Calgary, AB., April 23, 2007 (TSX – COS.UN) — Canadian Oil Sands Trust (“Canadian Oil Sands”) today announced that the Syncrude Joint Venture owners have approved the recommendations of the Opportunity Assessment Team and have started implementing the Management Services Agreement between Syncrude Canada Ltd. (“Syncrude Canada”) and Imperial Oil Resources Ltd. (“Imperial”), previously announced on November 1, 2006.

The Management Services Agreement provides Syncrude Canada, as operator, with the opportunity to access Imperial’s downstream expertise in refining, and through their association with ExxonMobil, global expertise, leading-edge technologies and management and operating best practices. The expectation is that this initiative will deliver sustained improvement in Syncrude’s operating performance.

Since late 2006, an Opportunity Assessment Team comprised of experts from Syncrude, Imperial, ExxonMobil and the other Joint Venture owners has been examining possibilities for improvement at Syncrude. In April, the team presented their specific recommendations, which were approved by Syncrude owners. Such approval was required to proceed with implementation of the Management Services Agreement.

The implementation phase will involve the secondment of Imperial and ExxonMobil personnel and perhaps personnel from other owner companies to Syncrude. The secondees will work closely with Syncrude management and staff to assist in the implementation of the Opportunity Assessment Team’s recommendations and Imperial/ExxonMobil’s global best practices and systems. Secondments from Syncrude to ExxonMobil also will occur to enhance career development and broaden employee knowledge and experience.

To lead this effort, Mr. Tom Katinas has been appointed to the role of President and Chief Executive Officer of Syncrude Canada effective May 1, 2007. Mr. Katinas succeeds current CEO, Charles Ruigrok. Mr. Ruigrok will work with Mr. Katinas to ensure a smooth transition of responsibilities. Charles' next assignment will be announced separately at a later date.

“Syncrude has entered a promising new era with the support of the Management Services Agreement, which should further improve operational performance, thereby strengthening the foundation from which to pursue our growth plans,” said Marcel Coutu, Syncrude Chairman, and President and CEO of Canadian Oil Sands. “Tom’s proven leadership will be an important catalyst in combining the MSA with the contributions of Syncrude’s highly-skilled and committed people to generate the optimal results.”

Mr. Katinas brings extensive worldwide operating experience, having worked at a number of ExxonMobil refining facilities. His most recent assignment was in the ExxonMobil Fawley Refinery where he was the refinery manager for the last four years. The Fawley refinery is the largest refinery in the United Kingdom and one of the most complex in Europe.

“Syncrude has always had a solid reputation when it comes to the strength of its people, its commitment to sustainable development, and the value it places on relationships with stakeholders and the community,” said Mr. Katinas. “My vision is to reinforce these distinctions by building us into a worldwide model for safety, reliability and production.”

Mr. Ruigrok joined Syncrude in December of 2003 on a secondment assignment from Imperial Oil to oversee the completion and integration of Syncrude’s Stage 3 expansion.

“I want to thank Charles for his significant contribution and leadership in successfully overseeing the completion of Stage 3,” said Syncrude Chairman Marcel Coutu. “In addition to being the largest expansion in Syncrude’s history, Stage 3 also was one of the most complex and substantial engineering and construction projects in Canadian history.”

Located near Fort McMurray, Alberta, Syncrude Canada operates large oil-sands mines and an upgrading facility that produces a light, sweet crude oil on behalf of its joint venture owners, which include Canadian Oil Sands Limited, ConocoPhillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Ltd., Nexen Oil Sands Partnership, and Petro-Canada Oil and Gas.

Canadian Oil Sands Trust provides a pure investment opportunity in the Syncrude Project through its 36.74 per cent working interest. The Trust is an open-ended investment trust managed by Canadian Oil Sands Limited and has approximately 479 million units outstanding, trading on the Toronto Stock Exchange under the symbol COS.UN.

Advisory: In the interest of providing Canadian Oil Sands Trust (“Canadian Oil Sands”, the “Trust” or “we”) unitholders and potential investors with information regarding the Trust, including management’s assessment of the Trust’s future plans and operations, certain statements throughout this press release contain “forward-looking statements”. Forward-looking statements in this release include, but are not limited to, statements with respect to: the expectation that the agreement between Syncrude and Imperial Oil will result in sustained improvement in Syncrude’s operating performance; the belief that secondments from Syncrude to ExxonMobil will enhance career development and broaden employee knowledge and experience; and the expectations regarding future secondment and staff locations.

You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Although the Trust believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: the difficulties and risks involved in any complex mining and upgrading operation; labour disruptions and disputes; the limitations in directing Imperial Oil and ExxonMobil’s processes and personnel in providing the services; regulatory requirements and general economic conditions in Canada and in the Fort McMurray area in particular; and such other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by the Trust. We would refer you to the risks and assumptions further outlined in the Trust’s annual information form and annual and quarterly financial reports.

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Canadian Oil Sands Limited
Marcel Coutu
President & Chief Executive Officer

Units Listed – Symbol: COS.UN
Toronto Stock Exchange
For further information:

Siren Fisekci
Director Investor Relations
(403) 218-6228
investor_relations@cos-trust.com

Web site: www.cos-trust.com