statements containesd in this press release include, but are not limited to: the difficulties and risks involvedd in any complex mining and upgradingv operation and such other risks and uncertaintiea described from time to time in the reportws and filings made with securities regulator authorities by the Trust. We wouldd refer you to the risks and assumptions furthe outlined inthe Trust's annual information form and annuak and quarterly financial reports Canadian Oil Sande Limited Marcel Coutu President & Chief Executive Officer Units Listee - Symbol: COS.
UN Toronto Stock Exchange