Alberta Oilsands Inc. announces executive appointment

CALGARY, Oct. 18 /CNW/ - Alberta Oilsands Inc. (the "Company" or "AOS") (TSXV:AOS) is pleased to announce the appointment of Andrew Constantinidis as Vice President Finance and Business Development of the Company, subject to required regulatory approvals.

Mr. Constantinidis has lived and worked in Calgary, Hong Kong and Sydney, Australia in the energy, banking and technology sectors. His executive level experience includes international and domestic activities in the fields of finance, planning, project development and operations. Most recently he was Vice President and Chief Financial Officer of Calgary based Eurogas Corporation (EUG.V). Mr. Constantinidis' international experience includes positions at companies including Deutsche Bank, Citibank, ExxonMobil and domestically at IBM. Mr. Constantinidis has a Bachelor of Commerce (Accounting) degree and a Master of Business Administration.

"We are excited to have Mr. Constantinidis complement our executive team. We believe that his experience in large project financing and development will help accelerate our plans for commercial oil sands development." said Mr. Shabir Premji, Executive Chairman of Alberta Oilsands Inc.

About Alberta Oilsands Inc.

Alberta Oilsands Inc. (TSX-V:AOS) is a technically driven, high-growth energy company focused on creating sustainable value through the development of oil sands and conventional resources.

Forward-looking statements: This press release contains forward looking statements. More particularly, this press release contains statements concerning the development of AOS' commercial oil sands projects. Although AOS believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because AOS can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The development of commercial oil sands projects by the Company could be delayed due to market conditions, including low commodity prices, or if AOS is not able to obtain the necessary regulatory approvals or financing for the projects on the timelines it has planned, or at all.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's annual financial statements and management discussion and analysis for the year ended December 31, 2009, which are available at www.sedar.com.

The forward looking statements contained in this press release are made as of the date hereof and AOS undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00020297E

For further information: Shabir Premji, Executive Chairman, [phone], [email protected]; Or Andrew Constantinidis, Vice President Finance and Business Development, [phone], [email protected]; Or visit our website at www.aboilsands.ca