Oilsands Quest announces filing of disclosure documents

    CUSIP No. 678046 10 3
    NYSE Amex:   BQI

    CALGARY, Sept. 10 /CNW/ - Oilsands Quest Inc. (NYSE Amex:   BQI) (the
"Company") announces that as disclosed in the Company's recently filed Form
10-Q for the three months ended July 31, 2009, effective May 1, 2009, the
Company adopted SFAS No. 160, Consolidated Financial Statements. SFAS No. 160
clarifies that a noncontrolling interest in a subsidiary is an ownership
interest in a consolidated entity that should be reported as equity in the
consolidated financial statements. This statement also changes the way the
consolidated statement of income (loss) and comprehensive income (loss) are
presented by requiring consolidated net income (loss) and comprehensive income
(loss) to be reported at amounts that include the amounts attributable to both
the parent and the non-controlling interest.
    SFAS No. 160 required retrospective adoption of the presentation and
disclosure requirements for noncontrolling interests for the period from
inception on April 3, 1998 through July 31, 2009. The Company is filing a Form
8-K to include the effects of the adoption of SFAS No. 160 consolidated
financial statements as of April 30, 2009 and 2008 and for each of the years
in the three-year period ended April 30, 2009 and for the period from
inception on April 3,1998 through to April 30, 2009.
    Copies of the filings are available online at the SEC's website
(www.sec.gov) and on SEDAR (www.sedar.com).

    About Oilsands Quest

    Oilsands Quest Inc. (www.oilsandsquest.com) is exploring Canada's largest
holding of contiguous oil sands permits and licences, located in Saskatchewan
and Alberta, and developing Saskatchewan's first global-scale oil sands
discovery. It is leading the establishment of the province of Saskatchewan's
emerging oil sands industry.

For further information:

For further information: Riyaz Mulji, Manager, Investor Relations,
Email: ir@oilsandsquest.com, Investor Line: 1-877-718-8941

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Oilsands Quest Inc.

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