Oilsands Quest To Unload Noncore Eagle Nest Property

To buy 22,773-acre Eagles Nest prospect in AB Athabasca oil sands.

Oilsands Quest Inc., Calgary, (NYSE Amex: BQI) plans to sell its noncore Eagles Nest asset in Alberta to an undisclosed third-party entity for C$4.4 million.

The Eagles Nest prospect covers 22,773 acres (9,216 hectares) in the Athabasca oil sands region northwest of Fort McMurray. The property is geographically distant from Oilsands Quest's other oil sands discoveries and largely unexplored.

Prospective resources for the assets as of April 30, 2010 were a low estimate of 18 million barrels, best estimate of 178 million and high estimate of 717 million.

TD Securities Inc. is financial advisor to Oilsands Quest.

The deal is expected to close by March 23.