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Calgary, Alberta – September 10, 2009 – Oilsands Quest Inc. (AMEX:BQI) announces that its Form 10-Q Quarterly Report for the period ended July 31, 2009, was filed September 9, 2009, and is available online at www.sec.gov and www.sedar.com The company also provides an update on its reservoir test program.The following discussion addresses material changes in our results of operations and capital resources and uses for the three months ended July 31, 2009, compared to the three months ended July 31, 2008, and our financial condition and liquidity since April 30, 2009. It is presumed that readers have read or have access to our Annual Report on Form 10-K for our financial year ended April 30, 2009, which includes disclosure regarding critical accounting policies and estimates as part of Management’s Discussion and Analysis of Financial Condition and Results of Operation. Unless otherwise stated, all dollar amounts are expressed in U.S. dollars. All future payments in Canadian dollars have been converted to U.S. dollars using an exchange rate of $1.00 U.S. = $1.079 CDN, which was the July 31, 2009 exchange rate.
Three Months Ended July 31, 2009
•We completed a public offering of 35,075,000 units at a price of $0.85 per unit for gross proceeds to $29.8 million. The units consisted of one common share and a warrant to purchase one-half common share.
•We were granted a one year extension, to May 31, 2010, of our permits in northwest Saskatchewan. We may seek and be granted two additional one year extensions of each permit if the Company continues to meet its obligations under the terms of the permits. We may elect to convert all or a portion of the permits to leases.
•We signed a Memorandum of Understanding establishing an economic relationship with the Birch Narrows Dene Nation in Saskatchewan through which the economic benefits of our exploration and development activities will be managed.
•We announced independent third party resource estimates for our Eagles Nest property in Northern Alberta.
•We announced the resignation of Jamey Fitzgibbon as President and Chief Operating Officer and the transition of these responsibilities to Christopher Hopkins, the Company’s Chief Executive Officer.
•We resumed construction activities at Test Site 1 in preparation for the startup of Phase One of the testing.
•We began applying heat to the reservoir at Test Site 3 in late 2008 utilizing a downhole electric heater and we continue to measure pressures and temperatures at ten different locations in the reservoir subsequent to the removal of the heater element in June 2009.
•We have commenced pressure and temperature measurements at Test Site 1 in order to capture the baseline reservoir pressure and temperature before commencing the vertical well test program.
•We provided an update of our progress at Test Sites 1 and 3 and laboratory and field test studies at the TD Newcrest Unconventional Oil Forum held in Calgary on July 8, 2009 and at the Canadian International Petroleum Conference held in Calgary on June 16 to 18, 2009.
•We disclosed our intention to re-organize our non-core assets at Pasquia Hills.
•We restated our financial statements and filed an amended Form 10-K/A for the year ended April 30, 2008 and amended Form 10-Qs for the quarterly periods ended July 31, 2008, October 31, 2008 and January 31, 2009.
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