Concerned Shareholders of Alberta Oilsands Inc. Amused by Management Claim of Being "Effective"

TORONTO, ONTARIO--(Marketwire - June 13, 2012) - The concerned shareholders of Alberta Oilsands Inc. ("AOS") read with interest the June 11 press releases disseminated by the AOS incumbents (the "Incumbents"), which proclaimed sudden "new" business developments, amongst other irresponsible and untruthful nonsense.

The concerned shareholders will address those claims from both press releases, in two parts below.

1. The allegations against the concerned shareholders

2. The bold and bemusing assertion that the Incumbents have created value

ALLEGATIONS

In the first instance, and while groups (Dust, Tyrkalo, et al.) named by the Incumbents may have initially requisitioned a meeting, Joe Francese was the driver in creating and putting forward a new professional, capable, and independent board, with significant shareholdings, and serious qualifications.

Joe Francese commented: "As a long-term and major shareholder of Alberta Oilsands, and as a shareholder who had in the past reached out to the incumbent management with non-dilutive debt financing solutions to develop the AOS asset suite, I was, and continue to be determined to bring positive change. As concerned shareholders, we are troubled by the ill-founded attempts of AOS' current board to identify us as puppets of shadowy conspirators named by AOS as Mr. Dust and Mr. Tyrkalo. I am glad of the momentum that the requisitioning group (Dust, Tyrkalo., et al.) brought to the process, and we used that momentum as a driving force to put together a seasoned new board that I am confident can take Alberta Oilsands to the next level."

"With the Incumbents' press releases yesterday it seems clear to our proposed new board that Jack Crawford et al. want to divert attention from the real issues being their poor governance, lack of investor communication, abysmal stock performance, and myopic and expensive attention to Clearwater."

"As a significant shareholder in this company, I have no hidden agenda. The only agenda for the new slate is a rising share price which all investors seek."

PHANTOM VALUE CREATION AT A 52-WEEK LOW

The concerned shareholders are troubled to be seeing all of this "new" information suddenly being released at this late juncture, in an attempt to demonstrate the addition of value by the Incumbents.

If the news yesterday is as substantial as AOS suggests, it has clearly been in the making for some time, and shareholders should already have known about it, instead of now hearing of it at a bizarrely opportune time, and as part of the AOS board's defence strategy against their own shareholders.

Note that the GLJ reserve audit at Grand Rapids referenced in the press release by the Incumbents was dated at "April 30, 2012" - this is both curious and troubling to the concerned shareholders. A material "32% increase" in contingent resources for AOS should surely have been reported immediately, yet appears to have been in hand without being disclosed for the last nearly 45 days.

In the end however, the news simply validates what the concerned shareholders have been saying all along: AOS needs a variety of business strategies.

HANGINGSTONE

The concerned shareholders would like to highlight the Incumbents' claim that the sale of Hangingstone added real value for AOS shareholders.

To quote from the Incumbents' press release: "....sale of the Hangingstone property for net cash proceeds of approximately $24.7 million....has allowed the company to press ahead with its application for the first phase of the Clearwater project without diluting the current shareholders or incurring debt…"

The reality, of course, is almost the opposite. Because of the Board's actions, a well-funded oilsands player, Athabasca Oil Corp., now controls the Hangingstone oilsands complex which AOS' board let-go for a fraction of its true value, and which has become one of Athabasca's prime portfolio assets, moving swiftly towards development.

AOS, in contrast, is left struggling from those poor decisions, still trying to simply gain permitting for a beleaguered asset near an important regional transportation hub, for which an application was brought to the ERCB, totally impaired by lack of attention to critical details.

Indeed and to reiterate, management claims incorrectly that "This sale has allowed the company to press ahead with its application for the first phase of the Clearwater project without diluting the current shareholders or incurring debt". The concerned shareholders assert that clumsy and poorly considered decisions have diluted AOS shareholder value by eroding the crown jewels in its asset base through indiscriminate sales at bargain basement prices.

It is also remarkable and moreover disturbing that after the sale of the company's interest in Hangingstone, AOS remarked in a press release dated October 3, 2011, that "The proceeds of the sale will be directed to the company's working capital, which will be in excess of $30 million, comprising mostly cash."

$30 million in the treasury in October - a treasury which today, according to the most recent presentation dated April 2012 and available on the AOS corporate website (http://www.aboilsands.ca/_pdfs/Presentations/AOS-Presentation.pdf), sits at only $17 million.

In just 6 months, $13 million seem to have evaporated, or disappeared as compensation into the pockets of the entrenched and profiteering Incumbents who seek your vote for re-election. Perhaps Mr. Crawford can enlighten shareholders. We do know that after his appointment as Chairman with remuneration of $300,000 per annum he immediately chose to take a leave of absence.

The concerned shareholders are confident that their fellow shareholders will be more interested in the Incumbents' performance than their conspiracy theories. The concerned shareholders continue to implore shareholders to judge the Incumbents not on what they say but on what they have done. We urge you to visit www.saveAOS.com to be well versed in our plan of action to re-build AOS.

Voting Instructions:

Time is running short. We urge shareholders to seize this opportunity and vote the GREEN proxy for the concerned shareholder nominees. To ensure the Green proxy is received in time to be voted at the meeting, shareholders are asked to return their proxies no later than June 25, 2012 at 5:00 P.M. (Calgary Time). For assistance with voting your proxy please contact Phoenix Advisory Partners (toll-free) 1-800-294-4817 or AOS@phoenixadvisorypartners.com.

Visit our website at: www.saveAOS.com.