Equity Shares and Warrants of OilSands Canada Corporation Commence Trading Independently

    TORONTO, Aug. 30 /CNW/ - Middlefield is pleased to announce that
effective September 4, 2007, the Equity Shares and Equity Share Purchase
Warrants comprising the Units of OilSands Canada Corporation (the "Fund")
(TSX: OCF.UN) will separate and commence trading independently on the Toronto
Stock Exchange under the symbols OCF and OCF.WT, respectively. Each Unit will
divide into one Equity Share and one-half of one Equity Share Purchase
Warrant. Each whole Equity Share Purchase Warrant entitles the holder to
purchase one Equity Share of the Fund at a subscription price of $10.25 at any
time during the three-year period ending July 31, 2010.
    Based upon the analysis provided by the Special Advisor to the Fund,
Groppe, Long & Littell, it is Middlefield's view that favourable fundamentals
continue to underpin long-term oil and gas prices, providing attractive
opportunities for investment in the Canadian oil sands sector. Additionally,
the Advisor's prudent approach to investing the Fund's assets since the
completion of its initial public offering has enabled the Fund to capitalize
on the recent volatility experienced in the equity markets. As at August 29,
2007, approximately 60% of the Fund's assets were held in cash and cash
    The Fund has been designed to provide long-term capital appreciation by
investing in an actively managed, diversified portfolio comprised primarily of
publicly-listed energy-related equity securities of issuers that operate in or
have exposure to the Canadian oil sands sector.

For further information:

For further information: please visit our website at
www.middlefield.com, or contact the undersigned: Nancy Tham, Senior Vice
President, (416) 847-5349

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