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Industry: Email Alert RSS FeedCanadian Oil Sands Trust Subsidiary Closes Syncrude Joint Venture Deal
Energy Resource, Jan 3, 2007
ENERGY RESOURCE-3 January 2007-Canadian Oil Sands Trust Subsidiary Closes Syncrude Joint Venture Deal(C)2007 JeraOne - http://www.jeraone.com
Canadian Oil Sands Trust today announced that its wholly owned subsidiary, Canadian Oil Sands Limited, has closed the previously reported 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.
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The purchase price is subject to closing adjustments and the transaction was effective December 1, 2006.
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.
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((Distributed via M2 Communications Ltd - http://www.m2.com))
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