Concerned Shareholders of Alberta Oilsands Inc. Deposited GREEN Proxies Totalling Over 55 Million Common Shares

TORONTO, ONTARIO--(Marketwire - June 26, 2012) - The concerned shareholders ("New Board") are very pleased to announce that they have, as of 10:00 a.m. (Calgary time), deposited validly completed GREEN proxies totaling an aggregate of 55,147,455 common shares of Alberta Oilsands Inc. ("AOS" or the "Company") with the Company's transfer agent Valiant Trust Company. This represents 35.1% of the Company's issued and outstanding share capital. By all accounts, this will represent a clear majority of the shares to be voted at the June 28 shareholders' meeting.

The New Board challenges the Incumbents to publicly release their total BLUE proxy vote count, as the New Board has done in this press release. If the Incumbents have received less than the 55,147,455 million votes received by the New Board in GREEN proxies, the New Board asks and urges the Incumbents to do the honourable thing for the benefit of all shareholders, and to immediately begin the transition over to the New Board, without squandering further shareholder time and money.

Now is not the time for spurious legal arguments and fighting in a forsaken attempt to remain in an entrenched control position over AOS, to continue to draw salaries, and to further destructively devour the valuable treasury on lawyers and on other professional fees. Now is the time to do what is right.

Joe Francese stated: "We are extremely pleased to announce that the response from our fellow shareholders has been overwhelmingly in favour of change. The New Board looks forward to the meeting to be held at the Metropolitan Conference Centre, Plaza Room, 333 - 4^th Avenue S.W., Calgary, Alberta, on Thursday, June 28, 2012 at 10:00 a.m. (Calgary time) and encourages all shareholders to attend to meet the New Board in person."

IT IS NOT TOO LATE TO CHANGE YOUR VOTE TO THE GREEN PROXY FOR CHANGE IF YOU HAVE VOTED THE BLUE MANAGEMENT PROXY. PLEASE SEE INSTRUCTIONS BELOW.

** IMPORTANT:

If you have already voted using the blue management proxy, YOU MAY REVOKE YOUR VOTE simply by executing and submitting the GREEN form of proxy, as the later-dated proxy will revoke your previously recorded vote. The Concerned Shareholders will then deposit any GREEN proxies to the Chair at the June 28, 2012 Meeting at 10:00 a.m. (Calgary time). If you are no longer in possession of your GREEN proxy, simply call Phoenix Advisory Partners toll free at 1-800-294-4817 and they will arrange to have your GREEN proxy voted.

If you require assistance voting your GREEN proxy, please contact Phoenix Advisory Partners toll free at 1-800-294-4817 or visit www.saveAOS.com to vote NOW. Once there, click on the big green VOTE button and simply type in your control number listed on your GREEN proxy which you received in the mail.