Calgary, Alberta (July 24, 2007) – Canadian Oil Sands Trust (“Canadian Oil Sands” or the “Trust” or “we”) (TSX - COS.UN) today announced second quarter 2007 results and a quarterly distribution of $0.40 per Trust unit (“Unit”) for Unitholders of record on August 7, 2007, payable on August 31, 2007. Second quarter 2007 cash from operating activities was $324 million, or $0.68 per Unit, compared to $209 million, or $0.45 per Unit recorded in the same period of 2006. For the six months ended June 30, 2007, cash from operating activities totalled $526 million, or $1.10 per Unit, up 33 per cent from the same period of 2006.

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