Oilsands Quest Inc. announces highlights of annual meeting

    CUSIP No. 678046 10 3
    Amex:   BQI

    CALGARY, Oct. 18 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) announces the
results of business conducted at its annual meeting which was held on
Wednesday, October 17, 2007, in Calgary.
    The following Class C directors were re-elected to the Board of
Directors: Ronald Phillips and W. Scott Thompson.
    "We are extremely pleased to have Ron and Scott re-elected to the Board
of Directors," said T. Murray Wilson, Executive Chairman of Oilsands Quest.
"They are valued directors who have made meaningful contributions to the
Company in the past and will continue do so in the future."
    Once the formal meeting was adjourned, Mr. Christopher H. Hopkins,
President and Chief Executive Officer of Oilsands Quest provided an update on
operations. The corporate presentation is available on the Company's website
at www.oilsandsquest.com.

    About Oilsands Quest

    Oilsands Quest Inc. is aggressively exploring Canada's largest contiguous
oil sands land holding by applying its technical expertise to develop multiple
global-scale discoveries. The company (www.oilsandsquest.com) is the
originator of Saskatchewan's emerging oil sands industry.

    Forward-Looking Information

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

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Oilsands Quest Inc.

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