Unconventional Oil

[Tackler]

Platform to propose name change to Alberta Oil Sands

2007-03-26 09:02 MT - News Release

Mr. Shabir Premji reports

PLATFORM PROPOSES NAME CHANGE TO ALBERTA OIL SANDS INC. AND ANNOUNCES SIGNIFICANT ACQUISITION OF OIL SANDS LANDS

Platform Resources Inc. will propose a name change to Alberta Oil Sands Inc. at its annual general meeting to be held in May, 2007. The company will focus on the exploitation and production of an in situ Athabasca oil sands project.

The company has accumulated, over a period of time, a 100-per-cent working interest in 23 sections (14,720 acres) of contiguous oil sands rights southwest of Ft. McMurray. Total consideration paid for the lands was approximately $3-million.

The prospective oil sand zone on these lands is the McMurray formation, a sandstone layer deposited in an estuarine channel environment. The region has multiple large SAGD (steam-assisted gravity drainage) projects in various stages of development, including production and is in close proximity to existing services and infrastructure.

Further details will be disclosed in future news releases.