Alberta Oilsands to Drill Fort McMurray Clearwater in Canada

Alberta Oilsands Inc. reported that the Alberta Sustainable Resources Development (ASRD) has approved its Fort McMurray Clearwater Oil Sand Exploration Program application (OSE).

The OSE approval for the Clearwater Project allows AOS to drill up to 26 core holes in eight sections in Township 88 Range 07 West of the 4th Meridian (Twp 088 R07W4M) and confirms accessibility.

The approval of the OSE is the culmination of an extensive consultation process with all stakeholders in the area.

Coring operations are expected to commence within the next few days on this project and it is anticipated that the entire winter coring program will be completed around mid-March 2008.

AOS expects to release a comprehensive report on the results from its winter drilling program pursuant to the completion of the program and the analysis of cores in Q2 - 2008.