Concerned Shareholders Release Copy of Letter Delivered to AOS and Wellington Capital Today

TORONTO, ONTARIO--(Marketwire - June 21, 2012) - The concerned shareholders of Alberta Oilsands Inc. ("AOS" or the "Company"), further to the Company's confirmation of discussions about a potentially material transaction, sent a letter to AOS and to Wellington Capital Management, LLP urging them to be candid and transparent, in fairness to all shareholders.

In the interest of full disclosure, the contents of the letter are set out below.

LETTER

"Dear Mr. Crawford and Mr. Rome:

I am writing to you both as a nominee of the concerned shareholders (the "New Board") and as the second largest shareholder of Alberta Oil Sands ("AOS"), to express my serious concern at the lack of disclosure regarding a proposed transaction involving another oilsands company (the "Proposed Transaction"). Among other things, I read with some dismay the press release by AOS that it would "have no further comment on this matter until it is required to do so in accordance with applicable securities laws".

Fairness to all shareholders dictates that stonewalling is not acceptable. Wellington Management Company, LLP ("Wellington") may be wearing several hats here in its involvement in the Proposed Transaction, and AOS needs to act fairly and clarify the record. If the Proposed Transaction is accretive as AOS implies, then all shareholders should see and evaluate it, as part of their judgement on management in the voting for the board.

If the Proposed Transaction is highly dilutive on an acquisition cost per barrel of contingent resources basis, compared to AOS' current 1.5 cents per barrel of contingent resources valuation (net of cash), because of major liabilities overhanging the target of the Proposed Transaction, that is necessary information too.

As matters now stand, we are left to conclude that the current board is using the information for its own advantage in the proxy context. This is contrary to my reasonable expectation as a major shareholder, and that of all other shareholders.

I am also concerned at the impression being given, that Wellington may be getting an advantageous transaction, which benefits its other hats, rather than its AOS shareholder hat. If this impression is correct, then shareholders are entitled to know. If this impression is mistaken, then we should know that too. Any other action is contrary to my reasonable expectations as a major shareholder, and that of all other shareholders.

All shareholders have an interest in this information. I urge you to be candid and transparent, and let the shareholders cast their votes based upon all the facts."

VOTE 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.

Time is of the essence, 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.