Oilsands Quest Inc. - 2010-11-05

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. The company also issued approximately 7.1 million common shares on a flow-through basis to investors at a price of C$0.51435 (US$0.50) per share, for gross proceeds of approximately C$3.7 million (US$3.5 million). Net proceeds will be used for a winter drilling program of up to 10 wells at Wallace Creek and for general corporate purposes.