CALGARY, April 30 /CNW/ - Oilsands Quest Inc. (Amex: BQI) announces that,
for the fiscal year beginning on May 1, 2007, the company will no longer be
considered a small business issuer as defined by the Securities and Exchange
Commission (SEC). For periods ending after May 1, 2007, the company will be
required to file annual and quarterly reports on Forms 10-K and 10-Q in
accordance with Regulation S-K of the SEC rules.
In connection with the loss of Oilsands Quest's small business issuer
status, the company will be subject to additional corporate governance
requirements of the American Stock Exchange (Amex). Section 802 of the Amex
Company Guide requires that non-small business issuers have a majority of
independent directors. Oilsands Quest currently has an equal number of
independent and non-independent directors.
To ensure full compliance with the Amex rules and pending the addition of
one or more independent directors, the Board has accepted the resignation of
Mr. W. Scott Thompson, a non-independent director of the company, effective
May 1, 2007. As a result of Mr. Thompson's resignation, the company will have
a majority of independent directors.
T. Murray Wilson, Executive Chairman of Oilsands Quest said, "Scott
Thompson is a top-notch director and valued advisor to the company, and we
appreciate his cooperation in taking this step. We are very pleased that he
has agreed to continue to work closely as an advisor to the company during
this interim phase, and our current expectation is that he will rejoin the
Board as soon as circumstances permit. We look forward to continuing to have
the benefits of Scott's experience and counsel."
Oilsands Quest Inc. is involved in oil sands exploration focused
primarily on its oil sands exploration permits in Saskatchewan and Alberta.
The company has initiated pre-commercialization studies for its Axe Lake
Discovery, placing it at the forefront of the development of an oil sands
industry in the province of Saskatchewan.
Except for statements of historical fact relating to Oilsands Quest Inc.,
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.
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. There are uncertainties inherent in forward-looking information,
including factors beyond Oilsands Quest's control. 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 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:
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: firstname.lastname@example.org; Institutional investors,
contact The Buick Group, Toll Free: 1-877-748-0914, Office: (416) 915-0915,