OIlsands Quest Inc. (BQI)

[Skidway]

FYI
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Re: CanWest Petroleum announces rescheduling receipt of Oilsands
Quest's estimate of bitumen resources
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Cusip# 138748 10
Trading Symbol: OTC BB CWPC

Calgary, Alberta -- CanWest Petroleum Corporation (CWPC: OTC BB) and
Oilsands Quest Inc. announce the preliminary estimate of the bitumen
resources in place in the area covered by Oilsands Quest's Phase I
drilling program in northwest Saskatchewan is now expected some time
next week. The report was previously planned for release by the end of
June.

The preliminary management estimate of Original Bitumen In Place
("OBIP") will be based on the independent evaluation of cores from the
holes drilled in the Phase I drilling program on lands totaling less
than two percent of the total area of Oilsands Quest's permits. The
winter 2006 drilling program will consist of at least 150 holes and
cover a much larger area.

Christopher H. Hopkins, President & Chief Executive Officer of Oilsands
Quest, said, "The evaluation process involved is complex and
methodical. Backlogs experienced by the laboratory facilities have
resulted in delays in receiving the last of the detailed analyses. Once
these results are obtained we will complete our determination of the
Original Bitumen In-Place and release the preliminary estimates."

The companies also note that Christopher H. Hopkins, President and
Chief Executive Officer of Oilsands Quest, will be speaking at the TD
Securities Oil Sands Conference for institutional investors in Calgary
on July 6. Mr. Hopkin's presentation for the conference will be posted
on both companies' web sites at 2:30 p.m. (Mountain Time); it is
anticipated that managements preliminary estimates of resources will be
included.

CanWest Petroleum Corporation owns a 59.5 percent interest, on a fully
diluted basis, in Oilsands Quest Inc. On June 12, 2006, CanWest
Petroleum and Oilsands Quest jointly announced that the companies have
entered into an agreement that provides for the combination of the two
companies; this agreement is expected to be completed on August 14,
2006.

For more information:

CanWest Petroleum Corporation
Contact: Jonathan Buick
Phone: [phone] or [phone]
Email: [e-mail]

Oilsands Quest Inc.
Contact: Christopher H. Hopkins, President & CEO
Phone: [phone]
E-mail: [e-mail]


Safe Harbor statement under the Private Securities Litigation Reform
Act of 1995: Except for historical information contained herein, the
matters discussed in this press release are forward-looking statements
that involve risks and uncertainties, including but not limited to
economic, competitive, governmental and technological factors affecting
the Company's operations, markets, products and prices and other
factors discussed in the Company's various filings with the Securities
and Exchange Commission.

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Copyright (c) 2006 CANWEST PETROLEUM CORPORATION (URMP) All rights
reserved. For more information visit our website at
http://www.canwestpetroleum.com/ or send
mailto:[e-mail]
Message sent on Fri Jun 30, 2006 at 6:02:12 AM Pacific Time
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