Oilsands Quest cancels $60 million rights offering
CUSIP# 678046 10 3
NYSE Amex: BQI
CALGARY, Sept.
12, 2011 /CNW/ - Oilsands Quest Inc.
(NYSE Amex: BQI)
("Oilsands Quest," "OQI" or "the Company") has cancelled its $60
million rights offering that was to expire today, September 12.
Oilsands Quest is working with a third party on a potential transaction
that would change the Companys financial position and funding
requirements.
The Company will consider whether to commence a new
rights offering once the outcome of the discussions with the third
party is clear.
All subscription payments received by the subscription agent under the
cancelled rights offering will be returned to OQI shareholders, without
interest.
Shareholders who have questions about the administration of
the refunds of subscription payments can call Georgeson Inc., the
information agent, at 1-888-613-9988.
About Oilsands Quest
Oilsands Quest Inc.
(www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in
Saskatchewan and Alberta, and developing Saskatchewans first
commercial oil sands discovery.
It is leading the establishment of the
province of Saskatchewans emerging oil sands industry.
Forward-looking statements:
This news release includes certain statements that may be deemed to be
"forward-looking statements." All statements, other than statements of
historical facts, that address activities, events or developments that
OQIs management expects, believes or anticipates will or may occur in
the future are forward-looking statements.
Such forward-looking
statements include discussion of such matters as:
-
the Companys plans to raise additional capital;
-
implementation of the Companys business plan;
-
the amount and nature of development and exploration expenditures;
-
the timing of exploration and development activities;
-
potential reservoir recovery optimization processes;
-
business strategies and development of the Companys business plan and
drilling programs; and the Companys ability to maintain sufficient
cash to accomplish its business objectives, including its ability to
finalize and consummate the potential transaction with the third party
and its ability to continue as a going concern.
Forward-looking statements are statements other than relating to
historical fact and are 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
Quests drilling program, geophysical programs, reservoir field testing
and analysis program, preliminary engineering and economic assessment
program for a first commercial project, and the timing of such programs
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 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 the
ability to raise additional capital, risks associated with the
Companys ability to implement its business plan, risks inherent in the
oil sands industry, regulatory and economic risks, land tenure risks,
lack of infrastructure in the region in which the companys resources
are located, risks associated with the Companys ability to implement
its business plan and those factors listed under the caption "Risk
Factors" in the Companys 10K/A, filed with the Securities and Exchange
Commission (the "SEC") on July 8, 2011 and the prospectus supplement
filed with the SEC on July 20, 2011.
The Company undertakes no
obligation to update forward-looking information if circumstances or
managements estimates or opinions should change, except as required by
law.
The reader is cautioned not to place undue reliance on
forward-looking statements.