NYSE Amex: BQI
CALGARY, Feb. 23, 2012 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI)
("Oilsands Quest," or "the Company") has received approval from the
Alberta Court of Queen's Bench (the "Court") for the sale of the
Company's non-core Eagles Nest asset to FAMA Capital Ltd. ("FAMA"), an
unrelated third party, for CDN$7.0 million.
This approval follows a short Court-directed limited bidding process,
resulting in a higher sale price than previously disclosed. The Company
has signed a Purchase and Sale Agreement with FAMA and the transaction,
subject to normal closing conditions, is expected to close on or before
March 23, 2012. FAMA has also agreed to pay a deposit of CDN$400,000 by
February 24, 2012.
Oilsands Quest continues to operate under the protection of the
Companies' Creditors Arrangement Act (Canada) ("CCAA") with the
assistance of a Court-appointed monitor. The Company's common shares
remain suspended from trading until either a delisting occurs or until
the NYSE permits the resumption of trading.
About Oilsands Quest
Oilsands Quest Inc. (www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in
Saskatchewan and Alberta, and developing Saskatchewan's first
commercial oil sands discovery.
This news release includes certain statements that may be deemed to be
"forward-looking statements," including the expected date for closing
the sale of the Eagles Nest asset. All statements, other than
statements of historical facts, included in this news release that
address activities, events or developments that management expects,
believes or anticipates will or may occur in the future are
Forward-looking statements are statements other than relating to
historical fact and are 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 the opinions and
estimates of management 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 the ability to raise additional capital, risks
associated with the Company's ability to implement its business plan,
its ability to successfully complete the previously announced
solicitation process while under creditor protection, its ability to
submit a timely plan to its stakeholders and the court under the CCAA
and to resolve its operational, legal and financial difficulties, the
possible delisting of its securities from NYSE Amex, risks inherent in
the oil sands industry, regulatory and economic risks, land tenure
risks and those factors listed under the caption "Risk Factors" in the
Company's Form 10-Q filed with the Securities and Exchange Commission
on December 9, 2011. The Company 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.
SOURCE Oilsands Quest Inc.
For further information:
Investor Line: 1-877-718-8941