Oilsands Quest Rejects Canshale's Offer

CALGARY, Aug. 11 /CNW/ - Canshale Corp. announces that its offer to purchase oil shale properties in the Pasquia Hills, Saskatchewan area from Oilsands Quest Inc. has been rejected.

To close the transaction, Canshale offered Oilsands Quest $9 million: $4 million in cash; and 10 million common shares of Canshale. representing a 25% ownership of the Company.

The offer was rejected on August 11, 2010. As a result Canshale will contact its shareholders and proceed with other strategic alternatives.


For further information: For further information: Nick Pohorelic, Chief Financial Officer, npohorelic@canshale.com, Canshale Corp., 5, 1935-27th Avenue N.E., Calgary, AB, T2E 7E4, Tel: (403) 769-1222, Fax: (403) 769-1266

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