Calgary, Alberta (Oct. 31, 2007) – Canadian Oil Sands Trust (“Canadian Oil Sands” or the “Trust” or “we”) today announced cash from operating activities in the third quarter of 2007 totalled $484 million, up 45 per cent over the same period last year. Third quarter cash from operating activities of $1.01 per Trust unit (“Unit”) represents almost half of the Trust’s year-to-date amount of $2.11 per Unit. Total cash from operating activities year-to-date in 2007 was $1,010 million, an increase of 38 per cent over the same period in 2006.

The Trust has declared a 38 per cent increase in the quarterly distribution amount to $0.55 per Unit from $0.40 per Unit for Unitholders of record on November 16, 2007, payable on November 30, 2007.

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