Canadian Oil Sands Reserves 'Virtually Unchanged'
Canadian Oil Sands Trust has filed the results of the independent evaluation of its reserves and a review of its resources for the Syncrude Project leases at December 31, 2007 with the Canadian securities administrators on their SEDAR web site.
Based on independent reserves and resources estimates by GLJ Petroleum Consultants Ltd. ("GLJ") as of December 31, 2007, the best estimate of proved plus probable reserves of 4.9 billion barrels of fully upgraded synthetic crude oil remains virtually unchanged from 5 billion barrels at December 31, 2006. The best estimate for remaining recoverable resources is 12.7 billion barrels of fully upgraded synthetic crude oil. The Trust previously disclosed remaining recoverable resources of approximately 9 billion as of December 31, 2006 (all figures gross to the Syncrude Project). The increase in resources reflects the reporting of a new category, known as prospective resources, as well as mine pit design criteria that expand the pit sizes in some areas, consistent with the current business environment.
"While Syncrude's reserves remain virtually unchanged, the increase to resource base extends the resource life and should result in Syncrude's owners reassessing expansion plans, including a potential of reaching productive capacity beyond the currently planned 500,000 barrels per day," said Marcel Coutu, Canadian Oil Sands' President and Chief Executive Officer. "Syncrude will continue to better define the resources on its existing leases over the next few years through further drilling and evaluation work."
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