Reserves and Resources¹

¹Prepared by GLJ, independent qualified reserves evaluator, as of Dec. 31, 2007 and in accordance with the COGE Handbook.

²The Trust, through its operating subsidiary, holds a 36.74 per cent interest in the Syncrude Project. 

Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable.  NI 51-101 further identifies the certainty level for proved reserves as "at least a 90 per cent probability that the quantities actually recovered will equal or exceed the estimated proved reserves".

Proved plus Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves.  NI 51-101 defines the certainty level as "at least a 50 per cent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves." Therefore, under NI 51-101, the proved plus probable reserves represent a "best estimate" or "expected reserves".

Contingent Resources
Quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

Prospective Resources
Quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development.

Remaining Recoverable Resources
Sum of reserves, contingent resources and prospective resources.

See the "Reserve Data and Other Information" section of Canadian Oil Sands' Annual Information Form for additional information on reserves and resources.