Concerned Shareholders Have Deals in Hand to Immediately Build Value

TORONTO, ONTARIO--(Marketwire - June 22, 2012) - The concerned shareholders ("New Board") of Alberta Oilsands Inc. ("AOS" or the "Company") are pleased to announce that they are currently evaluating a number of accretive transactions.

Paradigm Capital Inc. ("Paradigm Capital") has been engaged to assist the New Board in this process. Paradigm Capital is an independent, full-service, Canadian investment banking firm, headquartered in Toronto, Ontario, with an energy industry focused office in Calgary, Alberta. Paradigm Capital has been in business since 1999 and has approximately 70 employees with extensive experience in financial advisory roles across various industry sectors. Energy is a focus area for Paradigm Capital with professionals dedicated to trading, researching, advising and financing domestic and international oil and gas companies. Paradigm Capital has successfully raised more than $6.4 billion in aggregate financings over the past two years for Canadian-based growth-focused companies.

Joe Francese stated, "We are ready to start. After June 28^th, we intend to quickly add value as per our business plan, organically and through added-value transactions which should immediately benefit the share price. We are reviewing numerous domestic and international opportunities which would complement the current suite of oilsands assets. We believe that these can deliver the short and long term value and excitement to expose shareholders to upside from multiple assets under the appropriate structures."

STATUS QUO NOT ACCEPTABLE

The New Board was dismayed to see the article appearing in the Wednesday Calgary Herald, linked below:

http://www.calgaryherald.com/business/Investors+take+Alberta+Oilsands+board/6804683/story.html

which stated:

"The company [AOS] has been ushering its Clearwater thermal oilsands project through the regulatory process for more than two years, stymied recently by a freeze on development near to the city of Fort McMurray. Last August, Alberta Sustainable Resource Development cancelled all surface lease applications in an area surrounding the city, including the area where the 29,000 barrel per day Clearwater project will be developed, just east of the Fort McMurray airport runway."

While Clearwater is a promising asset, the New Board will not allow AOS incumbents to continue focusing all of their efforts on an asset in an area covered by a moratorium, while the share price sinks. The New Board will also not allow the treasury to be sucked dry by excessive compensation such as the approximately $390,000 being paid to the Chairman/co-CEO (annualized based on the $149,894 compensation paid in 2011 plus an additional fee of $20,000 per month), as per Jack Crawford's admission on BNN yesterday (starting at the four minute mark) which can be viewed at the following link:

http://watch.bnn.ca/#clip705800

TIME IS OF THE ESSENCE - THE TIME TO VOTE IS NOW

Fellow AOS shareholders are urged to read the information circular prepared by the concerned shareholders, and to seize this opportunity and vote the GREEN proxy for the concerned shareholder nominees.

Shareholders who have voted the management proxy and wish to support the concerned shareholders have the right to change their vote by simply executing a GREEN proxy. A later-dated GREEN proxy replaces a previous recorded vote.

To be effective, GREEN proxies must be returned no later than June 25, 2012 at 5:00 P.M. (Calgary Time).

For assistance and ease with voting your GREEN proxy, please contact Phoenix Advisory Partners (toll-free) at 1-800-294-4817 or visit www.saveAOS.com where the GREEN proxy can be easily voted by clicking on the large green "Vote Now" button and simply inputting the Control number on your GREEN proxy.