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NEWS: removal of road block in Saskatchewan

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ThSeeker Member Level  Tuesday, 07/10/07 10:13:15 AM
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NEWS: removal of road block in Saskatchewan
Oilsands Quest makes planned permit relinquishment, comments on removal of road block in Saskatchewan
Amex: BQI
CALGARY, July 10 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI) has completed its final relinquishment of exploration permits in northwest Saskatchewan, as planned since the original granting of the permits. The company also advises that access to its facilities has returned to normal following the recent removal of a road blockade on the road to its project site.

The permit relinquishment, originally scheduled for May 3, 2006, is the second and final relinquishment required by the Province of Saskatchewan as a condition of granting the original exploration permits. Oilsands Quest had received an extension until July 9, 2007 for the relinquishment of 40 per cent of its 846,680 gross acres. The company's Saskatchewan oil sands permits (100 per cent owned) now total 508,026 acres, the largest contiguous land position in the oil sands (Permit numbers PS 00205, 00206, 00208, 00210, 00212, 00213 and 00215). A map showing the revised permit area is posted on the company's web site (www.oilsandsquest.com) with this news release.

'Over the last 19 months, we have conducted a comprehensive assessment of our original permit lands in Saskatchewan,' said Christopher H. Hopkins, President and Chief Executive Officer of Oilsands Quest. 'We are confident that the lands we have retained will yield substantial bitumen resources. Now, we can concentrate fully on the exploitation of the resource potential we are identifying.'

The company is awaiting regulatory approval of its applications for an extensive seismic survey program (including both 2-D and 3-D), an electrical resistance tomography (ERT) survey, and a summer drilling program based on approximately 40 exploratory test holes.

At the present time, Oilsands Quest's field activities include baseline environmental studies and ongoing site maintenance work. This work was not affected by the road blockade on Highway 955 by the Clearwater River Dene Nation.

'During the blockade, our employees from the local area were not allowed through the blockade and had to be airlifted in. They, and we, had been increasingly concerned that they were unable to get to their jobs,' said Mr. Hopkins. 'We appreciate the efforts of the Clearwater River Dene Nation and the Province of Saskatchewan to address the issues surrounding the blockade and are pleased that it has been removed.' The blockade was established on June 21 by the Clearwater River Dene Nation to draw attention to its claims about lack of consultation; it was removed Friday, July 6.

'We will continue to consult with all First Nations people, Metis and other residents of our neighboring communities, as we have done since 2004, before we began exploration activities in Saskatchewan,' said Mr. Hopkins.

About Oilsands Quest

Headquartered in Calgary, Alberta, Oilsands Quest Inc(www.oilsandsquest.com) is building long-term shareholder value through exploration of its oil sands permits in Saskatchewan and Alberta. The company has initiated pre-commercialization studies for its Axe Lake Discovery in northwest Saskatchewan, placing it at the forefront of the development of an oil sands industry in the province of Saskatchewan.

Forward-Looking Information

This news release contains certain 'forward-looking information' within the meaning of applicable securities law, particularly with respect to the effect of the blockade on the Company's operations over time. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, including the assumption that the blockade will be resolved within a reasonable period of time. There are uncertainties inherent in forward-looking information, including future actions of third parties such as the CRDN, the courts and government, as well as other factors beyond Oilsands Quest's control. The reader is cautioned not to place undue reliance on forward-looking statements. The risks and uncertainties set forth above are not exhaustive. Readers should 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 (July 10, 2007 - 8:03 AM EST)

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