OilSands Canada Corporation announces normal course issuer bid

    TORONTO, Sept. 2 /CNW/ - OilSands Canada Corporation (the "Fund")
announced today its intention to make a normal course issuer bid for its
equity shares through the facilities of the Toronto Stock Exchange (the
"TSX"). This normal course issuer bid is intended to commence on September 4,
2008 and will terminate on September 3, 2009.
    The Fund had 4,483,100 equity shares issued and outstanding as at August
25, 2008. OilSands may, during the 12 month period commencing September 4,
2008 purchase on the TSX up to 420,316 equity shares, being 10% of the public
float of 4,203,169 equity shares and may not, in any 30 day period, purchase
more than 89,662 equity shares, being 2% of the equity shares issued and
outstanding. As at August 25, 2008 OilSands had purchased 311,100 equity
shares at an average price of $7.87 under its previously approved normal
course issuer bid. OilSands will cancel all equity shares purchased pursuant
to the bid. OilSands believes that its equity shares represent good value for
the Fund and purchases under the normal course issuer bid may serve to enhance
returns to shareholders.

    OilSands trades on the Toronto Stock Exchange under the symbol "OCF".

For further information:

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

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