Oilsands Quest announces closing of underwritten private placement of Flow-Through Shares

    Amex:   BQI

    CALGARY, Oct. 3 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) announced today
the completion of its previously announced private placement with a syndicate
of underwriters on a bought deal basis. 4,800,000 common shares on a
flow- through basis ("Flow-Through Shares") were issued to investors at a
price of CDN$3.675 per share for total gross proceeds to Oilsands Quest of
CDN 17.6 million.
    The private placement was made by a syndicate of underwriters brokered by
TD Securities Inc. and included Genuity Capital Markets, CIBC World Markets
Inc., Canaccord Capital Corporation, Dundee Securities Corporation and RBC
Capital Markets.
    The Flow-Through Shares were issued to investors in Canada pursuant to
certain exemptions from prospectus requirements.
    The Flow-Through Shares issued pursuant to the offerings have not been
registered under the United States Securities Act of 1933, as amended (the
"Securities Act") and may not be offered or sold in the United States or to
U.S. persons (as such term is defined in Regulation S under the Securities
Act) absent a registration statement or an applicable exemption from
registration. This notice is not an offer to sell or a solicitation of an
offer to buy such securities.

For further information:

For further information: Paul K. O'Donoghue, MBA, Vice President,
Investor Relations and Corporate Planning, Oilsands Quest Inc., Email:
investorrelations@oilsandsquest.com, (403) 263-1623

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