RE:RE:RE:RE:RE:Looks like they have sent in the clownsMay 1st Release Info.. UDSR CANCELLATION In August 2011, the GoA signed a Memorandum of Understanding with the Regional Municipality of Wood Buffalo (“RMWB”) to take steps to establish an Urban Development Sub Region. The UDSR is a provincially-designated area of Crown land surrounding the Fort McMurray Urban Service Area where future urban development will be the primary intended land use to accommodate population growth and urban expansion. In July 2013, the GoA made a public announcement that leases in the UDSR not compatible with urban development, which includes all oil sands leases and incompatible surface dispositions, would be cancelled to make room for municipal expansion. In October 2013, the Company received a notice from Alberta Energy that the Company’s Clearwater oil sands leases within the UDSR would be cancelled. Specifically, oil sands lease agreements 7407090336 and 7407070268 covering a total area of 1,920 hectares would be cancelled in their entirety; and portions of land representing a total area of 2,421 hectares under oil sands lease agreements 7407080532 and 7407070269 would also be cancelled. In November 2013, the Company submitted an application for compensation under the Mineral Rights Compensation Regulation for its oil sands leases cancelled under the UDSR. As announced on November 28, 2013, the Company is seeking compensation in the amount of approximately $56 million, consisting of lease payments to the Crown, development costs and applicable interest. Since January 2014, the Alberta Department of Energy has been reviewing the Company’s compensation application and in normal course, has been conducting an audit of AOS’ submitted compensation claim to verify that the amounts claimed as development allowance from 2006 to 2013 are being claimed in accordance with section 6 of the Mineral Rights Compensation Regulation. AOS has been working with the Alberta Department of Energy during this audit process by providing supporting documents for the development allowance claimed and has responded to all government queries. AOS and the Alberta Department of Energy have been working in a cooperative and expeditious manner to complete the audit process as soon as practicable and be in a position to confirm the timing and amount of compensation due to the Company as a result of the cancellations under the UDSR. Unlike the lease cancellations under the LARP as described above, the cancellation of AOS’ leases at Clearwater under the UDSR materially affects the Company’s previously proposed SAGD project, as the designated site for the proposed project is located entirely within the cancelled UDSR area and the majority of the Company’s exploration expenditures were incurred within the cancelled UDSR area. In March 2014, the Alberta Energy Regulator notified AOS that it had closed the Company’s Clearwater SAGD application, citing that since the proposed project is within the UDSR, the proposed project will not proceed as oil sands exploration and development are incompatible with future municipal development within the UDSR. On this basis, the Company is of the position that the cancellation of a portion of the Company’s leases within the UDSR area effectively cancels the Company’s proposed SAGD Clearwater project and therefore all expenditures incurred in respect of the exploration and development of AOS’ proposed Clearwater project should be compensated as per the Company’s compensation application submitted in November 2013. STRATEGY UPDATE AOS continues to progress a variety of initiatives as it relates to its existing Africa and Canadian oil sands assets. Africa progress includes working with local partners and host governments to progress initiatives in Zambia and Namibia, while its oil sands efforts have largely been focused on the Company’s UDSR claim. In anticipation of the settlement with the Government of Alberta relating to the cancellation of the Company’s oil sands leases in the UDSR, the board of directors of AOS (“Board”) is in the process of reviewing the Company's current business plan, as well as other alternatives to identify the best appropriate actions for the Company to maximize value for shareholders upon receipt of the compensation funds. This strategic review is identifying a variety of alternatives available to the Company with a view to enhancing shareholder value. This strategic review process could result in the declaration of a dividend, sale of a material portion of the Corporation's assets, a consolidation of assets, a joint venture, farm-out, merger, business combination or a corporate reorganization, among other alternatives. At this time, the Company does not intend on committing to any new major investments until the appropriate reviews are completed and any required regulatory or shareholder approvals are obtained. AOS’ directors and management are committed to maximizing value for its shareholders. Upon receiving funds from the government related to its UDSR claim, AOS will be a company with a very healthy balance sheet, which holds a portfolio of 100% owned oilsands assets, as well as a portfolio of Africa assets that the company owns with majority working interest. Additionally, as the Board evaluates the optimal strategy for the Company, particularly in-light of the anticipated in-flux of cash, the Board is receptive to receiving in-bound enquiries to the Company, that could lead to maximization of shareholder value, including the addition of a new executive team and directors. The Board is currently reviewing a variety of in-bound enquires to the Company, in anticipation of the receipt of funds from the GoA. Read more at https://www.stockhouse.com/news/press-releases/2014/05/01/alberta-oilsands-files-year-end-2013-results-and-provides-corporate-update#VaYWQp3gesyAKccf.99