Alberta Oilsands Inc. reviewing year end Clearwater reserves

Alberta Oilsands Inc. (TSX – VX: AOS), (the “Company” or “AOS”) and its independent reserve evaluator, Ryder Scott Company Canada – Petroleum Consultants (“Ryder Scott”), are in the process of reviewing and revising the Clearwater reserves assignment as set forth in the Estimated Future Reserves and Income Attributable to Certain Leasehold and Royalty Interest, Clearwater West Area, Fort McMurray report dated April 27, 2011 and effective December 31, 2010 (the “Report”) as prepared by Ryder Scott.