Alberta Oilsands Completes Acquisition of Offshore Namibia Blocks

Calgary, January 22, 2013 - Alberta Oilsands Inc. (AOS - TSX Venture), is pleased to announce that further to its press release on December 18, 2012, the Company has completed its acquisition of interests in petroleum exploration blocks 2712A and 2812A ("Namibia Licenses"), located in the Orange Basin, offshore Namibia.

AOS has acquired 100% of Maroon Hill International Limited, a BVI company which owns 85% of Leopard Investments Ten (Pty) Ltd., a local Namibian company that directly holds 100% of the Namibia Licenses. The remaining 15% of Leopard Investments is controlled to the benefit of Namibian economic empowerment and local groups. The Company's interest in the Namibia Licenses is 85%.

In connection with the issuance of the Namibia Licenses, Leopard Investments Ten (Pty) Ltd. and the Government of the Republic of Namibia entered into a Petroleum Agreement for the operation of Blocks 2712A and 2812A which provides, among other things, that the National Petroleum Corporation of Namibia (NAMCOR) will be assigned a 10% carried interest in the subject blocks up to the production stage. The work commitment for the Namibia Licenses is USD $6,000,000 (the "Work Commitment"), to be expended in acquiring geological and geophysical data (including seismic data) over the first four years of the Namibia Licenses. Ten percent of the Work Commitment will be guaranteed by AOS. In addition, AOS has agreed to pay approximately US $130,000 per year for annual rental payment and for the purpose of the training and education of Namibians.

As consideration for the acquisition, AOS paid an aggregate of US $1,500,000 and issued 20,000,000 shares in the capital of the Company at an attributed value of $0.10 per common share (the "Consideration Shares"). An additional US $1,000,000 is payable on the 1st anniversary of the closing date, if certain conditions of the vendor are satisfied. A finder's fee is payable in the form of the issuance of 2,250,000 common shares at an attributed value of $0.10 per common share (the "Finder Shares") to an arm's length third party. The Consideration Shares and the Finder Shares are subject to a statutory hold period of four (4) months plus one (1) day. The acquisition of the Namibia Licenses remains subject to TSX Venture Exchange ("TSX-V") final acceptance.

Blocks 2712A and 2812A are situated in the Orange basin off of the southern coast of Namibia and are adjacent to blocks owned by HRT Participacoes em Petroleo SA, who have announced their plans to commence drilling activities in the Orange Basin in 2013. The Chariot/Petrobras/BP joint venture has also announced that subject to further evaluation, it may potentially drill a well on its Orange Basin acreage, to the east of AOS, in 2013. The Namibia Licenses cover an area of approximately 2.7 million acres and are also situated directly west of the Kudu Gas Field. A NI 51-101 technical report is currently being prepared.


About Alberta Oilsands Inc.

Alberta Oilsands Inc. is engaged in the exploration and development of drill-defined domestic assets, and an expanding portfolio of international projects. AOS holds 106 bitumen leases in the Athabasca oil sands region of northeast Alberta, primarily its flagship Clearwater and Grand Rapids projects. In addition, the Company's new Africa initiative is focused on active and known onshore and offshore basins on the East Africa Rift System and the offshore in pursuit of additional Cretaceous and Miocene aged critical mass opportunities. The Company's head office is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are traded on the TSX Venture Exchange under the trading symbol AOS.



For further information please contact:

Alberta Oilsands Inc.
Binh Vu, Interim CEO & President
+1 416 951 8800
bvu@aboilsands.ca

GMFB Communications
Adam Chambers
+1 416 907 9422
achambers@gmfbcommunications.ca



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.

Certain statements included in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Although AOS believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because AOS can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on AOS' current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including general business and economic conditions, the political, regulatory and economic regime in Namibia and actions of competitors and prospective partners. Additional risks and uncertainties affecting AOS and its business and affairs are described in further detail in the Company's Annual Information Form for the year ended December 31, 2011, which is available at www.sedar.com. The forward-looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date of this press release and AOS assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law. Readers are advised not to place undue reliance on forward-looking statements or information.