“Acting together now means we can remain independent in the long term. The principles that guided shareholders' investments in Canadian Oil Sands remain sound.”
— Ryan Kubik, President and CEO
CALGARY, Jan. 6, 2016 /CNW/ – Today Canadian Oil Sands Limited (“Canadian Oil Sands”) released a new corporate trailer: “Valuable. For the Long Term.” The video showcases the numerous initiatives underway to maximize long-term shareholder value at a strong, independent Canadian Oil Sands and thanks shareholders for their overwhelming support of Canadian Oil Sands in its rejection of Suncor Energy Inc.'s (“Suncor”) substantially undervalued hostile bid.
The text of the video is included below:
Ryan Kubik, President and Chief Executive Officer: Change is underway and that's a good thing for Canadian Oil Sands shareholders. Our key asset, Syncrude, is entering a new era of low-cost operations. Our capital projects have been completed below budget and ahead of schedule. And in a lower-for-longer oil price environment, we're covering all of our operating costs and our dividends.
Canadian Oil Sands shareholders are poised to capture the upside in their investment, but Suncor is trying to scare you into locking in the downside.
I've heard from many shareholders, big and small, and they say that Suncor's bid is inadequate. It doesn't fairly compensate them for the assets they own. They don't support the hostile bid.
Soon, Suncor's substantially undervalued offer will lapse, and when it does they say they'll walk away. For all of us as Canadian Oil Sands shareholders that leaves a more compelling and valuable alternative: Independence.
Acting together now means we can remain independent in the long term.
Canadian Oil Sands wasn't looking to sell itself before, and Suncor's low-ball bid doesn't make us conclude we should now. Our board has looked at all the alternatives and independence by far is the better decision.
The principles that guided shareholders' investments in Canadian Oil Sands remain sound. A valuable one-of-a-kind asset, generations of reserves and a share price poised to surge with rising oil prices.
The inescapable reality is that oil prices will recover. Shareholders invested in Canadian Oil Sands for that exposure. They've held their shares through unprecedented, hard times in the energy sector. Now is the time to secure the benefits of a strong, independent Canadian Oil Sands by standing with us and rejecting the Suncor bid.
A full share of Canadian Oil Sands is far more valuable than a quarter share of Suncor. Thank you for your continued support of a strong, independent Canadian Oil Sands.
Canadian Oil Sands has also posted a new investor presentation on its website at http://www.cdnoilsands.com/investor-centre/presentations-and-events/default.aspx
To REJECT the Suncor bid, TAKE NO ACTION.
Do not tender your shares of Canadian Oil Sands Limited.
How to Withdraw Tendered Shares
Shareholders with questions about the offer or who have tendered their COS shares to the Suncor offer and wish to withdraw them can do so by contacting their broker or COS' information agent and advisor, Kingsdale Shareholder Services at 1-866-851-3215 or firstname.lastname@example.org.
Canadian Oil Sands Limited
COS holds a 36.74 percent interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada's oil sands. As a pure play in Syncrude, COS provides investors with long-life, light crude oil exposure and since 2001 has paid dividends totaling $7.9 billion.
The video of Canadian Oil Sands Limited (the “Corporation”) provided in this press release contains forward-looking information (as defined in the Securities Act (Alberta)) and statements (collectively, “forward-looking statements”) that are based on expectations, estimates and projections as of the date of the video. These forward-looking statements can often, but not always, be identified by the use of forward-looking terminology such as “anticipate”, “expect”, “believe”, “plan”, “intend” or similar words suggesting future outcomes.
Examples of such forward-looking statements in the video include, but are not limited to: expectations regarding operating costs and capital expenditures at Syncrude; the ability of the Corporation to cover all of its operating costs and dividends in the current low oil price environment; the amount of reserves recoverable; future oil prices and the belief that oil prices will recover; and the belief that the price of the Corporation's common shares will surge with rising oil prices.
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. Actual results may differ materially from those expressed or implied by the forward-looking statements. The directors' circular of the Corporation dated October 19, 2015, the Corporation's Guidance Documents, the Corporation's Annual Information Form dated February 24, 2015 and the reports and filings made with securities regulatory authorities from time to time by the Corporation describe the assumptions and risks underlying the forward-looking statements. Copies of these documents are available on the Corporation's profile on SEDAR at www.sedar.com or on the Corporation's website at www.cdnoilsands.com.
The forward-looking statements contained in the video are made as of the date of the video and unless required by law, the Corporation does not undertake any obligation to update publicly or 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 the video are expressly qualified by this cautionary statement.
SOURCE Canadian Oil Sands Limited