Canadian Oil Sands Limited is a Canada-based investment company. The Company is the majority owner of the Syncrude Joint Venture (Syncrude), a producer of high quality, low sulphur, light, synthetic crude oil (SCO). The Company’s owns approximately 36.74% working interest in Syncrude, generating revenue from its share of production, and represents the only public opportunity for undiversified investment directly in Syncrude. Syncrude is involved in the mining and upgrading of bitumen from oil sands near Fort McMurray in northern Alberta. The Syncrude Project is comprised of open-pit oil sands mines, utilities plants, bitumen extraction plants and an upgrading complex that processes bitumen into SCO. It is jointly controlled by seven owners. Syncrude produces SCO by mining the oil sands, extracting the bitumen from the sands, upgrading the recovered bitumen into lighter oil fractions and combining those fractions into a single SCO product.