CALGARY, Jan. 2 /PRNewswire-FirstCall/ -- (TSX - COS.UN) - Canadian Oil Sands Trust ("Trust") today announced that its wholly owned subsidiary, Canadian Oil Sands Limited, ("Canadian Oil Sands") has closed its previously announced acquisition of an additional 1.25 per cent indirect interest in the Syncrude Joint Venture from Talisman Energy Inc. The transaction price of approximately Cdn $475 million was agreed to on November 29, 2006 and is comprised of $237.5 million in cash and 8,189,655 Canadian Oil Sands Trust units. The purchase price is subject to closing adjustments and the transaction was effective December 1, 2006. The transaction simplified the Trust's administrative structure, which is posted on the Trust's website at http://www.cos-trust.com/corporate/trust_structure.aspx.
CIBC World Markets Inc. acted as financial advisor to Canadian Oil Sands in this transaction.
Canadian Oil Sands Trust provides a pure investment opportunity in the oil sands through its 36.74 per cent working interest in the Syncrude Project. Located near Fort McMurray, Alberta, Syncrude operates large oil-sands mines and an upgrading facility that produces a light, sweet crude oil. The Trust is an open-ended investment trust managed by Canadian Oil Sands Limited and has approximately 479 million units outstanding, trading on the Toronto Stock Exchange under the symbol COS.UN.
Canadian Oil Sands Limited
Marcel Coutu
President & Chief Executive Officer
Units Listed - Symbol: COS.UN
Toronto Stock Exchange
