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FOR IMMEDIATE RELEASE
November 28, 2013
NOT FOR DISSEMINATION IN THE U.S.A.
ALBERTA OILSANDS
SUBMITS APPLICATION TO THE GOVERNMENT OF ALBERTA FOR COMPENSATION OF
$56 MILLION FOR ITS CANCELLED CLEARWATER LEASES
Calgary, November 28, 2013
–
Alberta Oilsands Inc
.
(“AOS” or the “Company”) (TSXV:AOS)
is pleased to report that it has submitted its application to the Government of Alberta for compensation stipulated under the Mineral Rights Compensation Regulation
(the “Compensation Regulation”). The claim submission is in the amount of $56 million.
The claim submission is a result of the Province of Alberta (Oil Sands Division) (the
“Government of Alberta”) advising the Company that certain of its Clearwater
oil sands leases within the Fort McMurray Urban Development Sub
-
Region (UDSR) will be cancelled
.
Pursuant to the provisions of the Compensation Regulation, AOS is eligible for compensation relating to the following costs incurred by the Company in connection with the development of its cancelled Clearwater Project:
1. The amount of money paid to the Crown which includes bonus bids, rental amounts
and application fees
of approximately $5.928 million.
2. A development allowance of approximately $41.931 million comprised of costs for
drilling,2D & 3D seismic, engineering, ERCB application, facility design, etc.
3. The Company is also eligible for a reclamation allowance in respect of abandonment and reclamation costs associated with wells located in the cancelled lease areas. The reclamation costs will be determined at a later date.
4. An interest allowance (Alberta Treasury Board prime rate plus 1%). AOS has calculated the interest allowance on the claim amount to be approximately $8.382 million
Binh Vu stated "Alberta Oilsands anticipates that the government will fulfill its obligations under the Mineral Rights Compensation Regulation in a judicious and expeditious manner."
Other News
The Company also announced that it has terminated the Algar Lake farm
- out agreement with Crescendo Resources. AOS will review and pursue other opportunities to develop and/or monetize Algar Lake.
In Africa, the company continues to evaluate and optimize targets within its prospective property packages.
AOS currently has 211,482,057 issued and outstanding common shares
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