BQI hot off the press

[chinaman711]

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Oilsands 'in every direction'
Company excited by bitumen deposits in northern Sask.
Murray Lyons, The StarPhoenix
Published: Wednesday, March 21, 2007
AXE LAKE CAMP -- An Alberta company that has shelled out millions exploring for bitumen in northern Saskatchewan is excited by a deposit that shows fairly conclusively that the Alberta oilsands don't run out at the border.

Oilsands Quest Inc. has spent two winters building roads and doing seismic work and core drilling, including more than $40 million spent in the last five months.

Oilsands Quest president and CEO Christopher Hopkins points from his seat in a chartered Cessna Caravan on the way to his project's makeshift ice runway, indicating that Encana's Borealis oilsands project is only a few minutes flying time west of the border.


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Font: ****Hopkins and his colleagues say their work so far has shown that the formation that Oilsands Quest has been drilling into this winter is remarkably similar to the land Encana is exploiting nearby in Alberta.

"Borealis is our next door neighbour and they are only about six miles across the border and that project is currently in development," he said. "They are looking at an in situ project (where steam or a solvent is injected into the formation to make the bitumen flow to the surface), and we would say what they're doing is analogous to what we hope to do here.

"The resource that we discovered is analogous to what they've got. We're at similar depths and have similar characteristics in the reservoir."

What excites Hopkins, as he shows a 3-D model on his laptop, is that the 36-square-mile formation Oilsands Quest has drilled in so far may be just the beginning.

"We haven't found any edge. We're in the middle of something and it's extending in every direction," he said. "North. South. East. West. It doesn't matter.

"On average, it's running 20 metres thick. That's a good Alberta pay thickness. As a discovered resource, this is an amazing start."

So far, the bitumen samples being pulled have averaged about 14 per cent petroleum content, with Hopkins and his geologists pointing out that the bitumen on the Saskatchewan side is embedded in more of an ancient river fan sediment with more sand and less clay, which is harder to separate from the oil.

"We've got high average grades compared to most of Alberta's projects and we would suggest it is better than best by nature of the geology -- technical jargon for meaning better saturated sands and coarser sands -- so easier to refine," Hopkins said.

[englishman26]

Are you argueing that this little conversation was the reason for the end of day pop? Or are you saying that there's some insider trading going on here as good (real) news will be published soon?

[golfguy]

Last night on Global evening News in Regina, Sask they started a 2 part series on Oilsands Quest and the potential for oilsands in NorthEast Saskatchewan, the second part will be on the late news tonight.

Defiantly trying to start a Buzz in Saskatchewan.

Hopefully some company has the technology/equipment to bring up all the oilsands.

[golfguy]

Are you argueing that this little conversation was the reason for the end of day pop? Or are you saying that there's some insider trading going on here as good (real) news will be published soon?

My guess for the pop is the land OilSands acquired today

http://www.energy.gov.ab.ca/FTPOS/20070321OSR.pdf

[chinaman711]

Who's argueing : ) more news out---LookupFinance Search



Press Release Source: Oilsands Quest Inc.


Oilsands Quest successfully acquires lands in Alberta contiguous to its Axe Lake Discovery
Thursday March 22, 9:16 am ET
Amex: BQI


CALGARY, March 22 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI - News) announces the company has added four blocks of oil sands exploration permits in Alberta totaling 27,136 hectares (67,053 acres), as the result of successful bids at recent Alberta land sales. The permits are located directly west and contiguous to Oilsands Quest's Axe Lake Discovery lands on its oil sands permits in Saskatchewan. The total consideration paid, which includes the permit rental costs for the first year, to the Alberta government for the permits purchased in the March 21, 2007 land sale was US$21,657,699 ($25,075,488 Cdn).
"We are extremely pleased with the successful conclusion of our bids," said Christopher H. Hopkins, President & Chief Executive Officer of Oilsands Quest. "In addition to what our drilling program is proving on our Axe Lake Discovery lands in Saskatchewan, seismic surveys that we conducted over lands on both sides of the Alberta/Saskatchewan border earlier this winter strongly supported the acquisition of these parcels."


Results of Alberta Land Sale Announced March 21, 2007 ($ Cdn)

Block Description Total Ha(1) Price/Ha

P9039 North half of Township 92, Range 1,
West of the 4th Meridian 4,608 $1,085.10

P9040 East half of Township 93 and 94,
Range 1, West of the 4th Meridian 9,216 $1,193.00

P9041 West half of Township 93 and 94,
excluding sections 32 and 33, Range 1,
West of the 4th Meridian 8,704 $1,034.00

(1) One (1) Hectare (Ha) equals approximately 2.471 acres.


With the purchase of the north half of Township 92, Oilsands Quest now owns exploration permits for the whole township, as it had successfully bid on the south half of Township 92, Range 1, West of the 4th Meridian on August 9, 2006 (P0098 - 4,608 hectares).

The acquisition of the permits was funded by a line of credit from The Toronto-Dominion Bank pursuant to a Credit Agreement dated as of March 19, 2007. Oilsands Quest Sask Inc., the Company's subsidiary, is the borrower under the facility and the Company has provided a secured guarantee. The facility is repayable on or before October 31, 2007.

[chinaman711]

Now lets see where thry are going to get the $$$$$$$$$$$.s to produce all this oil.

[englishman26]

That's been the issue all along (well, for the last year anyway).

[chinaman711]

We could get another nice close today with the conference monday.-------Oilsands Quest will host a conference call on Monday, March 26, 2007 to provide a comprehensive update of this winter's exploration program and to discuss the implications of this purchase of oil sands permits in Alberta. Details regarding the time of the conference call and topics of discussion will be announced in a news release and posted on the Company's website as soon as they are finalized.

[Pacmanpth]

Up another nice bit today, I'm guessing you're thinking we should hold onto it til Monday at the least?