CALGARY, ALBERTA–(Marketwired – April 24, 2014) – Canadian Oil Sands Limited (“COS”) (TSX:COS) today announced that Syncrude has begun unplanned maintenance work on Coker 8-1. It is expected that this maintenance work will overlap the turnaround of Coker 8-2 scheduled for the second quarter. COS has revised its estimate for the annual Syncrude production range to 95 to 105 million barrels with a single point estimate of 100 million barrels for 2014. This equates to 35 to 38.6 million barrels with a single point estimate of 36.7 million barrels, net to COS.
COS will provide revised guidance for 2014 concurrent with the release of its first quarter results on April 30, 2014.
Canadian Oil Sands Limited
Canadian Oil Sands is a pure investment opportunity in light, sweet crude oil. Through our 36.74% interest in the Syncrude Project, we offer a solid, robust production stream of fully upgraded crude oil, potential growth through high-quality oil sands leases and an attractive dividend. For more information please visit our web site at www.cdnoilsands.com.
The factors or assumptions on which the forward-looking information is based include, but are not limited to: assumptions on labour productivity at Syncrude as well as those assumptions outlined in the Corporation’s annual disclosure documents and its guidance document, as subsequently amended or replaced from time to time, including without limitation, the assumptions as to production, operating expenses and oil prices. Some of the risks and other factors which could cause actual results to differ materially from current expectations expressed in this press release include, but are not limited to, the occurrence of unexpected events such as fires, blowouts, equipment failures and other similar events, skilled labour shortages or material shortages and the unsuccessful or untimely implementation of maintenance projects. You are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Canadian Oil Sands Limited
Siren Fisekci
, VP, Investor & Corporate Relations
Canadian Oil Sands Limited
Scott Arnold
Director, Sustainability & External Relations
(403) 218-6220
invest@cdnoilsands.com