Canadian Oil Sands Announces CFO Change

Canadian Oil Sands Trust

Canadian Oil Sands Trust said Thursday Allen Hagerman, FCA, has decided to move from his full-time position as Chief Financial Officer of the Trust's wholly-owned subsidiary, Canadian Oil Sands Limited ("Canadian Oil Sands"), effective as of the April 2007 annual meeting, to a part-time role as Executive Vice President. In this new role, Hagerman will be responsible for various projects and specific Syncrude related matters, such as oversight of the Syncrude business controls project. Ryan Kubik will be promoted to Chief Financial Officer of Canadian Oil Sands effective April 25, 2007.

"As Treasurer, Ryan is a proven member of our executive team. I look forward to him now applying his notable financial acumen and strong knowledge of the Trust and the oil sands business in an expanded role," said Marcel Coutu, Canadian Oil Sands' President and Chief Executive Officer. "I am also pleased that Allen will remain with Canadian Oil Sands, albeit in a new role, which will allow him to pursue his other interests. As a friend and colleague, I extend my sincere thanks to Allen for his dedicated efforts at Canadian Oil Sands during the past years."

Kubik joined Canadian Oil Sands as Treasurer in September 2002. He has more than 15 years of corporate finance experience, holding progressively senior finance positions with EnCana Corporation, PanCanadian Energy and PricewaterhouseCoopers prior to joining Canadian Oil Sands. Kubik holds Chartered Accountant and Chartered Financial Analyst designations and a Bachelor of Commerce Degree from the University of Calgary.

Canadian Oil Sands Trust provides a pure investment opportunity in the oil sands through its direct working interest in the Syncrude Project. Located near Fort McMurray, Alberta, Syncrude operates large oil-sands mines and an upgrading facility that produces a light, sweet crude oil. The Trust is an open-ended investment trust managed by Canadian Oil Sands Limited and has approximately 470.9 million units outstanding, trading on the Toronto Stock Exchange under the symbol COS.UN.