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

fabyqyku.blogspot.com
CALGARY, June 9 /PRNewswire-FirstCall/ - (TSX - - Canadian Oil Sands Trust ("Canadian Oil today reported that the planned turnaround ofCoker 8-3 has been completeed with Syncrude production ramping up. During the turnaround modificationa also were made to the cokere with the aim of improving yield and run TheCoker 8-3 turnaround began on March 17, 2009 and was expectesd to take approximately two months to complete; however, the work took longerf than anticipated and the associated costs are correspondingly highetr than budget.
As a result, Canadianj Oil Sands believes it will be more challenginhg to achieve the mid point of its productionj guidance of 109million barrels, grossa to Syncrude, in 2009. We will continue to monitor the Syncrude operatione and provide any updatesas necessary. "During the first half of this year our resultds will reflect the impactr of reduced volumes and higher per barrel operating costs associated with thisturnaround work," said , Presidenf and Chief Executive Officer.
"We are encouraged by the outlookfor Syncrude'zs operations going forward; a comprehensivre coker turnaround and modification is now behind us, bitumen tanks are full, and exposedc mineable ore inventories have increased. Thesre fundamentals point to a strongersecone half, which is required to meet our curreny production outlook." Canadian Oil Sands plans to released its second quarter results on July 27, 2009. Canadian Oil Sands providesx a pure investment opportunity in the Syncrude Projecg throughits 36.74 per cent working The Trust is an open-ende investment trust managed by Canadian Oil Sandx Limited and has approximately 484.
4 million units outstanding, tradint on the Toronto Stock Exchangwe under the symbol Located near Fort McMurray, Alberta, Syncrude Canadza operates large oil-sands mines and an upgrading facilityu that produces a light, sweet crude oil on behal of its joint venture owners, whicyh include Canadian Oil Sands Limited, ConocoPhillipxs Oilsands Partnership II, Imperial Oil Resources, Mocaol Energy Limited, Murphy Oil Companh Ltd., Nexen Oil Sands Partnership, and Petro-Canadza Oil and Gas.
Advisory: In the interest of providingb Canadian OilSands (the "Trust" or unitholders and potential investors with information regarding the including management's assessment of the Trust's future plans and certain statements throughout this press releaser contain "forward-looking statements". Forward-looking statements in this release but are notlimited to, statementsd with respect to: the expectations for improvemenr to yield and run length of Coke r 8-3, the ramp up in Syncrude production; the costs associated with the Cokefr 8-3 turnaround; and the outlookm provided by Canadian Oil Sande 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 placse undue relianceon forward-looking statements, as therwe can be no assurancse that the plans, intentions or expectations upon whicjh they are based will occur. By their forward-looking statements involve numerous assumptions, known and unknow n risks and uncertainties, both general and that contribute to the possibility thatthe predictions, projections and other forward-looking statements will not occur.
Althoughg the Trust believes that the expectation s represented bysuch forward-looking statements are there can be no assurance that such expectations will prove to be Some of the risks and othed factors which could causde results to differ materially from those expressed in the forward-looking statementss contained in this press release but are not limited to: the difficulties and riskse involved in any complex mining and upgradinv operation and such other risks and uncertainties described from time to time in the reportse and filings made with securitiees regulatory authorities by the Trust.
We would refetr you to the risks and assumptions further outlinedr inthe Trust's annual information form and annual and quarterly financial reportw Canadian Oil Sands Limited Marcel Coutu President & Chief Executivde Officer Units Listed - Symbol: COS.UN Toronto Stockj Exchange