Acquisition of Additional Syncrude Working Interest

On November 29, 2006, the Trust agreed to purchase Talisman’s 1.25% indirect working interest in Syncrude for total consideration of $475 million. The purchase was settled with a cash payment of $237.5 million and the issuance of 8.2 million Units from treasury with an approximate value of $29 per Unit at the time of entering into the acquisition agreement. The transaction closed on January 2, 2007, increasing Canadian Oil Sands’ working interest to 36.74%.