Oilsands Quest announces highlights of annual meeting



    Amex:   BQI

    CALGARY, Oct. 16 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) announces the
results of business conducted at its annual meeting which was held on
Wednesday, October 15, 2008, in Calgary.
    The following Class B directors were re-elected to the Board of
Directors: T. Murray Wilson and Thomas Milne. The other business matters that
were included in the proxy were also approved.
    "We are very pleased to have both Murray and Tom re-elected to the Board
of Directors," said Mr. Christopher H. Hopkins, CEO of Oilsands Quest. "These
two directors are very active members of our board and compliment the strong
board and management team we have established."
    Once the formal meeting was adjourned, Mr. T Murray Wilson, Executive
Chairman, Mr. Christopher H. Hopkins, Chief Executive Officer and Mr. Jamey
Fitzgibbon, President & Chief Operating Officer of Oilsands Quest provided an
update on corporate and operational matters. The corporate presentation is
available on the Company's website at www.oilsandsquest.com.

    About Oilsands Quest

    Oilsands Quest Inc. is aggressively exploring Canada's largest contiguous
oil sands land holding by applying its technical expertise to develop multiple
global-scale discoveries. The company (www.oilsandsquest.com) is the
originator of Saskatchewan's emerging oil sands industry.

    Forward-looking information

    Except for statements of historical fact relating to Oilsands Quest Inc.,
this news release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "potential", "prospective",
"develop" and other similar words, or statements that certain events or
conditions "may", "will", or "could" occur. Forward-looking statements such as
references to Oilsands Quest's drilling programs, exploration programs,
geophysical programs, reservoir testing and analysis program, and the timing
of such programs are based on the opinions and estimates of management and the
company's independent evaluators at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those anticipated in
the forward-looking statements, which include, but are not limited to, risks
inherent in the oil sands industry, regulatory and economic risks, lack of
infrastructure in the region in which the company's resources are located, and
risks associated with the company's ability to implement its business plan.
There is no certainty that it will be commercially viable to produce any
portion of the company's oil sands resources. There are uncertainties inherent
in forward-looking information, including factors beyond Oilsands Quest's
control, and no assurance can be given that the programs will be completed on
time, on budget or at all. Oilsands Quest undertakes no obligation to update
forward-looking information if circumstances or management's estimates or
opinions should change, except as required by law. The reader is cautioned not
to place undue reliance on forward-looking statements. The risks and
uncertainties set forth above are not exhaustive. Readers should refer to
Oilsands Quest's current annual report on Form 10-K and other document
filings, which are available at www.sedar.com and at www.sec.gov for a
detailed discussion of these risks and uncertainties and details regarding the
location and extent of Oilsands Quest's land holdings.





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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