OILSANDS QUEST INC.

OILSANDS QUEST INC.

Previous company name
CANWEST PETROLEUM CORPORATION
Name change date
11/1/2006
Company Overview
Oilsands Quest Inc. is an exploration company engaged in the exploration and development of oil sands deposits in the provinces of Saskatchewan and Alberta. The company was founded in 1998 as Uranium Power Corporation and changed its name to CanWest Petroleum Corporation in 2004. Its registered headquarters is located in Colorado, U.S.A. The company is publicly traded on the American Stock Exchange under the ticker symbol BQI.
The company is a leader in the development of an oil sands industry in the province of Saskatchewan, Canada’s second largest oil producer. It explores Canada’s largest contiguous oil sands land holding located in northeast Alberta and northwest Saskatchewan. The company owns a 100% interest in the Saskatchewan Oil Shale exploration permits focusing on the Pasquia Hills Oil Shale prospect, covering approximately 489,640 acres of land. It also holds four exploration permits in Alberta comprising of approximately 67,053 acres of land, and a development lease in north and western part of Fort McMurray for the Eagles Nest prospect.
The company operates through its subsidiaries including Township Petroleum Corporation (Township), Western Petrochemicals Corp. (WPC), Stripper Energy Services Inc. (Stripper), Anhydride Petroleum (USA) Inc. (Anhydride USA) and Oilsands Quest Sask Inc. (OQI Sask), which focuses on the exploration, delineation and ultimate exploitation of bitumen.
Business Summary
Oilsands Quest Inc. (OQI) is a development-stage company, which operates through its subsidiary companies. It is engaged in a range of projects in the oil and gas industry in Western Canada with an emphasis on the oil sands. The projects of the Company include Saskatchewan Oil Sands, Alberta Oil Sands and Pasquia Hills Oil Shale. The wholly owned subsidiaries of the Company include Oilsands Quest Sask Inc. (OQI Sask), Township Petroleum Corporation (Township), Western Petrochemicals Corp. (WPC), Stripper Energy Services Inc. (Stripper), 1291329 Alberta Ltd., Oilsands Quest Technology Inc. and 1259882 Alberta Ltd. In December 2009, the Company completed a 40 kilometers two-dimensional (2-D) seismic program on the permits to the north and south of Axe Lake. In March 2010, the Company completed a nine hole exploration drilling program in the western township corner of the Wallace Creek permits that are adjacent to Cenovus’ Borealis project area.
Description and history
Oilsands Quest Inc. (OQI) is a development-stage company, which operates through its subsidiary companies. It is engaged in a range of projects in the oil and gas industry in Western Canada with an emphasis on the oil sands. The projects of the Company include Saskatchewan Oil Sands, Alberta Oil Sands and Pasquia Hills Oil Shale. The wholly owned subsidiaries of the Company include Oilsands Quest Sask Inc. (OQI Sask), Township Petroleum Corporation (Township), Western Petrochemicals Corp. (WPC), Stripper Energy Services Inc. (Stripper), 1291329 Alberta Ltd., Oilsands Quest Technology Inc. and 1259882 Alberta Ltd. In December 2009, the Company completed a 40 kilometers two-dimensional (2-D) seismic program on the permits to the north and south of Axe Lake. As of April 30, 2010, the Company drilled a total of 32 wells. In March 2010, the Company completed a nine hole exploration drilling program in the western township corner of the Wallace Creek permits that are adjacent to Cenovus’ Borealis project area.

The Company holds permits, license and lease rights for oil sands exploration and development to 551,566 acres of land in Saskatchewan and Alberta, Canada. It also holds 489,730 acres of oil shale rights in Saskatchewan. The Axe Lake area is a notional area identified by the Company and located in an area of approximately 72 sections (72 square miles) located in Townships 94 and 95, Ranges 24 and 25 West of the 3rd Meridian.

The oil sands permits and lease in Alberta includes Raven Ridge, Wallace Creek and Eagles Nest. Raven Ridge is located in Alberta directly west of and contiguous to Axe Lake on our oil sands permits in Saskatchewan. Wallace Creek is located in Alberta directly west of and contiguous to Axe Lake on the oil sands permits in Saskatchewan.

The Company’s oil shale exploration permits cover 489,730 acres (198,187 hectares) in the Pasquia Hills area of east-central Saskatchewan. The permits provide for the right to explore, mine, quarry and work the permit lands, but not to produce or recover oil shales except for test purposes until a lease has been granted.

Founded as Uranium Power Corporation

Business Line
Engaged in the exploration and development of oil sands deposits in the provinces of Saskatchewan and Alberta
Subsidiary

Advisor
KPMG LLP
IPO date
4/12/2001
US SIC Code
1311
Company Address

City province or state postal code
CO
Phone:
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.oilsandsquest.com