Oilsands Quest Inc. announces extension of permit leases

    NYSE Amex:   BQI

    CALGARY, June 3 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) (the "Company")
announced today that the Ministry of Energy and Resources of the Government of
Saskatchewan has granted the company a one year extension of its Permits in
northwest Saskatchewan to May 31, 2010. These Permits had a five-year term,
which expired on May 31, 2009. The regulations provide for three one year
extensions of the Permits if the Company continues to meet its obligations.
    "With this extension we remain focused on continuing our exploration and
testing programs and advancing toward the commercial development of our lands
and resources" said Jamey Fitzgibbon, President and Chief Operating Officer.

    About Oilsands

    Quest Oilsands Quest Inc. 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.

    Forward-looking information:

    Forward-Looking Statements: This news release contains certain
"forward-looking information" within the meaning of applicable securities law
including statements regarding the Company's expected use of proceeds of the
Offering. These statements are only predictions. Forward-looking information
is based on the opinions and estimates of management at the date the
information is provided, and is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking information. For
a description of the risks and uncertainties facing the Company and its
business and affairs, readers should refer to the Company's Annual Report on
Form 10K for the year ended April 30, 2008, as amended and subsequent
quarterly reports on Form 10Q available on www.sedar.com and www.edgar.com.
The Company undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on
forward-looking statements.

For further information:

For further information: Paul K. O'Donoghue, MBA, Vice President,
Investor Relations and Corporate Planning, Email: ir@oilsandsquest.com,
Investor Line: 1-877-718-8941

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Oilsands Quest Inc.

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