Oilsands Quest plans conference call and webcast regarding operations update on Monday, March 26, 2007

    Amex:   BQI

    CALGARY, March 23 /CNW/ - Oilsands Quest Inc. (Amex:   BQI) plans to issue
a news release regarding an update of the company's operations on Monday,
March 26, 2007, at approximately 4:00 am Mountain Time (6:00 am Eastern Time).
    A conference call and webcast to provide a comprehensive update of this
winter's exploration program and to discuss the implications of the company's
recent purchase of oil sands exploration permits in Alberta will be held for
the investment community the same day at 9:00 am Mountain Time (11:00 am
Eastern Time).

    Live conference call participant dial-in number: 866-249-2157

    Replay audience dial-in number and passcode: Access number: 877-289-8525
Passcode 21224551 followed by the pound sign

    Webcast information, audience URL: Please use this link to access the
live and/or archived event which will be available for two weeks following the


    Oilsands Quest Inc. is conducting the province of Saskatchewan's first
major oil sands exploration program and is currently nearing completion of the
second winter drilling season in its exploration program. The company is
focused on proving the commerciality of oil sands deposits on its permits in
northwest Saskatchewan, located directly across the border from the Athabasca
oil sands in Alberta. The company recently announced the purchase of three
townships of oil sands exploration permits in Alberta, located directly across
the border and contiguous to its Axe Lake Discovery area on its Saskatchewan

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 The
Buick Group, Toll Free 1-877-748-0914, Office (416) 915-0915, Email

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