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Canadian Oil Sands Trust is an open-ended investment trust that generates income from its 35.49% working interest in the Syncrude Joint Venture. The Trust is the largest pure-play investment opportunity in the Alberta Oil Sands, a vast resource that rivals the oil reserves of Saudi Arabia. Managed by Canadian Oil Sands Limited, the Trust currently has approximately 464 million units outstanding, which trade on the Toronto Stock Exchange under the symbol COS.UN.

Syncrude is the world's largest producer of crude oil from oil sands and the largest single source producer in Canada, currently supplying 13 percent of the nation's petroleum requirements.
 

The crude oil produced by Syncrude is referred to as Syncrude Sweet Blend® ("SSB"), which is a high quality, light sweet crude oil with no residual bottoms and with the lowest sulphur content of any crude in North America. As part of the Stage 3 expansion, Syncrude will further enhance the quality of its production to a new level that will be referred to as Syncrude Sweet Premium, or "SSP".
 
Syncrude is the largest holder of Alberta's mineable oil sands leases with eight leases covering approximately 100,000 hectares.
 
Syncrude has proven and probable reserves of 5 billion barrels of SSB, which represent a lifespan of approximately 35 years using today's infrastructure with the potential to extend reserve life beyond the year 2050 as the leases are developed.
 
Syncrude is in the midst of a large expansion program called Syncrude 21, which is designed to more than double productive capacity post 2015 to reach about 500,000 barrels per day of a premium quality, light sweet oil. Stages 1 and 2 of the expansion have been completed. Stage 3 of the program is expected to come on-stream by mid 2006 at a capital cost of Cdn $8.4 billion, and is anticipated to result in productive capacity expanding to approximately 128 million barrels per year post 2006. The next expansions are referred to as the Stage 3 debottleneck and Stage 4, which have not yet been approved and are in the conceptual planning phase. The Stage 3 debottleneck will leverage and optimize the potential of the Stage 3 expansion, which included pre-investment to enable further production expansion. Stage 4 is currently envisioned as another major expansion with further expansion of upgrading capacity, primarily through the construction of a fourth coker, and additional mining trains on one of Syncrude's undeveloped leases.

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