Oilsands Quest announces sale of Pasquia Hills oil shale assets, resignation
of CEO and senior management changes
CUSIP No. 678046 10 3 NYSE Amex: BQI
OQI will sell the oil shale properties to Canshale for consideration of CDN
Canshale is a private company formed by Christopher H. Hopkins.
T.
W.
"At this important stage in our history, these changes allow us to focus our resources on the continuing development of our extensive oil sands properties while providing shareholders with an ongoing interest in the potential upside resulting from Chris' expertise related to building early stage companies such as Canshale," said T.
"I am very proud of what we have built at Oilsands Quest in the past 6 years and look forward to continuing to play an active role on the board of directors," said Christopher H. Hopkins. I'm also very excited about the opportunity to advance the Saskatchewan oil shale industry. Pasquia Hills shows great potential and I'm confident that we can develop this resource."
Genuity Capital Markets Ltd. is acting as financial advisor to Canshale and TD Securities Inc. is acting as financial advisor to OQI on the transaction.
About Oilsands Quest
Oilsands Quest Inc. (www.oilsandsquest.com) is exploring one of Canada's largest holdings of contiguous oil sands permits and licenses, located in Saskatchewan and Alberta, and is developing Saskatchewan's first global-scale oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.
Cautionary Statement about Forward-Looking Statements
This news release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. federal securities laws. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that our management expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company undertakes no obligation to update forward-looking statements 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.
For further information: T. Murray Wilson or Christopher H. Hopkins, (403) 263-1623, Email: [email protected], Investor Line: 1-877-718-8941
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