OILSANDS QUEST Inc. - Oil (Kerogen) Shale

OILSANDS QUEST Inc. - Oil (Kerogen) Shale

Postby Oscar » Fri Aug 30, 2013 5:29 pm

Pasquia Hills Oil Shale Project, Hudson Bay, Saskatchewan

Oilsands Quest:

MAP:
[ http://www.oilsandsquest.com/our_projec ... hills.html ]

Oilsands Quest's oil shale exploration permits cover 489,730 acres (198,187 hectares) in the Pasquia Hills area of east-central Saskatchewan. The permits provide for the right to explore, mine, quarry and work the permit lands, but not to produce or recover oil shales except for test purposes until a lease has been granted. The permits were granted in 2006 and 2007 and have five-year terms.

The key challenge to producing kerogen shale lies in finding an economic commercial process. The overall prospects for this project will continue to be examined.

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Oilsands Quest Inc.
[ http://www.oilsandsquest.com/ ]

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Oilsands Quest - Company Summary

[ http://www.infomine.com/index/companies ... _INC..html ]

Oilsands Quest Inc. is a public company (Amex: BQI) engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on the oil sands. The company is aggressively exploring Canada's largest contiguous oil sands land holding, which is located in northeast Alberta and northwest Saskatchewan. Oilsands Quest is leading the development of an oil sands industry in the province of Saskatchewan.

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IN THE BEGINNING . . . . .

[ http://forum.stopthehogs.com/phpBB2/viewtopic.php?t=449 ]


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----- Original Message -----
From: Investor Relations
Sent: Thursday, July 22, 2010 3:33 PM
Subject: RE: Pasquia Hills Shale Oil Project

Dear Investor,

The process used to extract bitumen insitu is very different than the process used to extract oil shale. Oil Shale extraction is more similar to oil sands mining operations. While insitu recovery methods may be available for oil shale developments it is too early to gauge what configuration Pasquia Hills will use for recovery. That said, we are currently in the process of spinning out our Pasquia Hills property to be operated by CanShale Corp. If the transaction is completed BQI will retain a portion of the asset but will not operate the property.

Regardless, all hazards must be reported and addressed in order to get crown approval to undertake any major resource development in the province. We take our environmental responsibilities very serious and will thoroughly explore our environmental impacts through this process.

Thank you for your interest in Oilsands Quest.

Please let us know if you have any further inquiries.

Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
1-877-718-8941


From: Elaine Hughes
Sent: Thursday, July 01, 2010 12:38 PM
To: Investor Relations
Subject: Pasquia Hills Shale Oil Project

Hello, again, Investor Relations

I very much appreciate your time in answering my questions about this very interesting project.....

I am aware of your oilsands project at Axe Lake, and if I understand it correctly, you plan to use hot water 'in situ' process to heat the oil so you can bring it to the surface.

Will a similar process be used at the Pasquia Hills Project, or will chemicals have to be used in the drilling and completions processes? If so, and because we must, at any and all costs, keep clean water clean, I'm wondering if these chemicals and their inherent hazards will be publicly disclosed?

On checking your website, I was unable to find any reference as to whether or not your company has ever been sued or are being sued by any group, individual, or entity - do you have such information posted on your website? If so, perhaps you could forward the URL for that page.

And, finally, would you please send me a list of your events of non compliance, so that I can be somewhat assured that what is stated in your previous emails is, in fact, true.

Once again, thank you for your time.

Elaine Hughes



----- Original Message -----
From: "Investor Relations" <ir@oilsandsquest.com>
Sent: Tuesday, June 29, 2010 12:36 PM
Subject: RE: Oilsands Quest Inc. - Message from Elaine Hughes

Although it's too early to say which techniques will be used, every effort will be made to minimize environmental impacts and operate well within government regulations regarding the environment. We take our environmental obligations very seriously and conduct our operations with the most current technologies and processes in order to minimize the impact on the environment.

Please let us know if you have any further inquiries.

Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
(403)263-1623
1-877-718-8941


----- Original Message -----

From: "Investor Relations" <ir@oilsandsquest.com>
To: "Elaine Hughes via Oilsands Quest.com"
Sent: Tuesday, June 29, 2010 10:39 AM

Subject: RE: Oilsands Quest Inc. - Message from Elaine Hughes

Thank you for your inquiry.

The challenge in producing oil from shale is the commercially viable separation of the oil from the kerogen. The kerogen is a wax-like substance. We are investigating various techniques for the production of oil from shale.

Thank you for your inquiry. Please let us know if you have any further inquiries.
Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
(403)263-1623
1-877-718-8941

-----Original Message-----
From: Elaine Hughes via Oilsands Quest.com
Sent: June 27, 2010 10:20 AM
To: Investor Relations
Subject: Oilsands Quest Inc. - Message from Elaine Hughes



Name: Elaine Hughes
Email: tybach@sasktel.net
Company -------------
Subscribe to Email List:
Receive Investor Package:
Message:
[ http://www.oilsandsquest.com/our_projec ... hills.html ]

My question is: what method of extraction is planned/proposed for the Pasquia Hills Oil Shale Project?

Hope to hear from you soon.

Thank you for your time.

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Oilsands Quest announces extension of deadline of sale of oil shale assets

[ http://www.newswire.ca/en/story/681857/ ... ale-assets ]

NYSE Amex: BQI

July 8, 2010

CALGARY, July 8 /CNW/ - Oilsands Quest Inc. (NYSE AMEX:BQI) ("OQI") has extended the deadline for the sale of its oil shale assets located near Pasquia Hills in Saskatchewan to Canshale Corp. ("Canshale"). The sale of these assets was conditional upon Canshale raising a minimum of CDN$12.5 million by June 30, 2010. The OQI Board of Directors has granted an extension of 30 days to July 30, 2010 for Canshale to complete the minimum financing. As an incentive for granting this extension, OQI will receive an additional 2 million shares of Canshale. This will bring the total consideration for the sale to CDN $1 million in cash and 10 million shares of Canshale.

As announced at the 2009 Annual General Meeting, OQI was examining alternative structures to develop its oil shale assets and provide a separate vehicle for funding and operating these assets. OQI continues to believe that the sale of the oil shale assets is in the best interests of the Company as it allows OQI to focus its financial and management resources on developing its portfolio of oil sands projects and exploration lands.

About Oilsands Quest

Oilsands Quest Inc. (www.oilsandsquest.com) is exploring one of Canada's largest holdings of contiguous oil sands permits and licenses, located in Saskatchewan and Alberta, and is developing Saskatchewan's first global-scale oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.

Cautionary Statement about Forward-Looking Statements

This news release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. federal securities laws. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that our management expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company undertakes no obligation to update forward-looking statements 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.

For further information: Riyaz Mulji, Manager Investor Relations, (403) 263-1623, Email: ir@oilsandsquest.com, Investor Line: 1-877-718-8941

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Oilsands Quest announces cancellation of sale of oil shale assets to Canshale

[ http://www.prnewswire.com/news-releases ... 11644.html ]

NYSE Amex: BQI August 13, 2010

CALGARY, Aug. 13 /CNW/ - Oilsands Quest Inc. (NYSE AMEX:BQI) ("OQI") announced today the cancellation of the previously disclosed sale of its oil shale assets located near Pasquia Hills, Saskatchewan to Canshale Corp. ("Canshale"). The sale of these assets was conditional upon Canshale raising a minimum of CDN $12.5 million by July 30. As Canshale was unable to secure that financing, the transaction has been cancelled and the oil shale assets continue to be owned by Oilsands Quest Inc.

OQI has recently had additional expressions of interest in the oil shale assets and will investigate these options to determine if a sale or joint venture of the oil shale assets is in the best interests of the company. This will allow continued focus of our financial and management resources on developing OQI's portfolio of oil sands projects.


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----- Original Message -----
From: Investor Relations
To: 'Elaine Hughes'
Sent: Thursday, July 22, 2010 3:33 PM
Subject: RE: Pasquia Hills Oil Shale Project

Dear Investor,

The process used to extract bitumen insitu is very different than the process used to extract oil shale. Oil Shale extraction is more similar to oil sands mining operations. While insitu recovery methods may be available for oil shale developments it is too early to gauge what configuration Pasquia Hills will use for recovery. That said, we are currently in the process of spinning out our Pasquia Hills property to be operated by CanShale Corp. If the transaction is completed BQI will retain a portion of the asset but will not operate the property.

Regardless, all hazards must be reported and addressed in order to get crown approval to undertake any major resource development in the province. We take our environmental responsibilities very serious and will thoroughly explore our environmental impacts through this process.

Thank you for your interest in Oilsands Quest.

Please let us know if you have any further inquiries.

Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
1-877-718-8941

=================

From: Elaine Hughes [mailto:tybach@sasktel.net]
Sent: Thursday, July 01, 2010 12:38 PM
To: Investor Relations
Subject: Pasquia Hills Oil Shale Project

Hello, again, Investor Relations

I very much appreciate your time in answering my questions about this very interesting project.....

I am aware of your oilsands project at Axe Lake, and if I understand it correctly, you plan to use hot water 'in situ' process to heat the oil so you can bring it to the surface.

Will a similar process be used at the Pasquia Hills Project, or will chemicals have to be used in the drilling and completions processes? If so, and because we must, at any and all costs, keep clean water clean, I'm wondering if these chemicals and their inherent hazards will be publicly disclosed?

On checking your website, I was unable to find any reference as to whether or not your company has ever been sued or are being sued by any group, individual, or entity - do you have such information posted on your website? If so, perhaps you could forward the URL for that page.

And, finally, would you please send me a list of your events of non compliance, so that I can be somewhat assured that what is stated in your previous emails is, in fact, true.

Once again, thank you for your time.

Elaine Hughes

=====================

----- Original Message -----
From: "Investor Relations" <ir@oilsandsquest.com>
To: "Elaine Hughes" <tybach@sasktel.net>
Sent: Tuesday, June 29, 2010 12:36 PM
Subject: RE: Oilsands Quest Inc. - Message from Elaine Hughes

Although it's too early to say which techniques will be used, every effort will be made to minimize environmental impacts and operate well within government regulations regarding the environment. We take our environmental obligations very seriously and conduct our operations with the most current technologies and processes in order to minimize the impact on the environment.

Please let us know if you have any further inquiries.

Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
(403)263-1623
1-877-718-8941

=================

----- Original Message -----
From: "Investor Relations" <ir@oilsandsquest.com>
To: "Elaine Hughes via Oilsands Quest.com" <tybach@sasktel.net>

Sent: Tuesday, June 29, 2010 10:39 AM

Subject: RE: Oilsands Quest Inc. - Message from Elaine Hughes

Thank you for your inquiry.

The challenge in producing oil from shale is the commercially viable separation of the oil from the kerogen. The kerogen is a wax-like substance. We are investigating various techniques for the production of oil from shale.

Thank you for your inquiry. Please let us know if you have any further inquiries.

Regards

Investor Relations
Oilsands Quest Inc.
www.oilsandsquest.com
(403)263-1623
1-877-718-8941

====================

-----Original Message-----
From: Elaine Hughes via Oilsands Quest.com [mailto:tybach@sasktel.net]
Sent: June 27, 2010 10:20 AM
To: Investor Relations
Subject: Oilsands Quest Inc. - Message from Elaine Hughes

My question is: what method of extraction is planned/proposed for the Pasquia Hills Oil Shale Project?

Hope to hear from you soon.

Thank you for your time.

--------------------------------------------------------------------------------

Brian MacNeill Appointed Acting CEO of Oilsands Quest

[ http://www.oilsandsquest.com/pdf/nrCEOA ... 7_2010.pdf ]

NYSE Amex: BQI

CALGARY, Sept. 7 /CNW/ - The Board of Directors of Oilsands Quest Inc. (NYSE Amex: BQI) (the "Board") announces senior organizational changes following the recently announced decision to initiate a review of strategic alternatives and to appoint a Special Committee to oversee this process. The changes are effective immediately.

Brian MacNeill has been appointed acting CEO of Oilsands Quest, replacing T. Murray Wilson. Mr. MacNeill will serve as CEO and direct day to day operations through the period in which the Company is evaluating strategic alternatives. The Board's decision on a permanent CEO appointment will depend on the outcome of the strategic alternatives process.

Mr. MacNeill joined the Board of Oilsands Quest on August 25, 2009. He is a seasoned energy and financial industry executive who served as the President and Chief Executive Officer of Enbridge Inc., an integrated pipeline company, from 1991 to 2001. He has also been a non-executive member on boards of a number of major Canadian organizations, including serving as Chairman of the Board of Petro-Canada from 2000 to 2009.

The Board has also appointed Ron Blakely as non-executive Chairman of the Board. Mr. Blakely joined the Board of Oilsands Quest on April 7, 2009. He has extensive and varied executive-level experience spanning a 38 year career in the oil and gas industry.

Paul Ching, as part of his role on the Special Committee, will provide added support to the technical staff of the company through the period of the strategic alternatives review. Mr. Ching joined the Board on January 7, 2010, with an exceptional background in heavy oil production, operations, development and reservoir research achieved during a 34 year career with the Royal Dutch Shell group of companies.

T. Murray Wilson, who was most recently Chairman and CEO, has been appointed as Executive Deputy Chairman of Oilsands Quest. Mr. Wilson will advise the Special Committee, providing dedicated support to the evaluation and pursuit of the options expected to emerge from the review process and he will also remain a member of the Board of Directors and the Board committees of which he is currently a member.

Independent of these appointments, Susan MacKenzie has tendered her resignation as Chief Operating Officer of Oilsands Quest. The Company would like to thank Ms. MacKenzie for her contributions since joining Oilsands Quest.

"With the initiation of the review of strategic alternatives and Sue MacKenzie's decision to resign, we believe that these changes will contribute to a timely and successful conclusion of the process," said Ron Blakely, non-executive Chairman of the Board of Oilsands Quest. "This structure enables us to make best use of Murray Wilson's extensive experience from his prior investment banking career, while also drawing increasingly on the expertise that is resident in our Board of Directors."

The Special Committee is overseeing the review of strategic alternatives. Because Mr. MacNeill is assuming the acting CEO position, Mr. Blakely will now serve as Chair of the Special Committee, which will also continue to include Mr. MacNeill and Mr. Ching.

There can be no assurance that the review of strategic alternatives will result in a financing or a sale of the company or in any other transaction. There is no timetable for the review, and the company does not intend to comment further regarding the evaluation of strategic alternatives unless the Board agrees to a definitive transaction or the process is concluded.

For further information: Garth Wong, Chief Financial Officer, Email: ir@oilsandsquest.com, Investor Line: 1-877-718-8941

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Oilsands Quest to Pursue Sale of Non-Core Assets

[ http://www.newswire.ca/fr/story/647423/ ... ore-assets ]

NYSE Amex: BQI Sept. 22, 2010

CALGARY, Sept. 22 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest" or the "Company") is initiating a process to divest its Eagles Nest oil sands lease and Pasquia Hills oil shale permits, following a determination by the Board of Directors that these assets are non-core. As previously announced, Oilsands Quest has retained TD Securities Inc. to assist the Company in reviewing strategic alternatives and the sale process for these non-core assets is an important initial step in that review. Both Eagles Nest and Pasquia Hills are outside the Company's primary project and discovery areas of Axe Lake, Wallace Creek and Raven Ridge.

The Eagles Nest oil sands lease covers 22,773 acres (9,216 hectares) in the Athabasca oil sands region northwest of Fort McMurray, Alberta. The property is geographically distant from Oilsands Quest's other oil sands discoveries and largely unexplored. According to McDaniel and Associates Consultants Ltd., the Company's 100 per cent interest in Eagles Nest contains 367 million barrels of discovered bitumen initially in place (best estimate)(1) and 1,573 million barrels of undiscovered bitumen initially in place (best estimate)(1). Details of this resource estimate were previously disclosed by the Company in a release dated July 7, 2010, and in related filings on SEDAR.

The Pasquia Hills oil shale properties consist of several permits covering 489,730 acres (198,187 hectares) in southeast Saskatchewan, in which the Company holds a 100 per cent interest. In 2008 and 2009, Oilsands Quest conducted small exploration programs by drilling 23 exploration holes on the properties, 20 of which intersected oil shale. An independent evaluation by Norwest Corporation, with an effective date of September 15, 2010, determined that the area covered by these permits contains 19.3 billion barrels of discovered petroleum initially in place ("PIIP")(1) and 4.8 billion barrels of undiscovered PIIP(1) using a grade cut-off of 20 liters per tonne.

Oilsands Quest has recognized for some time that retaining and developing the Pasquia Hills oil shale deposits over the remaining permit life would require considerable time, effort and financial resources at the same time that the Company was in the process of exploring and developing its significant portfolio of oil sands assets.

"While it is too soon to predict the outcome of our review of strategic alternatives, we know that we want to stay focused on our core assets," said Brian MacNeill, Acting Chief Executive Officer of Oilsands Quest. "With over 3.1 billion barrels of discovered bitumen initially in place and 250 million barrels of economic contingent resources, we have ample opportunity in our three core areas for a company of our size. Selling one or both of our non-core assets will improve our near-term liquidity and increase our flexibility in pursuing the strategic review process."

Oilsands Quest is optimistic that a sale of one or both of these non-core assets will be completed by early 2011. The broader review of strategic alternatives remains underway at Oilsands Quest. There can be no assurance that the sale of non-core assets will be completed or that the review of strategic alternatives will result in a financing or a sale of the company or in any other transaction. There is no timetable for the review, and the company does not intend to comment further regarding the evaluation of strategic alternatives unless the Board agrees to a definitive transaction or the process is concluded.

Since mid-2008, the Company has released independent estimates of bitumen resource volumes, which are prepared in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 ("NI 51-101").

(1) The discovered resource and undiscovered resource numbers are not estimates of recoverable bitumen volumes. At this time all of the discovered resources are classified as unrecoverable. A portion of the undiscovered resources at Eagles Nest have been classified as prospective (recoverable) resources with low, best and high estimates of 18MMbbl, 178MMBbl and 717MMBbl, respectively. A recovery project cannot be defined for these volumes at this time. There is no certainty that it will be commercially viable to produce any portion of the discovered resources. There is no certainty that any portion of the undiscovered resources will be discovered and, if discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Definitions of technical terms used in this release:

Resource categories:

Discovered resources (equivalent to discovered petroleum initially in place or bitumen initially in place) are defined within COGEH as that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered resources includes production, reserves, and contingent resources; the remainder is classified as unrecoverable. Discovered resources are the summation of all bitumen present, without qualitative or quantitative assessment to determine the exploitable portion of that resource.

Undiscovered resources (equivalent to undiscovered petroleum initially in place) are defined within COGEH as that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered resources is referred to as prospective resources, the remainder as unrecoverable.

Unrecoverable is defined within COGEH as that portion of discovered or undiscovered resources quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks.

Contingent resources are defined within COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.

Economic Contingent Resources are defined within COGEH as those contingent resources that are currently economically recoverable.

Prospective Resources are defined within COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.

Uncertainty categories:

A range of prospective, undiscovered, discovered and contingent resources estimates (low, best and high) was prepared by McDaniel to reflect a range of technical and economic uncertainties and was determined in accordance with COGEH.

Low estimate is defined within COGEH as a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best estimate is defined within COGEH as the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High estimate is defined within COGEH as an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Cautionary Statement about Forward-Looking Statements

This news release includes certain statements that may be deemed to be "forward-looking statements." All statements, other than statements of historical facts, included in this news release that address activities, events or developments that our management expects, believes or anticipates will or may occur in the future are forward-looking statements. Also, forward-looking statements are frequently indicated 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 such as the amount and nature of future capital, development and exploration expenditures, the timing of exploration and test program activities, business strategies and development of our business plan and exploration and testing programs, the resource estimates, and references to the Company's reservoir field testing and analysis program, and the timing of such program are based on the opinions and estimates of management and the Company's independent evaluators 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, financing 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's control, and no assurance can be given that the programs will be completed on time, on budget or at all. In addition, there are numerous uncertainties inherent in estimating resources, including many factors beyond the Company's control. In general, estimates of petroleum resources are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates which have inherent uncertainties, the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably from actual results. All such estimates are, to some degree, uncertain and classifications of resources are only attempts to define the degree of uncertainty involved. The estimates contained herein with respect to petroleum resources that may be developed in the future have been based upon volumetric calculations and upon analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Annual Report on Form 10-K for the year ended April 30, 2009, and subsequent quarterly reports on Form 10-Q available on http://www.sedar.com and http://www.sec.gov.

Oilsands Quest 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.

Cautionary note to U.S. investors - The United States Securities and Exchange Commission (the "SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company uses certain terms in this press release such as discovered and contingent resources, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K, available from us on request by emailing ir@oilsandsquest.com or by calling 1-877-718-8941. You can also obtain this form at www.sec.gov. In reviewing this news release, it is necessary to recognize the differences between resources (which are reported as required under Canadian law) and reserves (which are not being reported). U.S. Investors are cautioned that the discussion of resource estimates in this news release does not contain any information about deposits that would qualify as deposits of "reserves" under SEC Industry Guide 7. Further, the terms "discovered resources" and "contingent resources" are Canadian terms defined in accordance with the standards set forth jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy and Petroleum (Petroleum Society) in the COGEH. The COGEH standards differ from the terminology and standards set forth in SEC Industry Guide 7 and, as a consequence, the information contained in this news release may not be comparable to information provided by other similar companies in the United States. Investors should not assume that any part of the deposits discussed in this news release that are categorized as discovered, undiscovered, contingent or prospective resources according to Canadian standards will ever be considered "reserves" under applicable U.S. standards. The commercial viability of these resources are affected by numerous factors which are beyond the Company's control and which cannot be predicted, such as the potential for further financing, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Investors are cautioned not to assume that all or any part of a resource, whether discovered or contingent, exists or (if it exists) is economically or legally extractable.

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 global-scale oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.

For further information: Garth Wong, Chief Financial Officer, Email: ir@oilsandsquest.com, Investor Line: 1-877-718-8941

= = = = =

Oilsands Quest announces receipt of commitments and re-pricing of previously announced offering

[ http://ca.news.finance.yahoo.com/s/2810 ... ously.html ]

CUSIP# 678046 10 3 NYSE Amex: BQI

October 28, 2010

CALGARY, Oct. 28 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest" or the "Company") is pleased to announce that it has received commitments from certain existing institutional shareholders to purchase US$12.2 million of common shares and flow-through common shares pursuant to the Company's previously announced best efforts financing. Under the revised pricing negotiated with the investors, the Company has now agreed to issue 20,780,900 Common Shares at US$0.45 per share and 5,760,000 Flow Through Common Shares at US$0.50 per share.

The Company may increase the size of the Offering to up to US$15 million and marketing is continuing to issue up to an additional US$2.8 million of Common Shares at a price of US$0.45 per share. The Company will be amending the prospectus supplement filed in the United States and Canada to reflect the re-pricing of the Offering.

A copy of the amended prospectus may be obtained from TD Securities (USA) LLC in the United States and TD Securities Inc. in Canada at the following addresses:

In the United States:
TD Securities (USA) LLC
ATTN: Paula Kourian
31 W. 52nd Street
New York, NY 10019

In Canada:
TD Securities Inc.
Email: sdcconfirms@td.com
222 Bay Street, 7th Floor
Toronto, Ontario M5K 1A2

For further information:
Garth Wong
Chief Financial Officer
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941

- - - -

CORRECTION:

In c6763 transmitted at 9:53e today, the fourth line of the first paragraph should have read 20,780,900 Common Shares not 10,780,900 Common Shares. Corrected copy follows:

Oilsands Quest announces receipt of commitments and re-pricing of previously announced offering

--------------------------------------------------------------------------------

Oilsands Quest Completes Upsized Share Offering

[ http://www.oilsandsquest.com/pdf/nr-Nov5-2010.pdf ]

CUSIP# 678046 10 3
NYSE Amex: BQI

CALGARY, Nov. 5 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest" or the "Company") has completed its previously announced offering of common and flow-through shares (the "Offering") and increased the size of the Offering from US$12.2 million to US$12.9 million. The Company received additional commitments for 1,360,900 flow-through shares at a price of CDN$0.51345 (US$0.50) per share. TD Securities Inc. acted as agents for the Offering.

Oilsands Quest issued approximately 20.8 million common shares at a price of US$0.45 per share for total proceeds of approximately US$9.4 million.

Oilsands Quest also issued approximately 7.1 million common shares on a flow-through basis to investors at a price of CDN$0.51435 (US$0.50) per share, for gross proceeds of approximately CDN$3.7 million (US$3.5 million).

The net proceeds from the Offering will be used for a winter drilling program of up to 10 wells at Wallace Creek and for general corporate purposes.

This news release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state.

For further information:
Garth Wong
Chief Financial Officer
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941

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Last edited by Oscar on Sun Sep 22, 2013 9:39 am, edited 1 time in total.
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Lawsuit involving Oilsands Quest, Pamela Wallin settled for

Postby Oscar » Wed Sep 04, 2013 10:44 am

Lawsuit involving Oilsands Quest, Pamela Wallin settled for $10.2M

[ http://www.thestar.com/news/canada/2013 ... _102m.html ]

As a director of Calgary-based Oilsands Quest, Senator Pamela Wallin was named in a securities fraud class-action lawsuit.

By: Bill Graveland The Canadian Press, Published on Mon Aug 26 2013

CALGARY—A U.S. court has approved a multimillion-dollar settlement in a securities fraud class-action lawsuit against a bankrupt energy exploration company for which embattled Sen. Pamela Wallin was a director.

Between June 2007 and December 2011, Wallin was a paid member of the board of Oilsands Quest Inc., a Calgary-based exploration company. As a director, the Saskatchewan senator was named in the lawsuit along with fellow board members, TD Securities and Calgary consulting firm McDaniel and Associates.

The lawsuit, filed by investors in United States District Court in New York in 2011, alleged that Oilsands Quest and its directors overstated the value of the company’s assets by $136 million.

“Through a series of false and misleading press releases, investor presentations and accounting manipulations, defendants fraudulently pumped up Oilsands Quest’s stock price by portraying Oilsands Quest as the largest owner of valuable rights to bitumen in Saskatchewan’s oilsands, creating a modern-day gold rush for what defendants knew to be largely worthless mining rights,” reads the original court document.

It goes on to say company officials knew that the vast majority of the land contained no bitumen and “defendants engaged in contrived exploration and testing activities to justify the retention of worthless mining rights in order to mislead investors about the value of the company’s properties.”

While most oilsands development is focused in the area around Fort McMurray in northern Alberta, Saskatchewan has significant oilsands deposits. But the oil is considerably more difficult to extract because the deposits are capped by a glacial till rather than the shale typically found in Alberta.

Still, Oilsands Quest led a charge to develop on the eastern side of the boundary.

- - - SNIP - - -

During her time as a director, Wallin earned nearly $648,000 in cash and offered option awards, the court documents said. She resigned shortly after Oilsands Quest went into receivership.

She did not answer a request for comment submitted last week by The Canadian Press.

Wallin, who was appointed to the Senate in 2009, has also been on the board of Gluskin Sheff & Associates Inc., a wealth management firm with offices in Calgary and Toronto. She’s also served on the board for Porter Airlines. From 2007 to 2011 she was chancellor at the University of Guelph.

Her finances have been under a microscope for weeks.

The one-time journalist and former Conservative caucus member has been ordered to reimburse the Senate almost $140,000 for ineligible travel expense claims. The order followed an independent audit of her travel expenses.

A Senate committee alerted the RCMP to the results of the audit. The Mounties are already investigating living allowances claimed by senators Mike Duffy, Patrick Brazeau and Mac Harb.

Note to readers: This is a corrected version. A previous story wrongly said the settlement would give 3.6 cents on the dollar. It’s in fact 36 cents

= = = = = =

Oilsands Quest Inc. Hit By Investor Lawsuit Over Alleged Securities Laws Violations

[ http://shareholdersfoundation.com/case/ ... violations ]

February 25, 2011

Company Name(s): Oilsands Quest
Case Name: Oilsands Quest Shareholder Class Action 02/25/2011
Case Status: Lawsuit Filed
Case Status: Settlement Proposed

Affected Securities
AMEX: BQI

Lawsuit Overview

Type of Lawsuit: Shareholder Class Action
Date Filed: 02/25/2011
Class Period Begin: 03/20/2006
Class Period End: 01/13/2011
Court of Filing: U. S. District Court for the Southern District of New York
Deadline To File for Lead: 04/22/2011
Date Settled: 06/14/2013
Settlement Amount: $10,235,000
Deadline to Participate in Settlement: 06/24/2013

Settlement Notice:
[ oilsands_quest_inc_settlement_notice_2013.pdf ]

Settlement Proof:
[ oilsands_quest_inc_settlement_proof_2013.pdf ]

Summary:

March 21, 2013 - Settlement proposed.

February 25, 2011 - An investor in Oilsands Quest (AMEX: BQI) filed a lawsuit in the U.S. District Court for the Southern District of New York again Oilsands Quest Inc. over alleged violations of Federal Securities Laws.

According to the class action complaint the plaintiff alleges on behalf of those who purchased the common stock and other publicly-traded securities of Oilsands Quest between August 14, 2006 and July 14, 2009, that Oilsands Quest Inc. and certain of the Company's officers and directors violated the Securities Exchange Act of 1934 by overstated the value of the Company's assets by more than $136 million in violation of Generally Accepted Accounting Practices ("GAAP").

The lawsuit seeks class action status on behalf of those purchasing the common stock and other publicly-traded securities of Oilsands Quest between August 14, 2006 and July 14, 2009, inclusive , including Oilsands Quest's "Exchangeable Shares" offered as consideration for the minority interest in OQI Sask on August 14, 2006; Oilsands Quest's "units" first publicly offered on December 5, 2007 at $5.00 per unit; Oilsands Quest common stock shares publicly offered on December 5, 2007 on a flow-through basis at $6.11 ($6.17 CDN) per share; and Oilsands Quest's "units" first publicly offered on May 1, 2009 at $0.85 per unit.

As alleged in the complaint, on August 14, 2006, Oilsands Quest acquired the minority interest in its operating subsidiary, OQI Sask, that Oilsands Quest did not already own. The plaintiff alleges that between August 14, 2006 and July 14, 2009 Oilsands Quest's financial reports and statements issued thereafter were false and misleading.

MORE:

[ http://shareholdersfoundation.com/case/ ... violations ]


= = = = =

IN THE BEGINNING . . . . .

[ http://forum.stopthehogs.com/phpBB2/viewtopic.php?t=449 ]
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