CALGARY, Oct. 11 /CNW/ - Oilsands Quest Inc. (Amex: BQI) announces the
appointment of J. K. (John) Read, P.Eng. to its board of directors, effective
October 11, 2007. Mr. Read's career spans over 37 years of engineering,
project management and general corporate management, the majority with Colt
Engineering Corporation and The Colt Companies, one of Canada's leading
engineering firms in the energy industry.
"We are privileged to have John join our board," said T. Murray Wilson,
Executive Chairman of Oilsands Quest. "In addition to his exceptional
experience with Colt, which includes major oil sands projects, John has been a
director of the Alberta Chamber of Resources and the Bi-Provincial Upgrader.
His knowledge and experience with large-scale in-situ projects will be
extremely beneficial to Oilsands Quest."
A graduate of the University of Saskatchewan with a Bachelor of Science
in Mechanical Engineering in 1970, Mr. Read began his career in the oil and
gas industry with Shell Canada and then Texaco Exploration Canada. In 1974, he
joined Colt Engineering Ltd., a private, start-up engineering organization
where he held engineering and management positions. In 1983 he became
president and chief executive officer of the organization. He was chief
executive officer from 1999 until his retirement in early 2006. During this
time, Colt grew to over 4,000 employees and had offices in Calgary, Edmonton,
Toronto, Sarnia and Anchorage, Alaska. Mr. Read remained as a partner and
director of The Colt Companies until March 2007, when Colt was acquired by
Worley Parsons Limited, a worldwide engineering and project management
At the present time, Mr. Read is a member of the World Presidents'
Organization and the Association of Professional Engineers, Geologists and
Geophysicists of Alberta. He also serves as a director on several boards.
The appointment of Mr. Read to Oilsands Quest's board brings the number
of independent directors to five of the eight board members. Mr. Read is
appointed as a Class A director; his initial term expires in 2009.
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.
Except for statements of historical fact relating to the company, this
news release contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information in this news release
is characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" "will" or "could" occur. There are
uncertainties inherent in forward-looking information, including factors
beyond Oilsands Quest Inc.'s control, and no assurance can be given that such
events will occur on time or at all. Oilsands Quest Inc. 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 exhausting.
Readers should refer to Oilsands Quest's current annual report on Form 10KSB
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.
For further information:
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