Friday, 13 January 2012

Oilsands Quest for sale

Trading of Oilsands Quest stock was discontinued on November 29, 2011 after the company failed to sell its Wallace Creek leases. The stock price at closing was 18 cents a share. The company has since been under bankruptcy protection. 
The village of La Loche signed an exploration agreement with Oilsands Quest June 27, 2008. It was hoped that this would bring some much needed revenue and jobs for the village. 

 Oilsands Quest leases in orange.                      read more....Oilsands Quest Timeline

Oilsands Quest sent out this news release January 12, 2012.
CALGARY, Jan. 12, 2012 /PRNewswire/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest," "OQI" or "the Company") has requested and obtained approval from the Alberta Court of Queen's Bench (the "Court") to conduct a process to solicit offers to acquire, restructure or recapitalize the Company (the "Solicitation Process"). The Company is also pursuing Debtor-in-Possession financing to provide liquidity as it conducts the Solicitation Process.
The Solicitation Process will be overseen by a Special Committee of the Oilsands Quest Board of Directors, chaired by Paul Ching and including Ronald Blakely and Brian MacNeill, all of whom are independent directors. The Special Committee will consider all offers, and will ultimately recommend a course of action to the Company's full Board.
With the Court's approval, the Company has retained TD Securities Inc. ("TD Securities") as its financial advisor to assist it with this process. TD Securities is familiar with Oilsands Quest's assets and business as a result of previous engagements and has assisted Oilsands Quest in prior discussions with potentially interested parties. TD Securities will begin soliciting indications of interest from prospective strategic or financial parties, with preliminary bids due in early March 2012. The Company expects to shortlist potential bidders and seek binding offers by late March 2012, with a target to conclude an agreement by mid-April 2012.
The Board of Directors and management continue to be responsible for determining whether a given plan for restructuring the Company's affairs is feasible, with input from the Court-appointed Monitor under the Companies' Creditors Arrangement Act ("CCAA"). Stakeholders whose rights would be affected by the plan will have an opportunity to vote on the plan. Before a plan is implemented it must be approved by the requisite number and value of affected stakeholders contemplated by law and approved by the Court.
There can be no assurance that the Solicitation Process will result in a financing or a sale of the Company or in any other transaction and the company does not intend to comment further regarding the evaluation of alternatives unless the Board agrees to a definitive transaction or the Solicitation Process is concluded.
About Oilsands Quest
Oilsands Quest Inc. ( is exploring and developing oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan's first commercial oil sands discovery.
read more.....Northern Pride news article
read more: oil-boon-still-possible-for-la-loche

Signing of Exploration Agreement in La Loche...June 27, 2008

At the signing of the Agreement in the Northern Village office (left to right): Alderman Kevin Herman, Mayor Georgina Jolibois, Alderperson Brenda Janvier, Alderperson Holly Toulejour, Christopher H. Hopkins (President & CEO, Oilsands Quest), Alderman Randy Herman and Robert St. Pierre (Community Liaison, Oilsands Quest).
Oilsands Quest South Camp in 2008

read more: Oilsands Quest assets sold to Cenovus for $10 million dollars