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Alberta Oilsands Provides Update on Its Application to the Government of Alberta for Compensation of

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Alberta Oilsands Provides Update on Its Application to the Government of Alberta for Compensation of Its Cancelled Clearwater Leases

NOT FOR DISSEMINATION IN THE U.S.A.

Calgary, Alberta CANADA, January 14, 2014 /FSC/ – Alberta Oilsands Inc.(“AOS” or the “Company”) (TSXV:AOS) is pleased to provide an update on its application to the Government of Alberta for compensation of its cancelled Clearwater oil sands leases.

As previously announced on November 28, 2013, the Company submitted a claim to the Government of Alberta for compensation of approximately $56 million (including interest) under the Mineral Rights Compensation Regulation as a result of the cancellation of the Company’s certain oil sands leases within the Fort McMurray Urban Development Sub-Region (UDSR).

The Alberta Department of Energy is currently conducting an audit on AOS’ submitted compensation claim. The audit will include a review of the supporting documents for the development allowance claimed under the Company’s submission. The Company is currently working with the Alberta Department of Energy in connection with the review of the supporting documentation for the claimed development allowance and hopes to complete the audit as expeditiously as possible.

In anticipation of the settlement with the Government of Alberta relating to the cancellation of the Company’s oil sands leases, the Board has initiated a review of the Company’s use of proceeds going forward. This process may result in the declaration of a dividend, among other alternatives. At this time, the Company does not intend on committing to any new major investments until a new business plan has been progressed and any required shareholder and regulatory approvals are obtained.

About Alberta Oilsands Inc.

Alberta Oilsands Inc. is engaged in the exploration and development of drill-defined domestic assets, and an expanding portfolio of international projects. AOS holds bitumen leases in the Athabasca oil sands region of northeast Alberta. In addition, the Company’s Africa initiative is focused on active and known onshore and offshore basins on the East Africa Rift System and offshore Africa in pursuit of additional Cretaceous and Miocene aged critical mass opportunities. The Company’s head office is located in Calgary, Alberta, Canada and its common shares are traded on the TSX Venture Exchange under the trading symbol AOS.

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For further information please contact:

Binh Vu

Interim CEO & President

+1 416 951 8800

bvu@aboilsands.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements included in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “hope”, “plan”, “intend”, “estimate”, “potential”, “propose”, or similar words suggesting future outcomes or statements regarding an outlook. Specific forward-looking statements in this press release include, without limitation, statements with respect to the timing and amount of compensation to be received from the Province of Alberta for the Clearwater property.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the Province of Alberta arriving at a different interpretation as to the amount of compensation payable to the Company. Accordingly, readers should not place undue reliance on forward-looking statements contained in this press release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Additional risks and uncertainties affecting AOS and its business and affairs are described in further detail in the Company’s Annual Information Form for the year ended December 31, 2012. Although AOS believes that the expectations in such forward looking information are reasonable, there can be no assurance that such expectations shall prove to be correct. The forward looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward looking information included herein is made as of the date of this press release and AOS assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law.

To view this press release as a PDF, please click on the following link:

http://www.usetdas.com/pr/albertaos01142014.pdf

Source: Alberta Oilsands Inc. (TSX-V AOS) www.aboilsands.ca

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