Oilsands Quest reports 120 drill holes in its continuing winter oil sands exploration program

    Amex:   BQI

    CALGARY, March 15 /CNW/ - Oilsands Quest Inc. (Amex:   BQI), formerly
CanWest Petroleum Corporation, reports that, as of March 13, 2007, a total of
120 holes have been drilled in the winter drilling program on its oil sands
exploration permits in northwest Saskatchewan. At the present time, eight
drilling rigs are at work, with the current exploration focus on the company's
Axe Lake Discovery area and the extensive exploration areas to the north and
south of Axe Lake. The company has also achieved its program goal of 100
delineation holes in the Axe Lake Discovery area.
    At the present time, two of the eight rigs are working in the area north
of Axe Lake and are expected to remain there until the end of the drilling
season. Six rigs, some of which were deployed beyond Axe Lake, are all now
focused on the Axe Lake area. Seismic surveys have been completed in the area
south of Axe Lake and are now being undertaken in the area north of the
original discovery. Up to six rigs will move to the area south of Axe Lake, as
drilling targets are identified through interpretation of the seismic data.
    "In the Axe Lake area, our drilling results continue to be consistent
with last year's program in that area," said Christopher H. Hopkins, President
& Chief Executive Officer of Oilsands Quest. "We are also very encouraged by
bitumen intercepts we have encountered north of Axe Lake; these exploration
leads will help target drill locations for next winter's program. Meanwhile,
we are looking forward to continuing our exploration effort into totally new
areas to the south of Axe Lake."
    "The successful use of seismic and airborne studies has fully offset the
effect of increased drilling time per hole this year," said Mr. Hopkins. "In
addition, my exploration team has managed this winter's program very
efficiently so that, notwithstanding the increased levels of activity, we
remain on target with our original program cost estimate."
    Current weather and conditions in Oilsands Quest's operating area
continue to be ideal for winter drilling; for example, on March 13 the low
temperature was below minus 40 Celsius (minus 40 Fahrenheit). In addition, the
Saskatchewan government has granted drilling extensions on a day-to-day basis,
depending on the weather, beyond the original March 31 drilling expiry date.
    In other activities on its permit lands, Oilsands Quest has completed
cutting, leveling and grading an airstrip. Airborne geophysical surveys were
completed by the end of February. The peak number of personnel on site at the
company's three camps is about 205. A group of investment analysts is touring
Oilsands Quest's operations today; a media tour and an institutional investor
tour are planned for next week.
    Oilsands Quest's management team and its consultants continue conducting
detailed core analysis. The company plans to release its preliminary report of
drilling results early in April. At that time, the company will again report
the number of holes drilled, an indication of drilling success and an overview
of its plans for activities during the spring and summer months. A summer
drilling/exploration program is currently in the planning stage. The formal
estimate of Original Bitumen in Place resulting from this winter's drilling
program will not be completed by the company's independent consultants until
this fall.

    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 is frequently
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.
Forward-looking statements such as the references to Oilsands Quest Inc.'s
drilling program, geophysical programs, testing and analysis programs and
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 risks inherent in the oil sands industry,
regulatory and economic risks, and risks associated with the company's ability
to implement its business plan. There are uncertainties inherent in
forward-looking information, including factors beyond Oilsands Quest Inc.'s
control, and no assurance can be given that the programs will be completed on
time, on budget 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 and details regarding the
location and extent of the Oilsands Quest permit lands.

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

Organization Profile

Oilsands Quest Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890