CUSIP# 678046 10 3
NYSE Amex: BQI
CALGARY, Nov. 10, 2011 /CNW/ - Oilsands Quest Inc. (NYSE: BQI)(Amex:
BQI) ("Oilsands Quest" or "the Company") has received approval from the
United States District Court for the District of Colorado to issue the
Summary Notice set forth below relating to the derivative lawsuit
captioned Make a Difference Foundations, Inc. v. Hopkins, et al., No. 10-cv-00498 WYD-MJW (D. Colo.) ("Lawsuit").
In the proposed settlement in the Lawsuit filed on February 4, 2010 and
previously disclosed in the Company's 10-K and other filings, Oilsands
Quest has agreed to make changes in its policy on related party
transactions and to pay the plaintiff's legal counsel fees and
expenses. The court has set a Settlement Hearing for February 24, 2012
to determine whether the settlement should be approved.
Additional information regarding this matter for Oilsands Quest
shareholders is available on the company website.
THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO
MAKE A DIFFERENCE FOUNDATION, INC., v. HOPKINS, ET AL., No. 10-cv-00408-
SUMMARY NOTICE OF PENDENCY OF DERIVATIVE ACTION, PROPOSED
SETTLEMENT, AND SETTLEMENT HEARING
TO: ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF
COMMON STOCK OF OILSANDS QUEST, INC. ("OILSANDS" OR THE
"COMPANY") AS OF NOVEMBER 4, 2011 (THE "RECORD DATE") ("CURRENT
YOU ARE HEREBY NOTIFIED that the parties to the Action have reached a
settlement to resolve the issues raised in the Action ("Settlement").
PLEASE BE FURTHER ADVISED that pursuant to an Order of the United States
District Court for the District of Colorado, a hearing will be held
before the Honorable William J. Martinez in the United States District
Court for the District of Colorado, Alfred A. Arraj United States
Courthouse, 901 19th Street, Denver, Colorado 80294-3589, in Courtroom
A801, on February 24, 2012 at 2:00 p.m. to determine: (i) whether the
terms of the Settlement are fair, reasonable, and adequate and should
be approved; (ii) whether a final judgment should be entered; and (iii)
such other matters as may be necessary or proper under the
If you are a Current Oilsands Shareholder, you may have certain rights
in connection with the proposed settlement. You should obtain a copy of
the full printed Notice of Pendency of Derivative Action, Proposed
Settlement of Derivative Action, and Settlement Hearing at www.oilsandsquest.com or by writing The Fleischman Law Firm, 565 Fifth Avenue, Seventh Floor
New York, NY 10017.
If you are a Current Oilsands Shareholder and do not take steps to
appear in this action or to object to the proposed Settlement, you will
be bound by the Order and Final Judgment of the Court, you will forever
be barred from raising an objection to such Settlement in this or any
other action or proceeding, and certain claims that you might have may
You may obtain further information by writing the Fleischman Law Firm at
the address above.
PLEASE DO NOT CALL, WRITE, OR OTHERWISE DIRECT QUESTIONS TO EITHER THE
COURT OR THE CLERK'S OFFICE.
DATED: November 3, 2011
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO
About Oilsands Quest
Oilsands Quest Inc. (www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in
Saskatchewan and Alberta, and developing Saskatchewan's first
commercial oil sands discovery. It is leading the establishment of the
province of Saskatchewan's emerging oil sands industry.
SOURCE Oilsands Quest Inc.
For further information:
Investor Line: 1-877-718-8941