CALGARY, June 28 /CNW/ - Oilsands Quest Inc. (Amex: BQI) announces the
appointment of Pamela Wallin, Saskatchewan-born journalist, diplomat and
entrepreneur, and William Scott Thompson, fourth-generation Texas oilman, to
its board of directors, effective June 29, 2007.
Ms. Wallin, who recently completed four years as the Canadian Consul
General in New York, serves on several corporate boards in Canada, including
CTVglobemedia, Canada's premier multimedia company, and on the board of
Gluskin Sheff & Associates, a wealth management firm. She is the Senior
Advisor to the President of the Americas Society and the Council of the
Americas in New York and a member of the special Advisory Board of BMO Harris
Mr. Thompson, who has 30 years experience developing petroleum and
financial companies, is a director and the President of Harris-Forbes, Inc., a
Houston-based financial and venture capital firm. He was a director of
Oilsands Quest and subsidiaries from August 2005 until April 30 this year,
when he stepped aside in order for the board to have a majority of independent
"We are delighted to welcome Pamela to our board and very pleased to
welcome Scott back," said T. Murray Wilson, Executive Chairman of Oilsands
Quest. "Ms. Wallin has a refreshing and valuable perspective, based on her
extensive experience and intimate knowledge of Canada/U.S. relations, to bring
to our board. And, of course, Mr. Thompson's significant background in the oil
and gas industry and the financial services industry always results in
effective counsel and guidance."
Ms. Wallin is appointed as a Class B director, with her initial term
expiring in 2008. Mr. Thompson is appointed as a Class C director, with his
term expiring at the company's annual meeting in 2007.
Headquartered in Calgary, Alberta, 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.
Except for statements of historical fact relating to the company, 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. There are
uncertainties inherent in forward-looking information, including factors
beyond Oilsands Quest Inc.'s control, and no assurance can be given that such
events will occur on time or at all. Oilsands Quest Inc. 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 email@example.com; Institutional investors, contact The
Buick Group, Toll Free 1-877-748-0914, Office (416) 915-0915, Email