CALGARY, ALBERTA -- (Marketwire) -- 12/01/11 -- Unless otherwise noted, all figures are based on Canadian Oil Sands' 36.74 per cent working interest in the Syncrude joint venture. All financial figures are in Canadian dollars.

Canadian Oil Sands Limited (COS) (TSX: COS) (OCTQX: COSWF) plans to release its 2012 budget before the market opens on Thursday, December 8, 2011. The news release will provide our outlook for the Syncrude project and expectations for COS' financial results in 2012.

A conference call and webcast will be held on the same day at 9:00 a.m. MT (11:00 a.m. ET). To participate, please dial (888) 231-8191 (toll-free in North America) or (647) 427-7450 approximately 10 minutes prior to the conference call. An archived recording of the call will be available from approximately 11:00 a.m. MT on December 8 until midnight of December 15, 2011 by dialing (855) 859-2056 or (403) 451-9481 and entering conference password 33030024.

A live and archived audio webcast of the conference call will also be available on Canadian Oil Sands' web site at www.cdnoilsands.com, or via the following link:

http://www.cdnoilsands.com/investor-centre/presentations-and-events/default.aspx

Canadian Oil Sands Limited

Canadian Oil Sands Limited provides a pure investment opportunity in the oil sands through its 36.74 per cent interest in the Syncrude Project. Syncrude is a leader in Canada's oil sands industry, operating since 1978 with a productive capacity today of 350,000 barrels per day of light, high-quality crude oil.

For more information please visit our web site at: www.cdnoilsands.com

Canadian Oil Sands Limited

Marcel Coutu, President & Chief Executive Officer

Shares Listed

Toronto Stock Exchange: COS

OCTQX: COSWF