NYSE Amex: BQI
CALGARY,
April 26, 2012 /PRNewswire/ -
Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest" or the
"Company") held its Annual Meeting of Shareholders on Tuesday, April 24, 2012, in Calgary.
Mr. Ronald Blakely was elected to
serve as a Director of the Company for a one year term until the
next annual meeting. The Shareholders also approved an
amendment to the Company's Articles of Incorporation to declassify
the Board of Directors and remove the Class A, B and C member
designations. Previously, these classes had terms of three
years and were staggered, so that one class stood for re-election
at every annual meeting. Going forward, Directors will be
subject to re-election at each annual meeting.
KPMG LLP was ratified and approved as the Company's independent
registered accounting firm for the fiscal year ended April 30, 2012.
In addition, a proposal was approved to provide shareholders
with an advisory (non-binding) vote on executive
compensation. Shareholders approved a related proposal
determining that such a vote will be held annually.
A copy of the corporate presentation that was delivered at the
annual meeting is available on the Company's website at
www.oilsandsquest.com.
Oilsands Quest continues to operate under the protection of the
Companies' Creditors Arrangement Act (Canada) with the assistance of a
court-appointed monitor. The Company's common shares remain halted
from trading until either a delisting occurs or until the NYSE Amex
permits the resumption of trading.
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 Saskatchewan's first commercial oil sands
discovery.
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, included in this news release that
address activities, events or developments that management expects,
believes or anticipates will or may occur in the future are
forward-looking statements.
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 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 Company's
ability to implement its business plan, its ability to successfully
complete the previously announced solicitation process while under
creditor protection, its ability to submit a timely plan to its
stakeholders and the court under the CCAA and to resolve its
operational, legal and financial difficulties, the possible
delisting of its securities from NYSE Amex, risks inherent in the
oil sands industry, regulatory and economic risks, land tenure
risks, and those factors listed under the caption "Risk Factors" in
the Company's Form 10-Q filed with the Securities and Exchange
Commission on March 8, 2012. The
Company 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.
SOURCE Oilsands Quest Inc.