Oilsands Quest expands its executive management team with the appointment of Jamey Fitzgibbon as President & Chief Operating Officer



    Amex:   BQI

    CALGARY, July 17 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) announces the
appointment of Jamey Fitzgibbon P.Eng, MBA as President and Chief Operating
Officer of the company. Mr. Fitzgibbon joins the senior executive office of
the founder and Chief Executive Officer Christopher H. Hopkins and Executive
Chairman T. Murray Wilson. This team will steward the company's expanding
exploration and delineation work, the active commercialization of its assets,
the continuing management of the ongoing reservoir testing, the joint venture
partnership discussions and the planned development of its first 30,000 bpd
project.
    Mr. Fitzgibbon has impressive credentials and highly relevant experience.
He most recently served as Vice President, Resource Development of OPTI Canada
Inc. where his responsibilities included:

    
    -   all aspects of OPTI's non-operated (Nexen operated) business lines,
        including SAGD project execution and operations, marketing, resource
        delineation and future phase development. This included leading
        OPTI's team of geoscience and engineering professionals;

    -   all aspects of OPTI's planning and business development, including
        corporate planning and financial modeling, reserves management and
        corporate strategy development; and

    -   assisting in executing and leading various financings at OPTI,
        including private and public equity (over $1.5 billion) and private
        and public debt (over $3 billion), supporting financial planning and
        investor relations, and representing OPTI at conferences and investor
        presentations.
    

    Mr. Fitzgibbon has a B. Sc. in chemical engineering from Queen's
University and an MBA from University of Calgary. Additional industry
experience includes 14 years in oil sands and heavy oil, including 10 years
with Esso Resources principally at the Cold Lake development and 4 years at
Elan Energy and Ranger Oil, where he was Manager of Heavy Oil. Prior to
joining OPTI in 2002, Mr. Fitzgibbon was Vice President of TD Securities where
(along with Mr. Wilson) he was a founding member of TD's oil sands investment
banking practice.

    The Oilsands Quest senior executive team

    "We are thrilled to have Jamey Fitzgibbon join our senior management team
as President and COO," said Christopher Hopkins, Oilsands Quest CEO. "We have
a very significant exploration and development agenda ahead of us and we know
Jamey's proven talents, execution capability and energy will greatly assist
Oilsands Quest in continuing to achieve its commercialization goals."
    T. Murray Wilson, Executive Chairman added, "Mr. Fitzgibbon's skills will
not only enhance the executive offices of the company, but will enable an
expanded and aggressive focus on planning and execution to ensure the
successful delivery of the tremendous underlying shareholder value in Oilsands
Quest's assets and businesses."
    Mr. Fitzgibbon is scheduled to commence his duties with Oilsands Quest
mid September 2008.

    About Oilsands Quest

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

    Forward-looking statements

    Except for statements of historical fact relating to Oilsands Quest, 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 such as references to Oilsands
Quest's reservoir field test program and recovery factors in the field are
based on the opinions and estimates of management at the date the statements
are made and are subject to a variety of risks and uncertainties that could
cause actual events or results to differ materially from those anticipated in
the forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to, technical risks inherent in construction
projects 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 Oilsands Quest's ability to implement its business plan.
There are uncertainties inherent in forward-looking information, including
factors beyond Oilsands Quest's control, and no assurance can be given that
the construction of the facilities and the execution of the test program 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, Vice President, Investor
Relations and Corporate Planning, Email podonoghue@oilsandsquest.com; General
inquiries and retail investors, contact: Hedlin Lauder Investor Relations
Ltd., Toll Free 1-800-299-7823, Office (403) 232-6251, Email
irinfo@hedlinlauder.com; Institutional investors, contact: BarnesMcInerney
Inc., Toll Free 1-866-794-7288, Office (416) 371-0510, Email
oilsands@barnesmcinerney.com

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Oilsands Quest Inc.

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