Calgary, Alberta (July 21, 2005) – Canadian Oil Sands Trust (“Canadian Oil Sands” or the “Trust”) (TSX - COS.UN) today announced net income of $219 million, or $2.38 per Trust unit (“Unit”), and funds from operations of $284 million, or $3.09 per Unit, for the quarter ended June 30, 2005. Per Unit, net income rose 113 per cent and funds from operations was up 75 per cent compared to the same three month period of 2004, setting all-time quarterly records for Canadian Oil Sands Trust.