Concerned Shareholders of Alberta Oilsands Inc. Respond to Management Release

TORONTO, ONTARIO--(Marketwire - June 8, 2012) - The concerned shareholders thank Mr. Goodisman and Alberta Oilsands Inc. ("AOS" or the "Company") for their collective comments today. The concerned shareholders never solicited Mr. Goodisman to be a part of the new slate, but rather added Mr. Goodisman to their slate of proposed new board nominees in good faith, and for the benefit of shareholders because:

1. he provides continuity;
2. he is the only director whose interests appear to be aligned with those of AOS shareholders as he has actually invested his own money into AOS shares in a somewhat significant way, as opposed to the rest of the incumbent directors; and
3. he has a strong background and potential future utility to AOS in his various positions and capacities at U.S. Scotia Waterous.

The concerned shareholders look forward to working with Mr. Goodisman after June 28, 2012. However, if Mr. Goodisman is incapable of understanding why change is needed and chooses to be part of the problem and not the solution, the concerned shareholders will accept his stepping aside to finally allow for proper and necessary optimization of shareholder value under the strong and dynamic proposed slate of those seasoned candidates named in the concerned shareholders' information circular.

Fellow AOS shareholders will shortly be receiving the information circular prepared by the concerned shareholders. The concerned shareholders ask their fellow shareholders to read the information circular and to pay particular attention to the plan of action being put forward to create shareholder value, in contrast to the value destruction over which the current management and current board has presided.

Norton Rose Canada LLP (http://www.nortonrose.com), a global law firm with Canada's leading shareholder activist/defence practise, as well as Phoenix Advisory Partners (http://phoenixadvisorypartners.com), a leading global proxy advisory firm, have been retained as strategic advisors to the concerned shareholders in connection with this matter. For information on how to vote your GREEN proxy, as well as access to other important materials, please visit www.saveAOS.com.