Alberta Oilsands Inc. Strengthens its Board of Directors



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

    CALGARY, Aug. 31 /CNW/ - Alberta Oilsands Inc. (the "Company" or "AOS")
(TSXV: AOS) is pleased to announce the appointment, subject to regulatory
approval, of Mr. Adrian Goodisman, MSc, of Houston, Texas, to the Board of
Directors of the Company.
    Mr. Goodisman is a Managing Director for Scotia Waterous, the global oil
and gas M&A arm of Scotia Capital. He brings investment banking experience,
with a specialization in M&A, and more than 18 years exploration and
production experience to the Board, gained primarily in the United States and
Canada, and internationally in Asia, Europe and South America. Prior to
joining Scotia Waterous, Mr. Goodisman was Senior Vice President with Ziff
Energy Group, during which time he opened its U.S. office and led the
development of its upstream products and services. He also spent nine years
with Phillips Petroleum acquiring technical expertise primarily in field
exploitation and acquisitions and divestitures. Mr. Goodisman currently serves
on the Palmer Drug Abuse Program (PDAP) Board of Trustees, and sits on the
Advisory Board of the Bilateral US-Arab Chamber of Commerce. He also serves on
the Capital Markets Committee of the Independent Producers Association of
America (IPAA), and has served in a variety of positions with the Society of
Petroleum Engineers (SPE) including: Chairman, Canadian Section; Chairman,
International Membership Committee; and Director, Gulf Coast (Houston)
Section. For the 2001/2002 season, he served as an SPE distinguished lecturer.
Mr. Goodisman holds an Honours Bachelor of Science degree in Mathematics from
the University of Salford, United Kingdom and a Masters of Science degree in
Petroleum Engineering from the University of Texas, Austin. Additionally, he
is a registered broker dealer in the U.S. holding Series 24, 7 and 63
licenses.
    Mr. Shabir Premji, Executive Chairman of the Company, stated "We are
extremely pleased to have an individual with Mr. Goodisman's qualifications,
credentials and skills join the Company's Board of Directors. This appointment
is expected to contribute greatly to the execution of the overall strategic
direction and plans of AOS."
    In connection with the appointment of Mr. Goodisman to the Board of
Directors, the previously announced appointment of officers of the Company on
July 23, 2007 and the establishment of consulting arrangements, certain
insiders and consultants of the Company will subscribe for, subject to
regulatory approval, 230,769 common shares of the Company on a private
placement basis at a price of $1.30 per common share, the closing market price
of the common shares of AOS on August 30, 2007, for total gross proceeds of
approximately $300,000. Subject to regulatory approval, the Company has also
approved the grant of an aggregate of 425,000 stock options to a director and
to consultants of the Company. The options will be granted with an exercise
price of $1.30 per common share and will expire five years from the grant
date.

    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.

    %SEDAR: 00020297E




For further information:

For further information: Alberta Oilsands 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; or Chad Dust,
Executive Vice-President, T: (403) 538-3191, cdust@aboilsands.ca; Company
website: www.aboilsands.ca

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ALBERTA OILSANDS INC.

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