ConocoPhillips and Scotia Waterous are pleased to provide the following update to the ConocoPhillips Oil Sands Offering.

ConocoPhillips has initiated a process to market up to 50% of its working interest in a world-class package of producing, developing and emerging oil sands assets. Scotia Waterous has been retained as exclusive financial advisor to assist in this process.

The offering is comprised of ConocoPhillips' Surmont, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake assets. This represents a premier opportunity to acquire a material position in world-class oil sands properties.

ConocoPhillips 2012 Oil Sands Offering

Process Update:

Confidential information available the week of April 16, 2012.

Confidential Information:

Confidential information will be available to parties that have executed a confidentiality agreement with ConocoPhillips for this offering. To gain access to the confidentiality agreement or for additional information, please contact one of the individuals listed below.

Note: Prior to being provided the confidentiality agreement and being granted access to confidential information, interested parties may be required to provide evidence of the ability to finance a transaction of this magnitude.