Africa Oil Corp.

Africa Oil Corp.
Alberta Oilsands Inc.

September 10, 2010 16:30 ET

Africa Oil and Alberta Oilsands Announce Assignment of Blocks 12A and 13T in Kenya to Africa Oil Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2010) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil") and Alberta Oilsands Inc. (TSX VENTURE:AOS) ("AOS") are pleased to announce that the assignment, from Platform Resources Inc. ("Platform"), a wholly-owned subsidiary of AOS, to Africa Oil Kenya B.V., a wholly-owned subsidiary of Africa Oil, of Platform's 100% interest in Blocks 12A and 13T in Kenya has received regulatory approval and is now complete.

Consideration for the assignment is comprised of 2.5 million Africa Oil common shares and 1.5 million Africa Oil share purchase warrants, each of which is exercisable into one common share at a price of $1.50 per share for a period of two years. The terms of the warrants contain an accelerated exercise clause which is triggered if Africa Oil's common shares trade at over $2 per share for 20 consecutive trading days. If the acceleration clause is exercised by Africa Oil, the warrants will expire on a date that is not less than 180 days from the date of written notice to Platform.

The contract areas are adjacent to Africa Oil's Block 10BB which hosts the Loperot-1 oil discovery (see Africa Oil's news release dated January 7, 2010 for resource estimates). Existing gravity data on Blocks 12A and 13T suggests that the proven Lokichar basin and other prospective sub-basins and known strong leads in Block 10BB may extend onto these new blocks.

As previously announced by Africa Oil on September 2, 2010, Tullow Oil plc will acquire a 50% interest in, and operatorship of, Blocks 12A and 13T in addition to Blocks 10BB and 10A in Kenya as well as Africa Oil's South Omo Block in Ethiopia.

In connection with the closing of the assignment, AOS amalgamated with Platform by way of a vertical short-form amalgamation, completed pursuant to subsection 184(1) of the Business Corporations Act (Alberta). The amalgamation resulted in the cancellation of Platform's issued and outstanding shares, without repayment of capital in respect thereof. The articles and stated capital of the amalgamated corporation are the same as the pre-amalgamation articles and stated capital of AOS.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and (Puntland) Somalia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. Africa Oil's total gross land package in this prolific region is approaching 250,000 square kilometers - an area roughly the size of Great Britain. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange under the symbol "AOI".

About AOS

Alberta Oilsands Inc. is a technically driven high growth energy company focused on the development and conversion of the company's oil sands resources to reserves and the creation of long term sustainable value by increasing production and cash flow on relevant conventional oil and natural gas assets.

Forward-Looking Statements and Information

This press release contains certain forward-looking statements and information within the meaning of such statements under applicable securities law. Due to the risks, uncertainties and assumptions inherent in forward-looking statements and information, prospective investors in Africa Oil's or AOS' securities should not place undue reliance on forward-looking statements and information.


"Keith Hill"
President and CEO


"Shabir Premji"
Executive Chairman

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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