Calgary, July 21, 2004 (TSX -- COS.UN) — Canadian Oil Sands Trust (“Canadian Oil Sands” or the “Trust”) (TSX - COS.UN) today announced its financial results and a distribution of $0.50 per Trust unit for the quarter ended June 30, 2004. The second quarter distribution will be paid on August 31, 2004 to unitholders of record on August 3, 2004.

Click here for the full text of this second quarter release, including the Management’s Discussion and Analysis.