2009-08-11-2007-10-01-2007-10-01

Acquired oil-sands exploration licenses and oil-shale exploratory permit in government sale involving a 109,920 acres in townships 90 and 91 and 83,769 acres in townships 44 and 45.

Oilsands Quest Inc., Calgary, (Amex: BQI) has acquired five oil-sands exploration licenses and one oil-shale exploratory permit in a Saskatchewan government sale for C$2.55 million. The assets include shale rights in Saskatchewan. Five of the six blocks involve a total 44,484 hectares (109,920 acres) in townships 90 and 91 and are south of Oilsands' existing exploration permits in Saskatchewan. The remaining permit is in the Pasquia Hills area, totaling 33,900.11 hectares (83,769 acres) in townships 44 and 45. The assets complement Oilsands' holdings in northwestern Saskatchewan and oil-shale holdings in the Pasquia Hills area of east-central Saskatchewan.