OilSands Canada Makes Normal Course Issuer Bid

OilSands Canada Corporation intends 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, 2009 and will terminate on September 3, 2010.

The Fund had 2,360,638 equity shares issued and outstanding as at August 27, 2009. OilSands may, during the 12 month period commencing September 4, 2009 purchase on the TSX up to 235,413 equity shares, being 10% of the public float of 2,354,138 equity shares and may not, in any 30 day period, purchase more than 47,213 equity shares, being 2% of the equity shares issued and outstanding. As at August 27, 2009 OilSands had purchased 230,400 equity shares at an average price of $4.69 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.