Crude Oil Tar Sand Companies

[NYBob]

Oilsands Quest announces highlights of annual meeting
Thursday October 16, 2:45 pm ET

Amex: BQI

CALGARY, Oct. 16 /PRNewswire-FirstCall/ - Oilsands Quest Inc.
(Amex: BQI - News) announces the results of business
conducted at its annual meeting which was held on
Wednesday, October 15, 2008, in Calgary.

The following Class B directors were re-elected to
the Board of Directors: T. Murray Wilson and Thomas Milne.
The other business matters that were included in
the proxy were also approved.

"We are very pleased to have both Murray and Tom re-elected
to the Board of Directors," said Mr. Christopher H. Hopkins,
CEO of Oilsands Quest.
"These two directors are very active members of our board
and compliment the strong board and management team
we have established."

Once the formal meeting was adjourned, Mr. T Murray Wilson,
Executive Chairman, Mr. Christopher H. Hopkins, Chief
Executive Officer and Mr. Jamey Fitzgibbon, President &
Chief Operating Officer of Oilsands Quest provided
an update on corporate and operational matters.
The corporate presentation is available on the
Company's website at

http://www.oilsandsquest.com.

About Oilsands Quest

Oilsands Quest Inc. is aggressively exploring Canada's largest
contiguous oil sands land holding by applying its technical
expertise to develop multiple global-scale discoveries.
The company (www.oilsandsquest.com) is the originator
of Saskatchewan's emerging oil sands industry.

Forward-looking information

Except for statements of historical fact relating to Oilsands Quest Inc., this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "prospective", "develop" and other similar words, or statements that certain events or conditions "may", "will", or "could" occur. Forward-looking statements such as references to Oilsands Quest's drilling programs, exploration programs, geophysical programs, reservoir testing and analysis program, and the timing of such programs are based on the opinions and estimates of management and the company's independent evaluators 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, risks inherent in the oil sands industry, regulatory and economic risks, lack of infrastructure in the region in which the company's resources are located, and risks associated with the company's ability to implement its business plan. There is no certainty that it will be commercially viable to produce any portion of the company's oil sands resources. There are uncertainties inherent in forward-looking information, including factors beyond Oilsands Quest's control, and no assurance can be given that the programs will be completed on time, on budget or at all. Oilsands Quest undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. 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 10-K 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 and details regarding the location and extent of Oilsands Quest's land holdings.


Source: Oilsands Quest Inc.
http://biz.yahoo.com/prnews/081016/to695.html?.v=1

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