All financial figures are unaudited and in Canadian dollars unless otherwise noted. All figures provided per Unit reflect the 5:1 Unit split effective on the close of business May 3, 2006.

Calgary, AB. (October 24, 2006) – Canadian Oil Sands Trust (“Canadian Oil Sands” or the “Trust” or “we”) (TSX - COS.UN) today announced funds from operations declined slightly to $359 million, or $0.77 per Trust unit (“Unit”), in the third quarter of 2006 compared to $364 million, or $0.79 per Unit, for the same 2005 quarter. For the nine months ended September 30, funds from operations rose to $824 million, or $1.77 per Unit, from $741 million, or $1.61 per Unit, in 2005. The increase in funds from operations year-to-date 2006 primarily reflects higher realized Syncrude TM Sweet Blend (“SSB”) selling prices and sales volumes. For the 2006 three month period, the higher volumes and selling prices were offset by an increase in Crown royalties, which rose to $115 million, or $13.01 per barrel, in the third quarter of 2006 from $6 million, or $0.77 per barrel, in the comparable 2005 quarter. The increase in 2006 Crown royalties reflects the shift in royalty rate to 25 per cent of net revenues during the second quarter of the year. The Trust is declaring a quarterly distribution of $0.30 per Unit for Unitholders of record on November 3, 2006 payable on November 30, 2006.