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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 957,236 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 957,236 Units represent approximately 10% of the public float of the Trust. As of September 5, 2007, 9,574,012 Units were issued and outstanding. The public float of 9,572,362 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, 2007 and will terminate on September 9, 2008, 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.

Pursuant to a Trust Agreement, the Trust is permitted, but not required, to purchase Units at prices less than 95% of the latest determined net asset value (“NAV”) per Unit (but not exceeding the latest determined NAV per Unit) and/or in excess of 1.25% of the number of Units outstanding in any calendar quarter, subject to the maximum number of Units described above. Purchases of Units at less than NAV per Unit should have the effect of increasing the NAV per Unit. All purchased Units will be cancelled.

The Trust will not purchase in any 30-day period more than 191,480 Units, being 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.

In the 12 months preceding the date of this release, the Trust has purchased for cancellation 359,588 Units pursuant to a market purchase program and a recently expired normal course issuer bid at an average price of $8.31.

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 $8 billion in gross assets as of July 31, 2007. 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. With 29 reporting issuers, Sentry Select is the leading manager and/or advisor to entities listed on the Toronto Stock Exchange. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.

Forward- looking statements: 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 Fund, 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.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries)Tel: 1-888-246-6656
Fax: 416-364-1197

Les documents (y compris les communiqués de presse) se rapportant aux divers fonds d'investissement pour lesquels Sentry agit à titre de gestionnaire ou de conseiller ne sont fournis qu'à titre informatif. Ces documents ne peuvent être considérés comme étant exhaustifs ou exempts d'erreur sans un examen approfondi de la totalité des documents se rapportant à un fonds d'investissement en particulier disponibles sur SEDAR (