OilSands Canada Corporation - IPO closes at $50 million

    TORONTO, Aug. 2 /CNW/ - Middlefield Group, on behalf of OilSands Canada
Corporation (the "Fund"), is pleased to announce that the Fund has completed
its initial public offering of 5,000,000 Units at a price of $10.00 per Unit
for gross proceeds of $50,000,000. Each Unit consists of one equity share and
one-half equity share purchase warrant. Each whole warrant is exercisable at a
price of $10.25 and expires on July 31, 2010.
    Middlefield Capital Corporation (the "Advisor") will act as the Advisor
responsible for managing the Fund's investments, including asset mix and
security selection. With approximately $4.0 billion in assets under
management, Middlefield has specialized in the oil and gas and mining sectors
for many years.
    Groppe, Long & Littell (the "Special Advisor"), a Houston, Texas based
oil and gas consulting firm, will be Special Advisor to Middlefield, providing
it with an analysis of the global economic and political forces impacting the
prices of oil and natural gas. Henry Groppe, the founder of the Special
Advisor, will be the individual primarily involved in providing services to
the Fund. Mr. Groppe has over 50 years of experience in the oil, natural gas
and petrochemical industries.
    The Fund has been created 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. Additionally, up to 20% of the
portfolio may be invested in securities of private issuers which, in the view
of the Advisor, are acquisition targets or are likely to become
publicly-listed in the near to mid term, thereby offering the potential for
capital appreciation.
    Based upon the analysis provided by the Special Advisor, it is the view
of the Advisor that the Canadian oil sands sector will continue to offer
attractive opportunities for investment and considerable growth prospects for
oil sands participants. Important attributes of the Canadian oil sands sector
include: the quality and size of the oil sands resource base; Canada's
politically stable investment environment; and Canada's strategic proximity to
the United States, the world's largest energy consumer.
    The syndicate of agents was co-led by CIBC World Markets Inc. and RBC
Capital Markets, and included BMO Nesbitt Burns Inc., National Bank Financial
Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation,
Raymond James Ltd., Dundee Securities Corporation, HSBC Securities (Canada)
Inc., Blackmont Capital Inc., Wellington West Capital Inc., Berkshire
Securities Inc., Desjardins Securities Inc., Middlefield Capital Corporation,
Research Capital Corporation and Richardson Partners Financial Ltd.
    The Fund trades on the Toronto Stock Exchange under the symbol OCF.

For further information:

For further information: please visit our website at www.middlefield.com
or contact Nancy Tham, Senior Vice-President, at (416) 847-5349 or toll free
at 1-888-890-1868

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