<SEC-DOCUMENT>0001193125-15-403456.txt : 20151215
<SEC-HEADER>0001193125-15-403456.hdr.sgml : 20151215
<ACCEPTANCE-DATETIME>20151215124359
ACCESSION NUMBER:		0001193125-15-403456
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151215
FILED AS OF DATE:		20151215
DATE AS OF CHANGE:		20151215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUNCOR ENERGY INC
		CENTRAL INDEX KEY:			0000311337
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12384
		FILM NUMBER:		151287875

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 2844
		STREET 2:		150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3E3
		BUSINESS PHONE:		403-296-8000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 2844
		STREET 2:		150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3E3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUNCOR INC
		DATE OF NAME CHANGE:	19970430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT CANADIAN OIL SANDS & SUN OIL CO LTD
		DATE OF NAME CHANGE:	19791129
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d103115d6k.htm
<DESCRIPTION>FORM 6-K
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<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C.&nbsp;20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM&nbsp;6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE&nbsp;13a-16 OR 15d-16 OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;15, 2015 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 1-12384 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SUNCOR ENERGY
INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of registrant) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>150 &#150;
6th Avenue S.W. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P.O.&nbsp;Box 2844 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada,
T2P 3E3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form&nbsp;&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the
Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check
mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="right"><B>News Release</B></TD></TR>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Suncor Energy sends letter to
Canadian Oil Sands shareholders: &#147;Hope is <U>still</U> not a strategy&#148; COS shareholders must take action to protect the value of their investment </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(All dollar amounts referenced are in Canadian dollars unless otherwise specified) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Calgary, Alberta (Dec. 15, 2015) </B>&#150; Suncor Energy today announced that it is sending a letter to shareholders of Canadian Oil Sands Limited
(&#147;COS&#148;). The letter outlines the value of Suncor&#146;s offer to purchase all of the shares of COS against the poor performance and track record of COS and what Suncor believes are the severe risks facing COS as an independent company both
now and in the future. Suncor strongly encourages COS shareholders to tender to its offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The text of Suncor&#146;s letter to COS shareholders is
included below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Canadian Oil Sands Shareholders: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite falling oil prices and failing production, the COS Board and management have continued to tell you to &#147;do nothing&#148; to protect the value of
your COS shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We think you deserve better, and with little time remaining before our offer expires, we felt it was important to correct some of the
misleading information COS has published so that you can make a fully informed decision that serves your own best interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consider the facts, and
take the simple steps needed to tender your shares to our offer now. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our offer expires on Friday, January&nbsp;8, 2016 at 6:00 pm Mountain Time
(8:00 pm Eastern Time). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The choice is quite simple. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B>By tendering to our offer</B>, you will receive a significant premium to the pre-offer value of your COS shares (today valued at 40%)<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> and an immediate dividend
increase of 45% above what you get today from COS. Through this &#145;all Canadian&#146; offer, you will also own a stake in Canada&#146;s leading integrated energy company &#150; a company with a rock solid balance sheet that has proven it can
create shareholder value when oil prices rise, <I>and when they don&#146;t</I>. With Suncor, you will benefit from an even larger stake in Syncrude&#146;s operations in Canada&#146;s oil sands and a management team that has the operational expertise
and resources to work with Syncrude&#146;s operator to make performance improvement happen. If Suncor does not receive substantial support for its offer on January&nbsp;8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016, we will look to
pursue other opportunities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B>If you &#147;do nothing&#148; and our offer is rejected, </B>you can expect the value of your shares to drop &#150; sharply. Since October&nbsp;2, when COS was trading at the $6 level, the value of your shares has
been supported by our offer. Without our offer, you can expect COS shares will fall back to that level &#150; <U>and</U> potentially even lower reflecting the roughly 20% drop in oil prices during this period (particularly given COS&#146; claim that
COS shares are 98% correlated to the price of oil). The market will also factor in the negative impact of the chronic and continuing operational challenges at Syncrude. Finally, you will be left owning shares in a company that we do not believe can
create value in this market. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite all this, your Board is telling you that COS will be better off continuing as a standalone company.
What they aren&#146;t telling you is that in this environment, <U>it could take as long as ten years before COS would have enough cash flow to fix its balance sheet and reinstate a significant
dividend</U><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>. That&#146;s an awfully long time to wait, versus taking Suncor&#146;s premium offer and a higher dividend right now. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suncor&nbsp;Energy</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">150&nbsp;6&nbsp;Avenue&nbsp;S.W.&nbsp;Calgary,&nbsp;Alberta&nbsp;T2P&nbsp;3E3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>suncor.com</U></P></TD></TR></TABLE>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consider the following, then decide for yourself who is acting in your best interests and whether you are better
off going forward with Suncor or an independent, overleveraged and underperforming COS: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B>COS Board members and management have almost no skin in the game, yet they want you to take a huge risk by rejecting our offer.</B> Despite their overheated rhetoric and claims that COS would be a strong independent
company, all COS Board members <U>combined</U> (including CEO Ryan Kubik) own less than 0.1% of the company&#146;s shares. If they believed their own rhetoric, wouldn&#146;t they own more than that? This is the same ten person group that took home
total annual compensation of nearly $5 million in 2014 and oversaw more than $25 million in annual G&amp;A spending in a company with no operations and about 30 people<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>. During that same year, COS
shareholders suffered a 48% drop in COS&#146; share price<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>. Then, early this year, you were hit with an 80% cut to your dividend. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>COS simply can&#146;t deliver value in the current &#145;lower for even longer&#146; oil price environment. </B>COS has demonstrated negative free cash flow, a credit profile one notch above &#147;junk&#148; status,
and has a single asset, Syncrude, that continues to underperform. Based on the current outlook for oil prices, we expect COS will be bleeding cash again next year, even if it could achieve its most optimistic forecasts. This could force the company
to make further cuts to its dividend, take on even more debt, or both. Making matters worse, oil price futures suggest we won&#146;t see US$55 per barrel until at least 2020,<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> so any promised
upside &#147;torque&#148; to rising oil prices is wishful thinking at best. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B>COS continues to over promise and under deliver on Syncrude.</B> In each of the past four years, COS has announced rosy production outlooks for Syncrude, then lowered its guidance <B><I><U>multiple times</U></I></B>
over the course of the year and <B><I><U>still</U></I></B> failed to deliver on its promises. Four years in a row. Another operational upset in early December has prompted another reduction in COS&#146; production forecast &#150; just one week after
COS issued 2016 guidance and proclaimed a &#147;New Era&#148; at Syncrude. What evidence has COS given you to suggest that by continuing to do the same thing over and over again the results will be any different, let alone better? </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>There is no evidence a better offer will emerge for COS. </B>COS has made a grand show of pursuing &#147;strategic alternatives,&#148; but when pressed in front of the Alberta Securities Commission, COS admitted it
has had only two <B><I><U>meetings</U></I></B> with potential buyers. The simple fact is that COS does not have a robust process underway. <B><I><U>How would you feel if you had your house on the market for months and had only two
showings?</U></I></B> That is the fact of the matter. It is clear to us that COS&#146; real agenda is to stay independent at any cost. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suncor is offering you full, fair and immediate value for your shares, a significant dividend increase and a proven track record of value creation. We are
also offering you a strong future in a proudly Canadian company with plenty of upside to rising oil prices and significantly less exposure to the major downside risks facing COS in the current (and expected) &#145;lower for even longer&#146; oil
price market environment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The COS Board has a duty to act in your best interests, yet all they have done is tell you to &#147;do nothing&#148;.
<B><U>It&#146;s time for you, the shareholders, to decide</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Act now to protect the value of your investment. To receive the value of our offer
you must tender your shares to Suncor&#146;s offer before 6:00 pm Mountain Time (8:00 pm Eastern Time) on Friday, January&nbsp;8, 2016. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
assistance in doing so, please contact your financial advisor, visit our website at <U>suncorofferforcanadianoilsands.com</U> or call our information agent, D.F. King, at 1-866-521-4427. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g103115g48v91.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steve Williams </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President and
CEO </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Based on the closing price of $34.55 for Suncor on the TSX on December&nbsp;14, 2015, Suncor&#146;s offer has an implied value of $8.64 per COS share, compared to the closing price of $6.19 for COS on Friday,
October&nbsp;2, 2015, the last trading day before Suncor announced its offer. </TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>Analysis based on current strip pricing (e.g. the price of forward contracts to purchase WTI) and COS&#146; statement that its priority as a stand-alone business
would be to pay down debt. On December&nbsp;1, 2015, COS CEO Ryan Kubik said on a COS investor call: &#147;We&#146;ll prioritize debt reduction at this point in time and bring the leverage levels back down towards the lower end of our $1 billion to
$2 billion debt range&#148;. </TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD>
<TD ALIGN="left" VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>Based on total compensation for all directors, including CEO Ryan Kubik. Source: COS Management Information Circular dated March&nbsp;16, 2015. </TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD>
<TD ALIGN="left" VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>The closing price of COS on the TSX was $10.42 on December&nbsp;31, 2014 compared with $19.98 on December&nbsp;31, 2013. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP></TD>
<TD ALIGN="left" VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP><U>http://www.reuters.com/article/us-global-oil-idUSKBN0TQ03V20151207#FL43jRCsIiW2CVSF.97</U> </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Canadian Oil Sands shareholders are strongly encouraged to tender their shares. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information about Suncor&#146;s Offer for COS, visit <U>suncorofferforcanadianoilsands.com</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D.F. King has been retained as information agent for the Offer. Shareholders tendering their shares or who have questions about tendering their shares should
contact D.F. King at: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Free in North America: 1-866-521-4427 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banks, Brokers and Collect Calls: 1-201-806-7301 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Free
Facsimile: 1-888-509-5907 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: <U>inquiries@dfking.com</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOTICE TO U.S. HOLDERS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Offer is being made for
the securities of a Canadian issuer by a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare the Offer documents in accordance with the disclosure requirements of Canada.
Shareholders in the United States should be aware that such requirements are different from those of the United States. The financial statements included or incorporated by reference in the Offer documents have been prepared in accordance with
International Financial Reporting Standards, and are subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of U.S. companies. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders in the United States should be aware that the disposition of their shares in COS (&#147;Shares&#148;) and the acquisition of Suncor common
shares by them as described in the Offer documents may have tax consequences both in the United States and in Canada. Such consequences for shareholders who are resident in, or citizens of, the United States may not be described fully in the Offer
documents. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The enforcement by shareholders of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that each
of Suncor and COS are incorporated under the laws of Canada, that some or all of their respective officers and directors may be residents of a foreign country, that some or all of the experts named in the Offer documents may be residents of a
foreign country and that all or a substantial portion of the assets of Suncor and COS and said persons may be located outside the United States. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE SUNCOR COMMON SHARES OFFERED AS CONSIDERATION IN THE OFFER DOCUMENTS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION (&#147;SEC&#148;) OR ANY U.S. STATE SECURITIES COMMISSION NOR HAS THE SEC OR ANY U.S. STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFER AND CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders should be aware that, during the period of the Offer, Suncor or its affiliates, directly or indirectly, may bid for or make purchases
of Suncor common shares or Shares, or certain related securities, as permitted by applicable law or regulations of the United States, Canada or its provinces or territories. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>On October&nbsp;5, 2015 Suncor filed a registration statement on Form F-80, as amended from time to time, which includes the documents related to the
Offer, with the SEC in respect of the Offer. This news release is not a substitute for such registration statement or any other documents that Suncor has filed or may file with the SEC or send to shareholders in connection with the
</B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
Offer. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-80 AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE OFFER AS THEY
BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a free copy of the registration statement on Form F-80, as well as other filings
containing information about Suncor, at the SEC&#146;s website (<U>sec.gov</U>). </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release contains certain &#147;forward-looking statements&#148; within the meaning of the United States Private Securities Litigation Reform Act of
1995 and &#147;forward-looking information&#148; within the meaning of applicable Canadian securities legislation (collectively, &#147;forward-looking statements&#148;), including statements about: COS&#146; trading price, including that a sharp
drop in COS share price would occur if no action is taken (possibly to or below its pre-offer price); the significant premium and increase in dividend to be received by tendering to the offer; the potential for Suncor to make performance
improvements happen at Syncrude; Suncor&#146;s plans in the event it does not receive substantial support for its offer on January&nbsp;8th, 2016; the time period (as long as ten years) before COS would have enough cash flow to fix its balance sheet
and reinstate a significant dividend; COS not being able to deliver value in the current &#145;lower for even longer&#146; oil price environment and that based on the current outlook, COS will be bleeding cash again next year, even if it could
achieve its most optimistic forecasts, forcing it to possibly cut its dividend, take on more debt or both; future oil prices; and Suncor&#146;s strong future with plenty of upside to rising oil prices and significantly less exposure to the major
downside risks facing COS in the current (and expected) &#145;lower for even longer&#146; oil price market environment, that are based on Suncor&#146;s current expectations, estimates, projections and assumptions that were made by Suncor in light of
its experience and its perception of historical trends. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are
unique to Suncor. Users of this information are cautioned that actual results may differ materially as a result of, among other things, assumptions regarding expected synergies and reduced operating expenditures; volatility of and assumptions
regarding oil and gas prices; assumptions regarding timing of commissioning and start-up of capital projects; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in marketing operations
(including credit risks); imprecision of production and reserves estimates and estimates of recoverable quantities of oil, natural gas and liquids from Suncor&#146;s properties; the ability to access external sources of debt and equity capital; the
timing and the costs of well and pipeline construction; assumptions regarding the timely receipt of regulatory and other approvals; the ability to secure adequate product transportation; changes in royalty, tax, environmental and other laws or
regulations or the interpretations of such laws or regulations; applicable political and economic conditions; the risk of war, hostilities, civil insurrection, political instability and terrorist threats; assumptions regarding OPEC production
quotas; and risks associated with existing and potential future lawsuits and regulatory actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Suncor believes that the expectations
represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Suncor&#146;s Offer to Purchase Canadian Oil Sands Limited shares and accompanying Take-over Bid Circular dated
October&nbsp;5, 2015, Suncor&#146;s Notice of Variation and Change of its offer dated November&nbsp;12, 2015, Suncor&#146;s Notice of Extension of its offer dated December&nbsp;3, 2015 (collectively the &#147;Offer documents&#148;), its
management&#146;s discussion and analysis (&#147;MD&amp;A&#148;) for the period ended September&nbsp;30, 2015 (the &#147;Third Quarter MD&amp;A&#148;) and dated October&nbsp;28, 2015, 2014 Annual Report and its most recently filed Annual Information
Form/Form 40-F and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated
herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, or by email request to <U>invest@suncor.com</U> or by referring to the
company&#146;s profile on SEDAR at <U>sedar.com</U> or EDGAR at <U>sec.gov</U>. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Suncor&#146;s actual results may differ materially from those expressed or implied by its forward looking statements, so readers are cautioned not to place undue reliance on them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The financial and operating performance of Suncor and its reportable operating segments and the timing and terms upon which the Offer may be consummated, if
at all, may be affected by a number of factors. Many of these risk factors and other assumptions related to Suncor&#146;s forward-looking statements and information are discussed in further detail throughout the Offer documents, the Third Quarter
MD&amp;A, and in Suncor&#146;s 2014 annual MD&amp;A, 2014 Annual Information Form and Form 40-F on file with Canadian securities commissions at <U>sedar.com</U> and the SEC at <U>sec.gov</U>, and readers should refer to such risk factors and other
statements in evaluating the forward-looking statements contained in this news release. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Suncor Energy is Canada&#146;s leading integrated energy company. Suncor&#146;s operations include oil sands
development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly
develop petroleum resources while also growing a renewable energy portfolio. Suncor is listed on the UN Global Compact 100 stock index and the Corporate Knights&#146; Global 100. Suncor&#146;s common shares (symbol: SU) are listed on the Toronto and
New York stock exchanges. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @SuncorEnergy, or come and See
what Yes can do. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 30 - </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more
information please contact: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor inquiries: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800-558-9071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>offer@suncor.com </U></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media inquiries: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">403-296-4000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>media@suncor.com </U></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>SUNCOR ENERGY INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: December&nbsp;15, 2015</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shawn Poirier</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Shawn Poirier</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Assistant Corporate Secretary</TD></TR>
</TABLE>
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