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Wednesday, May 9, 2012

Alberta Oilsands Inc. Announces Board of Directors' Change

Annual and Special Meeting; and Extension of Warrants (nlk)

FSC / Press Release

Calgary, Alberta CANADA, May 09, 2012 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture), (the "Company", "Alberta Oilsands" or "AOS") is pleased to announce that Mr. Wayne Bobye has joined the Board of Directors (the "Board") of AOS.

 Mr. Bobye is an experienced financial professional with significant expertise building relationships with equity analysts and investment bankers. Mr. Bobye has more than 30 years of experience in the oil and gas industry, having held senior positions with Triton Canada Resources., Talisman Energy Inc., Alliance Pipeline Ltd., Altex Pipeline Ltd., and UTS Energy Corporation. Most recently, Mr. Bobye was the Vice President and Chief Financial Officer of SilverBirch Energy Corporation. Mr. Bobye is a Certified Management Accountant and holds a Master of Business Administration and a Bachelor of Commerce degree.

Jack Crawford, Chairman of the Board, commented: "We are very pleased to welcome Wayne to the Board. His knowledge and expertise, specifically in the oil sands industry, will enhance the Board's vision for the Company."

In addition, AOS regrets to announce that Mr. Ken Hughes has tendered his resignation as a director of AOS, as a result of his recent appointment to the Alberta provincial cabinet as Energy Minister. The Board sincerely thanks Mr. Hughes for his diligent and significant contributions to the Company during his tenure as a director and conveys best wishes in his future ministerial duties.

Annual and Special Meeting of Shareholders
The Company will hold its annual and special meeting (the "Meeting") of shareholders on June 28, 2012 at 10:00 a.m. (Calgary Time) in the Metropolitan Conference Centre, Plaza Room, 333 - 4th Avenue S.W., Calgary, Alberta. The record date for the determination of shareholders entitled to receive notice of and to vote at the Meeting is May 29, 2012. Kingsdale Shareholder Services Inc. has been engaged as the proxy solicitation and information agent of the Company.

Warrant Extension
The Company is pleased to confirm that the expiry date of the 5,010,000 Common Share Purchase Warrants ("Warrants") issued on May 19, 2010 and the 1,250,000 Warrants issued on May 30, 2010 has been extended to November 30, 2013. All other terms of the Warrants, including the exercise price of $0.70, have remained unchanged.

About Alberta Oilsands Inc.
Alberta Oilsands is engaged in the exploration and development of bitumen in the Athabasca oil sands region of northeast Alberta. Its head office is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are traded on the TSX Venture Exchange under the trading symbol AOS.
For further information please contact:
Jack Crawford, Chairman
(403) 232-3341
Michael Lee, President and Interim CEO
(403) 232-3371
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