Crude Oil Tar Sand Companies

[NYBob]

Oilsands Quest announces private placement of common stock
Amex: BQI
CALGARY, April 17 /PRNewswire-FirstCall/ -



Oilsands Quest Inc. -
(Amex: BQI) announced today that it intends to issue shares
of its common stock to investors in Canada and
the United States pursuant to certain exemptions from
prospectus requirements (the 'Common Shares') through
a syndicate of underwriters.

Pricing of the private placement will follow marketing
to investors and will be determined in the context of
the market.

It is expected that the total gross proceeds to
Oilsands Quest will be approximately US$30 million.

The proceeds will be used to repay debt incurred in
conjunction with recently announced property acquisitions,
for pre-commercial feasibility testing, working capital
and general corporate purposes.

Closing of the private placement is expected to occur on
or about May 1, 2007 and is subject to regulatory approval
and the completion of definitive documentation.

The Common Shares have not been registered under the
United States Securities Act of 1933, as amended
(the 'Securities Act') and will be offered or sold only
in compliance with Regulation S and Regulation D under
the Securities Act.

This notice is not an offer to sell or a solicitation of
an offer to buy such securities and is issued pursuant to
Rule 135c under the Securities Act of 1933.

Forward-Looking Information

Except for statements of historical fact relating to
the company, this news release contains ---- refer
to Oilsands Quest's current annual report on Form 10KSB
and other document filings, which are available at
www.sedar.com and at
www.sec.gov
for a detailed discussion of these risks and uncertainties.

SOURCE Oilsands Quest Inc.

Source: PR Newswire (April 17, 2007 - 9:55 AM EDT)

http://app.quotemedia.com/quotetools/popups/story.jsp

http://www.investorshub.com/boards/board.asp?board_id=6668

http://www.siliconinvestor.com/subject.aspx?subjectid=56941