Oilsands Quest added to Russell 3000 list

    Amex:   BQI

    CALGARY, June 25 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) has been added
to the Russell 3000, a family of U.S. indexes designed to be a comprehensive
representation of the investable equity market in the United States. Oilsands
Quest joined the Russell 3000 at the close of the market June 22, 2007.
    T. Murray Wilson, Executive Chairman of Oilsands Quest Inc., said, "We
are delighted and honored to have been added to the Russell 3000, and we
recognize it as an important event in our corporate growth."
    The Russell indexes are value-weighted and include only common stocks
belonging to corporations incorporated in the United States and its
territories. The Russell 3000 Index measures the performance of the 3,000
largest U.S. companies based on total market capitalization, which represents
approximately 98% of the investable U.S. equity market. Membership in the
Russell 3000 remains in place for one year and means inclusion in the
large-cap Russell 1000(R) Index or small-cap Russell 2000(R) as well as the
appropriate growth and value style indexes (www.russell.com).

    Oilsands Quest Inc. (www.oilsandsquest.com) is building long-term
shareholder value through exploration of its oil sands permits in Saskatchewan
and Alberta. The company has initiated pre-commercialization studies for its
Axe Lake Discovery in northwest Saskatchewan, placing it at the forefront of
the development of an oil sands industry in the province of Saskatchewan.

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 irinfo@hedlinlauder.com; Institutional investors, contact The
Buick Group, Toll Free 1-877-748-0914, Office (416) 915-0915, Email

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