CALGARY, ALBERTA--(Marketwire - March 23, 2012) - Canadian Oil Sands Limited (TSX:COS) (OTCQX:COSWF) (the "Corporation") today filed with Canadian securities regulatory authorities the Corporation's 2011 Annual Report and Management Proxy Circular dated March 20, 2012. The Corporation's audited consolidated annual financial statements for the year ended December 31, 2011 and related management's discussion and analysis, as well as its Annual Information Form dated February 23, 2012 were previously filed on February 24, 2012. Copies of the filed documents may be obtained through the Corporation's profile on [ www.sedar.com ], the Corporation's website at [ www.cdnoilsands.com ], or by emailing the Corporation at [ invest@cdnoilsands.com ].

Canadian Oil Sands Limited

Canadian Oil Sands Limited provides a pure investment opportunity in the oil sands through its 36.74 per cent interest in the Syncrude Project. Syncrude is a leader in Canada's oil sands industry, operating since 1978 with a productive capacity today of 350,000 barrels per day of light, high-quality crude oil.

For more information about Canadian Oil Sands please visit our web site at [ www.cdnoilsands.com ]

Canadian Oil Sands Limited

Marcel Coutu

President & Chief Executive Officer

Ticker Symbols

Toronto Stock Exchange Symbol: COS

OCTQX Symbol: COSWF

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