UPDATE: Canadian Oil Sands Releases 2012 Budget; Shares Edging Higher
Canadian Oil Sands Limited (COS.TO) started the session lower, but has now edged higher to $20.52 by almost 1% compared to yesterday's $20.35 close, after announcing that it plans to invest $1.5 million at the Syncrude project in 2012 to support its strong base of production and implement technologies to accelerate reclamation of tailings, a by-product of the bitumen extraction process.
The company said approximately $974 million will be directed to discrete, major infrastructure projects that should position Syncrude for 10 to 20 years of production while improving operational efficiency and environmental performance.
COS shares closed yesterday's session 2 cents above 20-day SMA $20.33.
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