Concerned Shareholders of Alberta Oilsands Inc. to Hold Former Management Personally Accountable for Frivolous Proceedings

TORONTO, ONTARIO--(Marketwire - June 26, 2012) - The concerned shareholders ("New Board") announce and advise Alberta Oilsands Inc. ("AOS" or the "Company") that, in anticipation of the successful election of the New Board, the New Board will use all legal means to hold former management personally liable for the use of Company funds to further any frivolous or vexatious legal proceedings initiated as a stalling tactic to the eventual election of the New Board.

IT IS NOT TOO LATE TO CHANGE YOUR VOTE 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.