Oilsands Quest expands land position in Alberta

    Amex:   BQI

    CALGARY, Jan. 24 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) has expanded its
land position in Alberta with the acquisition of two oil sands exploration
permits contiguous to its Saskatchewan lands. Each permit covers a township of
land for a total of approximately 18,432 hectares (46,080 acres). The permits
are located north and west of the company's Axe Lake Discovery area in
    The acquisition complements Oilsands Quest's existing land holdings in
Alberta and Saskatchewan and is in keeping with the company's strategy to
selectively acquire exploration lands as they come available. Prior to the
sale, Oilsands Quest evaluated the lands covered by the new permits by
shooting 40 km of 2-dimensional seismic in January 2008.
    The new exploration permits were acquired in the January 23, 2008,
Alberta Public Offering of Crown Oil Sands Rights. Permit PO298 is for all 36
sections (9216 hectares) in Township 96, Range 1 West of the 4th Meridian.
Permit PO299 is for all 36 sections (9216 hectares) in Township 96 Range 2
West of the 4th Meridian. Both permits are issued in accordance with the
Alberta Mines and Minerals Act and its regulations. Oilsands Quest acquired
the two permits for an aggregate cost of $10,010,880 Cdn, plus annual rental
of $3.50 per hectare.
    A map showing Oilsands Quest's revised oil sands holdings in Alberta and
Saskatchewan is posted with this news release on the company's web site

    Oilsands Quest Inc. is aggressively exploring Canada's largest contiguous
oil sands land holding, which is located in Saskatchewan and Alberta, and
developing Saskatchewan's first global-scale discovery. It is leading the
establishment of the province of Saskatchewan's emerging oil sands industry.

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 irinfo@hedlinlauder.com; Institutional investors, contact
BarnesMcInerney Inc., Toll Free 1-866-794-7288, Office (416) 371-0510, Email

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