Marquee Energy Ltd. (fka MQXDF)

[Enterprising Investor]

Largest Shareholder of Alberta Oilsands Inc. Supports Smoothwater Capital Dividend Plan For All Shareholders (5/05/16)

FOR IMMEDIATE RELEASE (May 5, 2016) Ottawa, Ontario – Bruce Mitchell (“Mitchell”), the owner of 33,724,200 common shares of Alberta Oilsands Inc. (“AOS”) (representing approximately 15.91% of the issued and outstanding common shares of AOS) today advised the board of AOS in writing that he supports the requests of Smoothwater Capital Corporation (“Smoothwater”) to:

1. Expeditiously distribute all of the cash assets of AOS, net of reasonable reserves, in a tax efficient manner (the “Distribution Plan”);

2. Cease any search for and/or due diligence on a transaction and publicly announce this decision; and

3. Advance the 2016 annual meeting to no later than June 15, 2016.

He also advised the board that, if the board has a transaction that it would like to proceed with in the next few days, it must submit the transaction to major shareholders for approval and not proceed unilaterally.

Mr. Mitchell also stated that the board should recognize that the vast majority of shareholders support Smoothwater and its Distribution Plan and that further delays or defensive tactics by the board will simply deplete cash resources - which is the company’s only material asset.

Mr. Mitchell urges the board of AOS to immediately meet with Smoothwater to agree and execute on the above objectives.
For a copy of the full letter, please visit www.smoothwatercapital.com.

For further information, please contact:
Bruce Mitchell 342 River Road Ottawa Ontario K1V1H2 [e-mail] [phone]

http://www.fscwire.com/sites/default/files/news_release_pdf/BruceMitchell05052016.pdf