06:17:48 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Canadian Oil Sands Ltd
Symbol COS
Shares Issued 484,614,224
Close 2015-08-28 C$ 7.31
Market Cap C$ 3,542,529,977
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Cdn Oil suffers fire at Syncrude's Mildred upgrader

2015-08-31 06:40 ET - News Release

Mr. Scott Arnold reports

CANADIAN OIL SANDS PROVIDES INFORMATION ON PROCESS INCIDENT AT SYNCRUDE UPGRADER

Early on Aug. 29, a process fire occurred in the interconnecting piping between the hydrotreating units and environmental units at Syncrude's Mildred Lake upgrader. Emergency personnel quickly responded to the incident and safely extinguished the fire. No injuries were associated with the event and there was no environmental impact.

Syncrude is currently developing a full recovery plan, beginning with an investigation to determine the cause of the incident. The main coker conversion units were not damaged and Syncrude continues to operate; however, synthetic crude oil production has been temporarily suspended while a recovery and repair strategy are being developed.

Canadian Oil Sands maintains $1.65-billion (U.S.) of combined property and business interruption insurance, with repairs for damaged plant and equipment subject to a $9-million (U.S.) deductible, net to Canadian Oil Sands.

Canadian Oil Sands will provide more information, including an assessment of the estimated production and cost impact, when available.

We seek Safe Harbor.

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