Alberta Oilsands Inc. Shareholders Call for New Slate of Directors for Election


CALGARY, April 19, 2012 /CNW/ - Shareholders (the "Requisitioning Shareholders"), holding not less than 5% of the shares of Alberta Oilsands Inc. ("AOS") (TSX-V:AOS), have requisitioned a shareholders' meeting for the purpose of replacing the current Board of Directors of AOS. The proposed slate of new Directors is as follows:

Leslie R Duncan, Q.C. of Calgary, AB
Chad L Dust of Calgary, AB
Dwayne S Tyrkalo of Calgary, AB
Dale G Hammons of Bonnyville, AB
Director Nominee (The 5th Nominee, not yet determined, will be independent of the foregoing nominees and will be identified in the Proxy Circular to be issued on behalf of the undersigned in connection with the shareholder meeting)

AOS is required to call a meeting for such purpose.  The Requisitioning Shareholders have requested the meeting be held at the earliest feasible date.

Leslie Duncan, Chad Dust, Dwayne Tyrkalo, and Dale Hammons have each signed undertakings to AOS and its shareholders that they will not accept appointment as an Officer or Employee of AOS for a period of 1 year from the date of their election as Directors.

Further, the proposed new Board of Directors have undertaken that they will exercise their authority as Directors to assure that the Directors' fees in the aggregate for the year following their election will be, at a maximum, half of the fees currently being paid to the Board of AOS.

The requisitioning shareholders stated that this shareholder group (the "Requisitioning Shareholders") has lost confidence in the present Directors and Management.  They stated:

  1. AOS has staked its future in its application to the ERCB and Alberta Government for development of its Clearwater leases in the Alberta Oilsands.  This application has been long delayed and any approval for production is uncertain.

  2. In any event, AOS currently has insufficient funding to undertake and complete the proposed Clearwater production development which was submitted approximately 27 months ago in January of 2010 to the Alberta Energy Resources Conservation Board (E.R.C.B).

  3. AOS has current working capital of approximately $20 million which is being eroded by substantial Directors' fees and compensation to management.

  4. The current Directors own approximately 1.9% of the shares of AOS and are less representative of shareholder interests than the proposed Directors.

  5. The circumstances require a new Board of Directors to consider other more economic options and timely development, additional strategic alternatives and possible sale of its assets or some of them, a merger or joint venture or other processes by which shareholder value may be unlocked.

  6. The current Directors of AOS are required to call a meeting within 21 days.  If they fail to do so, the Requisitioning Shareholders will be calling a meeting in accordance with the provisions of the Alberta Business Corporations Act.

  7. The Requisitioning Shareholders will be issuing a Dissident Proxy Circular in connection with the forthcoming shareholders' meeting and will be soliciting proxies in support of the election of the proposed slate of new Directors at the requisitioned shareholders' meeting.


Chad Dust

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

The forward-looking statements contained in this document are made as of the date hereof and undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws


SOURCE Alberta Oilsands Inc.

For further information:

(403) 608-6505 or (403) 975-6505 phone
(403) 265-7335 fax

Organization Profile

Alberta Oilsands Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890