Oilsands Quest Receives Court Approval of $7 Million Sale of Eagles Nest Asset
March 12 2012 - 5:27PM
PR Newswire (Canada)
NYSE Amex: BQI CALGARY, March 15, 2012 /CNW/ - Oilsands Quest Inc.
("Oilsands Quest," or "the Company") has received approval from the
Alberta Court of Queen's Bench (the "Court") for the sale of the
Company's non-core Eagles Nest asset to Cavalier Energy Inc.
("Cavalier"), an unrelated third party, for CDN$7.005 million. As
previously announced, Oilsands Quest reopened the sale process for
its Eagles Nest asset as FAMA Capital Ltd. defaulted on an earlier
Purchase and Sale Agreement. The Company has signed a new Purchase
and Sale Agreement with Cavalier and the transaction, subject to
normal closing conditions, is expected to close on or before March
23, 2012. Oilsands Quest continues to operate under the protection
of the Companies' Creditors Arrangement Act (Canada) ("CCAA") with
the assistance of a Court-appointed monitor. The Company's common
shares remain halted from trading until either a delisting occurs
or until the NYSE permits the resumption of trading. 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. Forward-looking statements: This news release
includes certain statements that may be deemed to be
"forward-looking statements", including the expected date for
closing the sale of the Eagles Nest asset. 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. Forward-looking statements are
statements other than 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 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, its ability to successfully complete the previously
announced solicitation process while under creditor protection, its
ability to submit a timely plan to its stakeholders and the court
under the CCAA and to resolve its operational, legal and financial
difficulties, the possible delisting of its securities from NYSE
Amex, risks inherent in the oil sands industry, regulatory and
economic risks, land tenure risks and those factors listed under
the caption "Risk Factors" in the Company's Form 10-Q filed with
the Securities and Exchange Commission on March 8, 2012. 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. Oilsands
Quest Inc. CONTACT: Investor RelationsEmail:
ir@oilsandsquest.comInvestor Line: 1-877-718-8941
Copyright
Oilsands Quest (AMEX:BQI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Oilsands Quest (AMEX:BQI)
Historical Stock Chart
From Aug 2023 to Aug 2024