NYSE Amex: BQI
CALGARY, March 15, 2012 /CNW/ - Oilsands Quest Inc.
(NYSE Amex: BQI)
("Oilsands Quest," or "the Company") has received approval from the
Alberta Court of Queens Bench (the "Court") for the sale of the
Companys 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 Companys 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 Saskatchewans 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 Companys 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
Companys 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 managements estimates
or opinions should change, except as required by law.
The reader is
cautioned not to place undue reliance on forward-looking statements.