CORRECTION FROM SOURCE: ALBERTA OILSANDS INC. EXPANDS OIL SANDS HOLDINGS IN
CLEARWATER

/NOT FOR DISTRIBUTION IN THE U.S.A./

CALGARY, Nov. 29 /CNW/ - Alberta Oilsands Inc. ("AOS" or the "Company") (AOS - TSX-V) advises on this correction for the news release issued earlier today. The additional oil sands rights acquired are contained in sections 19, 20, 23 and 24 of Twp088 R08 W4M. The previous release had incorrectly mentioned section 18 of Twp088 R08W4M.

About AOS

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.

%SEDAR: 00020297E

For further information:

Alberta Oilsands Inc., Suite 2800, 350 - 7^th Avenue SW, Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T: [phone], F: [phone], [email protected]; or Andrew Constantinidis, VP Finance and Business Development, T: [phone], F: [phone], [email protected]; Company website: www.aboilsands.ca