Alberta Oilsands Inc.(formerly Platform Resources Inc.) announces completion of bought deal private placement financing and name change



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./

    CALGARY, June 28 /CNW/ - Alberta Oilsands Inc. (formerly Platform
Resources Ltd.) (the "Company") (TSXV: AOS) announces that, further to its
press releases dated June 7, 2007, it has closed its bought deal private
placement financing with an underwriting syndicate led by Canaccord Capital
Corporation and including Genuity Capital Markets and GMP Securities L.P. The
Company issued 8,888,900 common shares and 4,848,500 flow-through common
shares at a price of $1.35 per common share and $1.65 per flow-through common
share for total gross proceeds of approximately $20 million (the "Private
Placement"). In connection with the Private Placement, the Company paid a
commission to the underwriters of approximately $1.2 million.
    The common shares and the flow-through common shares are subject to a
four-month statutory hold period. The proceeds from the Private Placement will
be used to fund the exploration and development of the Company's oil and gas
properties in western Canada including its Athabasca oil sands lands.
    The Company is also pleased to announce that the TSX Venture Exchange has
approved the Company's name change to Alberta Oilsands Inc. and the issuance
of a new ticker symbol. Effective at the opening of trading today, the common
shares of Alberta Oilsands Inc. will commence trading under the ticker symbol
"AOS". The name change was approved by shareholders at the Company's annual
general and special meeting on May 29, 2007. "The new name appropriately
reflects the Company's vision and its focus on delineation and development of
the bitumen resource in the Athabasca oilsands region of Alberta" said Shabir
Premji, Executive Chairman of Alberta Oilsands Inc.
    The "PFM" ticker symbol will be delisted from the TSX Venture Exchange.
The Company will retain the rights to the Platform Resources Inc. name.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.

    Not for dissemination in the United States of America. This news release
shall not constitute an offer to sell or the solicitation of any offer to buy
securities of the Company in any jurisdiction, including the United States.
The common shares of the Company have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and have not been and will not
be offered or sold in the United States or to any U.S. person except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
    Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of the Company's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
    Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of oil sands properties, the uncertainties
involved in interpreting drilling results and other geological data,
fluctuating oil prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors including
unforeseen delays. As an oil sands focused enterprise, the Company faces
risks, including those associated with exploration, development, approvals and
the ability to access sufficient capital from external sources. Anticipated
exploration and development plans relating to the Company's properties are
subject to change. For a detailed description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and analysis
for the year ended December 31, 2006, both of which are available at
www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking statements. Barrels of oil equivalent ("boe") may
be misleading, particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.

    %SEDAR: 00020297E




For further information:

For further information: Alberta Oil Sands Inc., Suite 2800, 350 - 7th
Avenue S.W., Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702, spremji@aboilsands.ca; Company website:
www.aboilsands.ca

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ALBERTA OILSANDS INC.

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