CALGARY, June 3 /CNW/ - (TSX -- COS.UN) - Canadian Oil Sands Trust (the "Trust") today announced that it received a favourable tax ruling from Canada Customs and Revenue Agency which will allow the Trust to consolidate its 31.74 per cent working interest in Syncrude under the Trust's wholly-owned subsidiary, Canadian Oil Sands Limited. This corporate reorganization, which is anticipated to be completed by July 1, 2003, will simplify and enhance the corporate structure of the Trust's subsidiaries. A diagram outlining the proposed structure can be found on the Trust's website at www.cos-trust.com.
"We are very pleased to have received this favourable tax ruling which allows us to more efficiently and effectively administer the Trust's working interests in Syncrude, following the acquisition of the additional 10 per cent interest from EnCana on February 28, 2003" said Marcel Coutu, Canadian Oil Sands Limited's President and Chief Executive Officer.
Canadian Oil Sands Trust is an open-ended investment trust that generates income from its indirect 31.74 per cent working interest in the Syncrude Joint Venture. The Trust currently has approximately 79.8 million units outstanding, which trade on the Toronto Stock Exchange under the symbol COS.UN. The Trust is managed by Canadian Oil Sands Limited.
Canadian Oil Sands Limited
Marcel Coutu
President & Chief Executive Officer
Units Listed - Symbol: COS.UN
Toronto Stock Exchange -30- For further information: Siren Fisekci, Manager, Investor Relations: (403) 218-6228, investor_relations@cos-trust.com, Web site: www.cos-trust.com; To request a free copy of this organization's annual report, please go to http://www.newswire.ca and click on reports@cnw.
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