Calgary, Nov. 21, 2005 (TSX – COS.UN) —Canadian Oil Sands Trust (the "Trust" or "Canadian Oil Sands") today announced that, based on information from the statutory declarations by unitholders, we estimate that, as of October 3, 2005, approximately 37 per cent of our unitholders are non-Canadian residents with the remaining 63 per cent being Canadian residents. 

The Trust previously used geographical searches to determine the level of our non-Canadian ownership; however, statutory declarations are considered to be a more accurate measure of non-Canadian residency status since each unitholder’s position is sworn in an affidavit rather than relying upon geographical address data.  The statutory declarations are only as of a specific record date, and therefore may still not reflect the current ownership level of the Trust’s units; however, given the limitations in the securities registration system and the lack of any process for real-time residency information to flow to the trustee and transfer agent, the Trust is of the view that statutory declarations are currently the most appropriate method of determining the residency status of its unitholders.  As a result, the Trust intends to require its unitholders to complete statutory declarations as to their residency status each quarter to enable the Trust to monitor its level of non-Canadian resident ownership.  The Trust Indenture requires all unitholders to provide such statutory declarations when requested to do so by the trustee and transfer agent.

Canadian Oil Sands will continue to post the level of its non-Canadian ownership on its Web site at the following link: http://www.cos-trust.com/investor/faq.aspx

Mr. Marcel Coutu, President and Chief Executive Officer of Canadian Oil Sands, is scheduled to present at RBC Capital Market’s Oil & Gas and Energy Infrastructure Income Trust Conference in Toronto, Ontario on November 30, 2005 at approximately 1:40 p.m. eastern standard time. The presentation slides and a live audio Web cast will be available on Canadian Oil Sands’ Web site: http://www.cos-trust.com/investor/invPresent.aspx.

Canadian Oil Sands Trust is an open-ended investment trust that generates income from its 35.49 per cent working interest in the Syncrude Joint Venture. The Trust currently has approximately 92.1 million units outstanding, which trade on the Toronto Stock Exchange under the symbol COS.UN. The Trust is managed by Canadian Oil Sands Limited.

Advisory: in the interest of providing Canadian Oil Sands Trust‘s unitholders and potential investors with information regarding the Trust, certain statements throughout this release contain “forward-looking statements” under applicable securities law.  Forward-looking statements in this release include, but are not limited to, statements with respect to the anticipated level of non-Canadian resident ownership. The method by which the level of ownership is monitored is subject to the limitations inherent in the securities registration system and the inability of transfer agents and issuers to obtain residency information in a timely manner.  While the Trust has used statutory declarations to determine the approximate level of non-Canadian residency, there are limitations to this measurement in that such declarations are given as of a specific date and do not reflect the residency level at any particular time other than the specific record date to which the statutory declaration applies.  The Trust would refer the reader to the full discussion of this issue contained on pages 41 and 42 of the Trust’s 2004 Annual Report, pages 36 and 37 of the Annual Information Form of the Trust dated March15, 2005 and the Amended and Restated Trust Indenture, a copy of which is available on www.sedar.com.    Furthermore, the forward-looking statements contained in this release are made as of the date of this release, and the Trust does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.  The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

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