CALGARY, Sept. 18 /CNW/ - Oilsands Quest Inc. (Amex: BQI) announces
drilling has recommenced on its oil sands permits in northwest Saskatchewan.
Two drilling rigs, which arrived on site last week, began drilling Friday
afternoon. At the present time, the rigs are drilling exploratory resource
delineation holes along the company's main access road.
The company also reports that its Form 10-Q quarterly report for the
period ended July 31, 2007 was filed with the Securities and Exchange
Commission (SEC) on September 14, 2007. It and other financial filings are
available on the SEC's website (www.sec.gov) and on SEDAR (www.sedar.com) in
Operations activity update
Oilsands Quest has completed the summer season electrical resistance
tomography (ERT) survey program on its Saskatchewan permits, where
approximately 105 line kilometres were surveyed in the two-stage program. On
the company's adjacent permits in Alberta, surveying and cutting of
approximately 550 line kilometres are underway in preparation for the planned
2-D and 3-D seismic survey programs.
At the present time, two camp facilities are operating on the
Saskatchewan permits, the base camp and the south camp. The company has
ordered a third camp, which will be located on its Alberta permits, to further
support the company's work this winter in Alberta. The camp will be installed
once the ground freezes and access trails are able to support the trucks used
to transport the camp units.
Corporate presentations September 24
Christopher H. Hopkins, President and Chief Executive Officer of Oilsands
Quest, will participate in a private oil sands conference, titled "Emerging
Oil Sands Players", being hosted by Orion Securities Inc. in Toronto, Ontario,
on September 24, 2007. Mr. Hopkins' presentation is scheduled for
approximately 11:30 am Eastern Time. It will be posted on Oilsands Quest's web
site at approximately 12:00 noon Eastern Time (www.oilsandsquest.com).
About Oilsands Quest
Oilsands Quest Inc. is an energy exploration company aggressively
exploring Canada's largest contiguous oil sands land holding. The company 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 is frequently
characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", "potential", "prospective" and other
similar words, or statements that certain events or conditions "may" "will" or
"could" occur. Forward-looking statements are based on certain material
factors and assumptions of management believed to be reasonable 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.
The assumptions, risks and uncertainties include but are not limited to risks
inherent in the oil sands industry, regulatory and economic risks, and risks
associated with the company's ability to implement its business plan. 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 exhaustive. Readers should refer to Oilsands Quest's current annual report
on Form 10-KSB 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: General inquiries and retail investors, contact
Hedlin Lauder Investor Relations Ltd., Toll Free 1-800-299-7823, Office (403)
232-6251, Email email@example.com; Institutional investors, contact The
Buick Group, Toll Free 1-877-748-0914, Office (416) 915-0915, Email