3SOF

Press Release Source: Oilsands Quest Inc.


Oilsands Quest announces reporting of the independent estimate of Discovered Resources at Axe Lake, provides activity update
Monday November 5, 9:00 am ET 
Amex: BQI


CALGARY, Nov. 5 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI - News) announces that it has received reporting of the independent estimate of Discovered Resources for its Axe Lake Discovery in northwest Saskatchewan from McDaniel & Associates Consultants Ltd. McDaniel & Associates has been retained by the company to provide reservoir engineering, reserve and resource reporting and valuation services.
McDaniel & Associates has conducted an independent review and evaluation of Oilsands Quest's Discovered Resources based on data obtained from the results of drilling up to March 31, 2007 (the end of the winter 2006/07 drilling program) and other sources and including the physical examination of cores and geophysical logs. McDaniel & Associates has reported to management the following estimates of Discovered Resources (see definitions section below) for the Axe Lake Discovery:


    Discovered Resources of Original Bitumen in Place
    -   Low Estimate  (P-90): 1.117 billion barrels;
    -   Best Estimate (P-50): 1.344 billion barrels; and,
    -   High Estimate (P-10): 1.547 billion barrels.

The area of the Discovered Resources estimate within the Axe Lake Discovery covers approximately 36 sections (one township) of Permits PS00208 and PS00210 (100% Oilsands Quest) located in the north half of Township 94 and the south half of Township 95, Ranges 24 and 25 West of the Third Meridian. It is approximately 50 kilometres (30 miles) east of Suncor's Firebag operations.

McDaniel & Associates is a leader in the development of in-situ oil sands evaluation methodology practices. The firm bases its evaluations on a thorough characterization of the bitumen reservoir and integration of its understanding of the technical application of in-situ exploitation. It has been involved in providing reservoir engineering and valuation expertise to the majority of in-situ oil sands projects under development in Western Canada today. Norwest Corporation, which has a long association as Oilsands Quest's independent geological consultant, will continue to provide geologic consulting and field support. The services provided by Norwest and McDaniel & Associates are complementary.

McDaniel & Associates' Discovered Resource estimates described above are based on the definitions and guidelines prepared by the Standing Committee on Reserves Definitions of the Canadian Institute of Mining, Metallurgy and Petroleum (Petroleum Society) as presented in the Canadian Oil and Gas Evaluation Handbook (COGE Handbook). Those standards require that McDaniel & Associates plan and perform a review and evaluation to obtain reasonable assurance as to whether the resource estimate is free of material misstatement. Oilsands Quest notes that the above estimates are of Discovered Resources for the Axe Lake Discovery area only. They are determined through drilling and therefore the estimates are based solely on the drilled area of our Axe Lake Discovery.

The previously reported 10.0 billion barrel management estimate of Discovered and Undiscovered Resources continues to reflect management's current opinion of the Discovered and Undiscovered Resources on Oilsands Quest's lands: 1.5 billion barrels of Discovered Resources on the drilled area of Axe Lake, now supported by McDaniel & Associates independent review and evaluation described above; approximately 1 billion barrels of Undiscovered Resources in the Axe Lake area; and 7.5 billion barrels of Undiscovered Resources which are located elsewhere on Oilsands Quest lands (see definitions section below). There is no certainty that Oilsands Quest will discover any portion of the Undiscovered Resources and, if discovered, it may not be economically viable or technically feasible to produce such resources. McDaniel & Associates has not performed a review or evaluation of the Undiscovered Resources estimate described above.

Activities Update

Activities on Oilsands Quest's contiguous land holdings in Saskatchewan and Alberta are ramping up for an intensive winter 2007/08 program. At the present time, Oilsands Quest is conducting delineation drilling in the Axe Lake Discovery area to provide detailed geological definition for specific reservoir field tests, as well as for pilot and development planning. Four drilling rigs are currently at work. At the peak of drilling operations this winter, the company expects to have a total of eight drilling rigs on its permit lands conducting a balanced program of exploration and delineation drilling. 2-D and 3-D seismic operations are underway on both the Saskatchewan permits and adjacent Alberta permits. Approximately 230 people are currently at work on the permit lands.

Continuing to move toward commercialization of Axe Lake

Oilsands Quest continues advancing its reservoir field test program for the Axe Lake Discovery, which is planned for the first half of 2008, and is subject to regulatory approval. This program is designed to evaluate the reservoir's response to varying temperatures and pressures of steam. These tests will contribute data to the design of the pilot in-situ production program, which is currently planned for start-up in 2009. Oilsands Quest and its technical consultants are evaluating in-situ recovery techniques for the production pilot, with an emphasis on existing techniques that utilize steam and steam with solvents.

Definitions

As defined in the COGE Handbook, "Discovered Resources are those quantities of oil and gas estimated on a given date to be remaining in, plus those quantities already produced from, known accumulations. Discovered Resources are divided into economic and uneconomic categories, with the estimated future recoverable portion classified as reserves and contingent reserves, respectively."

The Discovered Resources estimates described above were determined in accordance with the COGE Handbook using the following mutually exclusive categories:


    -   Low Estimate: This is considered to be a conservative estimate of the
        quantity of bitumen that exists within the accumulation, which under
        probabilistic methodology reflects a P90 confidence level.
    -   Best Estimate: This is considered to be the best estimate of the
        quantity of bitumen that exists within the accumulation. Under
        probabilistic methodology, this term is a measure of the central
        tendency of the uncertainty distribution (most likely/mode,
        P50/median, or arithmetic average/mean).
    -   High Estimate: This is considered to be an optimistic estimate of the
        quantity of bitumen that exists within the accumulation, which under
        probabilistic methodology reflects a P10 confidence level.

Discovered Resources can be further classified into four sub-categories: cumulative production; reserves; contingent resources; and unrecoverable resources. The Discovered Resources disclosed by Oilsands Quest in its independent Discovered Resource estimate can not at this time be classified into one of these four sub-categories for the following reasons:


    1) cumulative production: no amount of production has yet taken place;
    2) reserves: Oilsands Quest has not yet determined what in-situ recovery
    process may be suitable for this Discovered Resource and consequently an
    in-situ recover factor has not been determined to estimate reserves;
    3) contingent resources: Oilsands Quest expects that the Discovered
    Resources will be economical, but commercial project economics have not
    yet been determined; and
    4) unrecoverable resource: Oilsands Quest expects that the Discovered
    Resources will be recoverable, but a suitable in-situ recovery process
    and consequently an in-situ recovery factor has not been determined, yet.
    The commercial viability of the Discovered Resources at the Axe Lake
    Discovery, or whether currently available commercial recovery processes
    will be applicable, cannot be determined without further drilling,
    testing and analysis.

As defined in the COGE Handbook, "Undiscovered Resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered."

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 the company, 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" and other similar words, or statements that certain events or conditions "may" "will" or "could" occur. Forward-looking statements such as the Discovered Resource estimate, and Undiscovered Resource estimate, references to Oilsands Quest's drilling program, geophysical programs, reservoir field testing and analysis program, the pilot in-situ production program, and 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, and risks associated with the company's ability to implement its business plan. 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. In addition, there are numerous uncertainties inherent in estimating Discovered and Undiscovered Resources, including many factors beyond the company's control. In general, estimates of Discovered and Undiscovered Resources are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates which have inherent uncertainties. 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-KSB 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.

Yes!!
It's nice to see it on the move again, decent volume.......
Next resistance @ $5.04...5.55...6.38
Support @ $4.52...4.38...4.15

Recent CandleStick Analysis
Very Bullish
Dec-10-2007 Bullish Engulfing 
Dec-05-2007 Bullish Engulfing 

Press Release Source: Oilsands Quest Inc.


Oilsands Quest forms technology company, updates Axe Lake activities
Thursday January 10, 9:00 am ET


Amex: BQI
CALGARY, Jan. 10 /CNW/ - Oilsands Quest Inc. (Amex: BQI - News) today announced the formation of a subsidiary company devoted to in-situ oil sands technology assessment and development. The company also provided an update of recovery development and operations activities for its Axe Lake Discovery in northwest Saskatchewan.


Oilsands Quest Technology Inc.

Dr. Erdal Yildirim, who is Oilsands Quest's Executive Vice President, Project Development, has been appointed President of Oilsands Quest Technology Inc, a wholly owned subsidiary of Oilsands Quest Inc.

"The progress in development of oil sands technologies has been a significant driver in the growth, prosperity and environmental sustainability of the oil sands industry" said Dr. Yildirim, "yet it remains a relatively young industry, where a new wave of technological advancements is occurring through improvements to existing technologies, commercialization of emerging technologies and creation of new technologies generated by novel process concepts."

Oilsands Quest Technology has been created to be at the forefront of this technology wave, to maximize the value of its oil sands and oil shale assets and to generate new business opportunities. This will be accomplished by utilizing its in-depth technology expertise for testing and developing technologies most suitable to the characteristics of its natural resources.

Widely recognized within the industry for his leadership, experience and technical expertise, Dr. Yildirim has served in many managerial and executive capacities in the oil sands industry. He was the co-founder and chairman of the National Oil Sands Task Force during the period of 1993 to 1996 and was the co-founder and, since 1994, has been the Managing Director of the Canadian Oil Sands Network for Research and Development (CONRAD).

Axe Lake Recovery development program

Drilling to date within the Axe Lake Discovery area has confirmed three reservoirs for potential development. The three reservoirs, of roughly equal size, contain the majority of Axe Lake's Discovered Resources. These reservoirs are the focus of Oilsands Quest's recovery development and production planning efforts.

In an extensive program of laboratory testing and reservoir simulation studies, Oilsands Quest, its technical consultants and its financial advisors are evaluating existing in-situ recovery techniques. These efforts have provided the initial definition of the field test program to evaluate reservoir response to varying temperatures and pressures of steam and steam with solvents. A program of reservoir testing at three sites within the Axe Lake Discovery is planned for the first half of 2008, subject to regulatory approval. The reservoir tests will provide up to 600 barrels per day of initial bitumen volumes in 2008 that will contribute data to the design of an in-situ test program of up to 10,000 barrels per day that is planned for start-up in 2009, subject to regulatory approval.

Camp operations update

Oilsands Quest is operating two camps in Saskatchewan to support its winter 2008 drilling, seismic and reservoir testing activities. The Base Camp will accommodate up to 200 personnel and is located on the main access road adjacent to the company's 5,000-foot (1500-metre) airstrip in the northeast corner of the Axe Lake Discovery area. The new South Camp will accommodate up to 250 people and is located in Saskatchewan near the Alberta border, 12 miles (19 km) southwest of the Base Camp. It will provide support to operations in both Alberta and Saskatchewan. Drilling has commenced in Alberta on the company's permit lands. During the winter season, manpower is expected to peak at approximately 450 personnel.

About Oilsands Quest Inc.

Oilsands Quest Inc. is aggressively exploring Canada's largest contiguous oil sands land holding by applying its technical expertise to develop multiple potential 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, 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" and other similar words, or statements that certain events or conditions "may", "will", or "could" occur. Forward-looking statements such as references to discovered and undiscovered resources estimates, references to Oilsands Quest's exploration, technical and development programs and future discoveries are based on the opinions and estimates of management and Oilsands Quest'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. These risks, uncertainties and other factors include, but are not limited to, exploration and technical 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 Oilsands Quest's ability to implement its business plan. 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-KSB 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.

For further information

General inquiries and retail investors, contact Hedlin Lauder Investor Relations Ltd., Toll Free 1-800-299-7823, Office (403) 232-6251, Email [email protected]
Institutional investors, contact BarnesMcInerney Inc., Toll Free 1-866-794-7288, Office (416) 371-0510, Email [email protected]

--------------------------------------------------------------------------------
Source: Oilsands Quest Inc.

A stock approaching greatness.......
Back above the 13-day MA

Recent CandleStick Analysis
Very Bullish

Engulfing Line (Bullish)
An Engulfing Line (Bullish) indicates a possible reversal of the current downtrend to a new uptrend. This pattern is an indication of a financial instrument's SHORT-TERM outlook.


Technicals
Most Actives
Percentage Gainer

Last Price Quote is:
5.41%above 13-day MA
-1.39%below 50-day MA
RS Rating: N/A 

Fundamentals
Key Data:
Market Cap (M): N/A 
P/E Ratio: N/A 
PEG Ratio: N/A 
Next Earnings: 03/13/2008
Last Analyst Rating: N/A

Update...time
Was looking to get back into this, I think there is a lot of upside potential....
What say you, any thoughts 


Technicals
Most Actives
Percentage Gainer

Last Price Quote is:
6.06%above 13-day MA
4.63%above 50-day MA
RS Rating: N/A 

Fundamentals
Earnings Expected on Mar 13

Key Data:
Market Cap (M): N/A 
P/E Ratio: N/A 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A

Press Release Source: Oilsands Quest Inc.


Oilsands Quest updates progress on Axe Lake reservoir test program
Friday June 6, 9:00 am ET 
Amex: BQI


CALGARY, June 6 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI - News) announces the resumption of field activities associated with preparations for the reservoir field test program at its Axe Lake Discovery in northwest Saskatchewan. Since the end of the 2007/08 winter drilling program on March 26, 2008, most field work has been suspended due to spring breakup. However, off-site work related to the field test program has continued, and site workers have been returning to the Base Camp since mid-May.


At the present time, 45 construction crew personnel are on site preparing Test Site 1 in order to accommodate construction of the test facilities. Operations for Test Site 1 of the reservoir test program will include power generation, steam generation, water processing and handling, fluid recovery and treatment, and the injection of steam and/or hot water into the reservoir. Equipment for these operations has been sourced from a variety of locations in Canada and the United States. Oilsands Quest's operating and engineering personnel recently traveled to Houston to conduct a factory approval test on the steam generation and water treatment equipment.

To date, six 1,000-barrel heated liquid storage tanks have been received at Test Site 1, and two 1,000-barrel heated liquid storage tanks have been delivered to both Test Sites 2 and 3. The preliminary engineering contracts for the surface facilities for Test Site 2 have been awarded and design work has commenced.

The major equipment for steam generation, water treatment and power generation is expected to arrive at the Test Site 1 over the next four to six weeks; most of this equipment will be installed in all-season building structures. Construction of these facilities is expected to be completed approximately eight weeks after the arrival of the major equipment. At the present time, initial steam injection into the reservoir at Test Site 1 is on schedule to occur in late summer 2008.

By the end of this month, Oilsands Quest expects to resume drilling of the wells required for injection and monitoring at the three reservoir test sites, including the remaining two of the six wells at Test Site 1 and wells at Test Site 2 and 3 as appropriate.

The company's Base Camp, which has in excess of 200 beds, remained operational during spring breakup to accommodate personnel involved with the field test program and ongoing baseline environmental studies.

About Oilsands Quest

Oilsands Quest Inc. (www.oilsandsquest.com) is aggressively exploring Canada's largest holding of contiguous oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan's first global-scale oil sands discovery. It is leading the establishment of Saskatchewan's emerging oil sands industry.

Forward-looking information

Except for statements of historical fact relating to Oilsands Quest, 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" 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 reservoir field test program are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, technical risks inherent in construction projects 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 Oilsands Quest's ability to implement its business plan. There are uncertainties inherent in forward-looking information, including factors beyond Oilsands Quest's control, and no assurance can be given that the construction of the facilities and the execution of the test program 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-KSB 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.

Chance for a home run with moderate risk.
BreakOut...Symmetrical Triangle (continuation) Pattern.

BQI based its $15 a barrel profit figure on $80 barrel oil.
With world consumption only increasing and supply side at or close to peak oil, we may not see oil under $90 barrel.

There is a refinery being built in South Dakota as well. Now why would they do that? hmmm.....



Technicals
Most Actives
MACD - Bullish
Percentage Gainer

Last Price Quote is:
13.75%above 13-day MA
19.90%above 50-day MA

Was mentioned on Cramer's program this weekend as a spec.
Volume was high last few days, his target $8.34

Buying has been heavy over the past week, while the general market has been in the tank.
Has to clear resistance at old high of $6.50,will clear resistance until $10, so let's make 10 bucks our target. Oil sands!




Technicals
Record Price High
Most Actives
Record Price Break Out
Gap Up
Percentage Gainer

Last Price Quote is:
22.63%above 13-day MA
38.92%above 50-day MA
RS Rating: N/A 

Fundamentals
Key Data:
Market Cap (M): N/A 
P/E Ratio: N/A 
PEG Ratio: N/A 
Next Earnings: N/A

Been a while. Let us see what, if anything is in the making.
Whats the next buy ? or should we wait for a solid break above $1.11
Possible Cup and Handle

52wk Range: 0.59 - 6.95
Volume: 2,244,204
Avg Vol (3m): 1,543,030


Technicals
Percentage Gainer

Last Price Quote is:
21.38%above 13-day MA
26.89%above 50-day MA
RS Rating: N/A 

Fundamentals
Key Data:
Market Cap (M): N/A 
P/E Ratio: N/A 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A