Friendly deal is worth $6.6 billion.
The offer expires Feb. 5 and has been supported by the board of directors from both companies.
Says Canadian Oil Sands leadership has ‘almost no skin in the game’
Canadian Oil Sands says more time needed to consider options
COS maintains the hostile takeover bid is too low.
Calls on shareholders to not accept the “exploitive” $4.3 billion offer.
Offer would give Canadian Oil Sands shareholders a stake in Canada’s largest integrated energy company.
“Perfect storm” of events cut average production to 3.98 million barrels of oil a day in May.
Cites the reduced cost of its Mildred Lake project.
Canadian Oil Sands now pegs 2014 production at 95 million and 110 million barrels.
Mildred Lake and Centrifuge Tailings Management take bulk of the spending.
Canadian producers whacked by the double-discount on crude.
Canadian Oil Sands Ltd. expects to spend $1.46 billion on its stake in the Syncrude oil project in 2012 as it boosts production at the operations.
Production from an upgrader at the Syncrude oilsands mine was disrupted Nov. 22, and the biggest partner in the sprawling project said work is underway to get the processing plant running again.
The two biggest partners in the gargantuan Syncrude Canada Ltd. oil sands project say it will be several years before it makes sense to invest billions in new upgraders, which process raw bitumen into higher quality oil that refineries can use.