Alberta Oilsands Inc. Announces Director Appointment and Stock Option Grants

Alberta Oilsands Inc. Announces Director Appointment and Stock Option Grants


Calgary, Alberta CANADA, November 29, 2012 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture)("Alberta Oilsands" or the "Company")is pleased to announce the appointment of Curtis Cohen to the Board of Directors.  Mr. Cohen's 30 plus years of international upstream experience in exploration, appraisal, development and corporate strategic planning will be a valuable addition to the Company's ongoing international strategy.

Mr. Cohen graduated from the University of Chicago Laboratory Schools (Baccalaureate) in 1971 and has geology degrees from Lawrence College (BA, 1975) and Columbia University (MA, 1979).  For fifteen years Mr. Cohen worked in ExxonMobil affiliates, including the Europe-Africa Division of Esso Exploration Inc. in the UK and US, Esso Nigeria, Esso Norway, Esso REP France, Esso Australia and Exxon Co. International and lived a decade abroad. After returning to the US, Mr. Cohen was recruited by Pogo Producing Co. (Pogo) in 1995 and spent the next dozen years leading exploration offshore Thailand, the North Sea and New Zealand, resulting in the drilling of nearly 500 exploration and development wells. When Pogo was acquired in 2007, Mr. Cohen joined Terralliance Technologies Exploration (TTI), a private start-up funded by Goldman Sachs and Kleiner Perkins, as the New Ventures Manager. TTI rebranded as Neos GeoSolutions and Mr. Cohen became the Exploration Manager for its affiliate Energy Operations Argentina in Buenos Aires.  Mr. Cohen has participated in the discovery of 600 MBO in Nigeria OPL 222/223 for Esso Nigeria, 500 MBOE in Thailand B8/32 for Pogo Thailand and 100 MBOE in Longtom & East Kingfish field for Esso Australia.

Mr.Cohen is a member of the American Association of Petroleum Geologists (AAPG), The Society of Exploration Geophysicists (SEG), The Geological Society of America (GSA) and The Society of Petroleum Engineers (SPE). He is also a biographee named in Who's Who In Frontiers Of Science & Technology and has published more than a dozen professional articles in Bulletins of the Geological Society of America and the American Association of Petroleum Geologists and Tectonophysics, among other publications.

Alberta Oilsands also announces today, that subject to regulatory filings, the Company has granted an aggregate of 9,245,000 stock options ("Options") to directors, officers, employees and consultants, pursuant to the Company's Stock Option Plan.  Each Option has an exercise price of $0.10 per common share and expires on November 29, 2017.
Of the Options granted today, 500,000 were granted to GMFB Communications Inc. ("GMFB"), the Company's investor relations consultant.  The Options granted to GMFB will vest as follows: 25% three months after the date of the grant and an additional 25% each three month period thereafter until such Options granted to GMFB are 100% vested.  As previously announced on September 7, 2012, the Investor Relations Agreement between the Company and GMFB ("IR Agreement") is for a 12-month term with a monthly retainer of $4,000.  The IR Agreement and the grant of the Options to GMFB are conditional upon acceptance by the TSX Venture Exchange.

About AOS

Alberta Oilsands Inc. 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:
Binh Vu
Interim CEO & President
(416) 951-8800
[email protected]

GMFB Communications Inc.
(416) 907-9422
Email:  [email protected]