ZAM Investments Luxembourg, s.a.r.l. - News Release

CALGARY, April 8 /CNW/ - ZAM Investments Luxembourg, s.a.r.l. ("ZAM") announced today that it has acquired 835,000 common shares of Athabasca Oil Sands Corp. (TSX, Symbol "ATH") (the "Corporation") pursuant to the initial public offering of the Corporation. ZAM paid an aggregate of $15,030,000 to acquire such common shares ($18.00 per common share). Prior to this purchase, ZAM owned 56,545,750 common shares of the Corporation representing 18% of the issued and outstanding common shares prior to giving effect to the initial public offering.

As a result of this purchase, ZAM holds 57,380,750 common shares of the Corporation, representing approximately 14% of the Corporation's currently issued and outstanding common shares.

ZAM acquired the common shares of the Corporation for investment purposes only. ZAM intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, ZAM may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.

SOURCE ZAM Investments Luxembourg, s.á.r.l.

For further information: For further information: For a copy of the early warning report filed in respect of the above transaction, please contact: Attn: Chief Legal Officer, Ziff Brothers Investments, L.L.C., 350 Park Avenue, 4th Floor, New York, NY, 10022, Telephone: (212) 292-6517

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ZAM Investments Luxembourg, s.á.r.l.

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