Oilsands Quest announces closing of non-brokered private placement of Flow-Through Shares



    Amex:   BQI

    CALGARY, Oct. 3 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) announced today
the completion of its previously announced non-brokered private placement of
flow-through shares with UTA Asset Management Corporation ("UTA"). Oilsands
Quest issued 6,008,156 shares of common stock on a flow-through basis (the
"Flow-Through Shares") at a price of CDN$3.675 per share to funds managed by
or affiliated with UTA (5,142,857 Flow-Through Shares) and to affiliates and
employees of Oilsands Quest (865,299 Flow-Through Shares) for aggregate gross
proceeds of CDN$22.1 million.
    The Flow-Through Shares were issued to investors in Canada pursuant to
certain exemptions from prospectus requirements.
    The Flow-Through Shares issued pursuant to this Offering have not been
registered under the United States Securities Act of 1933, as amended (the
"Securities Act") and may not be offered or sold in the United States or to
U.S. persons (as such term is defined in Regulation S under the Securities
Act) absent a registration statement or an applicable exemption from
registration. This notice is not an offer to sell or a solicitation of an
offer to buy such securities.





For further information:

For further information: Paul K. O'Donoghue, MBA, Vice President,
Investor Relations and Corporate Planning, Oilsands Quest Inc., Email:
investorrelations@oilsandsquest.com, (403) 263-1623

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Oilsands Quest Inc.

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