Platform Resources Inc. announces $20 million bought deal private placement financing

    THE U.S./

    CALGARY, June 7 /CNW/ - The press release of Platform Resources Inc.
issued previously today in respect of the $20 million bought deal private
placement financing of Platform Resources Inc. did not contain the eighth,
ninth and tenth paragraphs set forth below as a result of transmission
problems to the wire service.

    This press release amends and supercedes the prior press release of
    Platform Resources Inc. dated June 7, 2007.

    Platform Resources Inc. (the "Company" or "Platform") (name change
approved to Alberta Oil Sands Inc. at annual general meeting held on May 29,
2007) is pleased to announce that it has entered into a private placement
common share and flow-through common share financing agreement, on a bought
deal basis, with an underwriting syndicate led by Canaccord Capital
Corporation and including Genuity Capital Markets and GMP Securities L.P.
Platform will issue 8,888,900 common shares and 4,848,500 flow-through common
shares at a price of $1.35 per common share and $1.65 per flow-through common
share for total gross proceeds of approximately $20 million.
    The private placement financing is scheduled to close on June 28, 2007
and is subject to customary conditions including regulatory approval.
    The proceeds of the financing will be used to fund the Company's 2007
capital expenditure program. Proceeds from the issuance of the flow-through
common shares will be used to incur Canadian exploration expenses on continued
exploration of the Company's oil and natural gas properties in Western Canada,
including its Athabasca oil sands lands, prior to December 31, 2008 and will
be renounced to subscribers of the flow-through common shares effective
December 31, 2007.
    The common shares of the Company are listed on the TSX Venture Exchange
and trade under the symbol "PFM".


    "Shabir Premji"
    Executive Chairman
    June 7, 2007

    Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of Platform's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
    Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of oil sands properties, the uncertainties
involved in interpreting drilling results and other geological data,
fluctuating oil prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors including
unforeseen delays. As an oil sands focused enterprise, Platform faces risks,
including those associated with exploration, development, approvals and the
ability to access sufficient capital from external sources. Anticipated
exploration and development plans relating to Platform's properties are
subject to change. For a detailed description of the risks and uncertainties
facing Platform and its business and affairs, readers should refer to
Platform's annual financial statements and management discussion and analysis
for the year ended December 31, 2006, both of which are available at Platform undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking statements. Barrels of oil equivalent ("boe") may
be misleading, particularly if used in isolation. A boe conversion ratio of
6 mcf:1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the

    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.

For further information:

For further information: Platform Resources Inc., Suite 2800, 350 - 7th
Avenue S.W., Calgary, Alberta, T2P 3N9; Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702,, Company

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