NYSE Amex: BQI
CALGARY,
March 15, 2012 /PRNewswire/ -
Oilsands Quest Inc. (NYSE Amex: BQI) ("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.
SOURCE Oilsands Quest Inc.