OilVoice - Oilsands Quest Cancels Sale of Oil Shale Assets to Canshale

Oilsands Quest Cancels Sale of Oil Shale Assets to Canshale

Friday, August 13, 2010

Oilsands Quest Inc. announced today the cancellation of the previously disclosed sale of its oil shale assets located near Pasquia Hills, Saskatchewan to Canshale Corp. ("Canshale"). The sale of these assets was conditional upon Canshale raising a minimum of CDN $12.5 million by July 30. As Canshale was unable to secure that financing, the transaction has been cancelled and the oil shale assets continue to be owned by Oilsands Quest Inc.

OQI has recently had additional expressions of interest in the oil shale assets and will investigate these options to determine if a sale or joint venture of the oil shale assets is in the best interests of the company. This will allow continued focus of the company's financial and management resources on developing OQI's portfolio of oil sands projects.

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