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Oil Sands and Energy Mega-Projects Trust (TSX: OSM.UN) announces intention to make normal course issuer bid

Toronto: Sentry Select Capital Corp. (the “Manager”), the manager of Oil Sands and Energy Mega-Projects Trust (the “Trust”), announces that the Trust intends to purchase up to 592,875 of the units of the Trust (the “Units”) for cancellation by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (the “Exchange”). The 592,875 Units represent approximately 10% of the public float of the Trust. As of September 4, 2008, 5,928,745 Units were issued and outstanding. The public float of 5,928,745 Units has been calculated as the issued and outstanding Units less Units held by insiders of the Trust.

The purchases may commence on September 10, 2008 and will terminate on September 9, 2009, or on such earlier date as the Trust may complete its purchases or provide notice of termination. Any such purchases will be made by the Trust at the prevailing market price at the time of such purchases in accordance with the requirements of the Exchange.

The Trust will not make purchases of Units at greater than net asset value. Purchases of Units at less than net asset value per Unit should have the effect of increasing the net asset value per Unit. All purchased Units will be cancelled.

The Trust will not purchase in any 30-day period more than 118,575 Units, representing 2% of the issued and outstanding Units as at the date of acceptance of the notice of the normal course issuer bid by the Exchange.

During the 12 months preceding the date of this release, the Trust purchased for cancellation 242,000 Units pursuant to a market purchase program and an expiring normal course issuer bid at an average price of $8.55.

To the knowledge of the Manager, no director, senior officer or other insider of the Manager intends at present to sell any Units under this bid. However, sales by such persons through the facilities of the Exchange or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose Units are purchased would be the same as the benefits available to all other holders whose Units are purchased.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6 billion in gross assets as of June 30, 2008. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

More information:

Sentry Select Capital Corp.
Investor Services
(broker/investor inquiries)

Sentry Select Capital Corp.
Kinga Lam
(media inquiries)
Fax: (416) 364-1197

This news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the future performance of the Corporation, including the potential for purchases pursuant to the normal course issuer bid. These statements reflect Sentry Select’s current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Sentry Select cannot assure that the forward-looking statements contained in this news release will be realized.

Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (