Oilsands Quest proceeding to finalize Wallace Creek asset sale

CUSIP# 678046 10 3

CALGARY, Nov. 4, 2011 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest," "OQI" or "the Company") continues to work with a third party to finalize the definitive Purchase and Sale Agreement ("PSA") for its Wallace Creek assets, according to the terms of the Letter of Intent announced on September 27, 2011.

While it has taken longer than originally expected to finalize the Wallace Creek sale, the transaction is still expected to close by the end of January, 2012. As well as the PSA, the transaction closing is also subject to board approvals, financing and approval by OQI shareholders. A further announcement will be made upon the execution of a PSA.

About Oilsands Quest
Oilsands Quest Inc. (www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan's first commercial oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.

Forward-looking statements
This news release includes certain statements that may be deemed to be "forward-looking statements." All statements, other than statements of historical facts, included in this news release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements include discussion of such matters as the Company's ability to sell the Wallace Creek assets pursuant to the Letter of Intent and the terms of such sale.

Forward-looking statements are statements other than those relating to historical fact and are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "prospective" and other similar words or statements that certain events or conditions "may" "will" or "could" occur. Forward-looking statements such as references to Oilsands Quest's drilling program, geophysical programs, reservoir field testing and analysis program, preliminary engineering and economic assessment program for a first commercial project, and the timing of such programs are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to the ability to raise additional capital, risks associated with the Company's ability to implement its business plan, risks inherent in the oil sands industry, regulatory and economic risks, land tenure risks, lack of infrastructure in the region in which the company's resources are located and risks associated with the Company's ability to implement its business plan and those factors listed under the caption "Risk Factors" in the Company's Form 10-Q filed with the Securities and Exchange Commission on September 14, 2011. The Company 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.

SOURCE Oilsands Quest Inc.

For further information:

Investor Relations
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941

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Oilsands Quest Inc.

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