This article discusses the oil sands mining regime in Alberta, focusing on the prior reclamation regime, its shortcomings, and the events that led to its overhaul. The newly enacted Mine Financial Security Program (Alberta) is discussed, together with an analysis of whether the problems under the prior reclamation regime have been adequately addressed. Finally, the authors discuss matters that should be taken into account when drafting agreements that involve the funding or performance of reclamation obligations in oil sands mining projects in Alberta.