excerpts The Corporation believes that the directors and officers of the Corporation
who own Shares intend to exercise all their Rights to purchase Units under
the Basic Subscription Privilege.
Pursuant to applicable securities legislation, if the Rights Exercise Price on
the Closing Date is greater than the average of the closing price of the Shares
on the TSXV for the 20 trading days immediately preceding the Closing Date,
no insider of Alberta Oilsands will be permitted to increase his or her
proportionate interest in the Corporation through the exercise of Rights under
the Offering.
With respect to its operations, as previously announced, the Concerned Shareholders on behalf of the
Corporation entered into an agreement in principle on or about June 24, 2012 concerning a potential
farm-in to Alberta Oilsands' 51 exploration permits at Algar Lake. Since the date of the Reconvened
Meeting on August 2, 2012, Alberta Oilsands has been continuing its due diligence review of the
proposed farm-in partner to ensure that it would have the ability to meet its obligations under the
proposed farm-in arrangement. The Corporation anticipates completing such due diligence review by
October 31, 2012 or earlier.