CALGARY, ALBERTA--(Marketwire - Nov. 15, 2011) - Canadian Oil Sands Limited ("COS")(TSX:COS)(OTCQX:COSWF) today announced that crude oil production from the Syncrude facility is now expected to total 105 -- 107 million barrels for 2011. The amended production range is the result of additional work scope to complete previously announced maintenance on a hydrogen unit. This maintenance was originally expected to continue into early December and is now anticipated to be completed by the end of the year. At this time there is no material expected impact to COS' estimates on operating costs or capital expenditures for the year.

Canadian Oil Sands Limited holds a 36.74 per cent working interest in the Syncrude joint venture, providing a pure investment opportunity in Syncrude's crude oil producing assets. Syncrude is a major producer of light, sweet, synthetic crude oil with current productive capacity of 350,000 barrels per day, a high-quality, long-life resource base and plans to expand production.

FORWARD-LOOKING INFORMATION ADVISORY: In the interest of providing the Corporation's shareholders and potential investors with information regarding the Corporation, including management's assessment of the Corporation's annual production and cost estimates, this related press release contains "forward-looking information" under applicable securities law. Forward-looking statements are typically identified by words such as "anticipate", "expect", "believe", "plan", "intend" or similar words suggesting future outcomes.Forward-looking statements in this press release include, but are not limited to, statements with respect to: the expectation that the maintenance on the hydrogen unit will be completed by the end of the year; the expectations regarding the annual Syncrude forecasted production range of 105 to 107 million barrels and the expectation that there will be no material impact on COS' estimates on operating costs or capital expenditures for the year. You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Although the Corporation believes that the expectations represented by such forward-looking statements are reasonable and reflect the current views of the Corporation with respect to future events, there can be no assurance that such assumptions and expectations will prove to be correct.

The factors or assumptions on which the forward-looking information is based include, but are not limited to: assumptions on labour productivity at Syncrude as well as those assumptions outlined in the Corporation's annual disclosure documents and its guidance document (as amended hereby relating to production), as subsequently amended or replaced from time to time, including without limitation, the assumptions as to production, operating expenses and oil prices. You are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Shares Listed

Toronto Stock Exchange- Symbol: COS

OCTQX- Symbol: COSWF