Oilsands Quest Receives Court Approval of CCAA Extension
May 08 2012 - 3:07PM
PR Newswire (Canada)
CUSIP# 678046 10 3 NYSE Amex: BQI CALGARY, May 11, 2012 /CNW/ -
Oilsands Quest Inc. ("Oilsands Quest" or "the Company") has
requested and obtained an extension of the order from the Alberta
Court of Queen's Bench (the "Court") providing creditor protection
under the Companies' Creditors Arrangement Act (Canada) ("CCAA"),
which was to expire May 18, 2012. Creditor protection under the
CCAA will now expire on June 29, 2012, unless further extended as
required and approved by the Court. As previously announced,
Oilsands Quest is conducting a process to solicit offers to
acquire, restructure or recapitalize the Company (the "Solicitation
Process"), with the assistance TD Securities Inc. While various
proposals were received from potential investors, none of these
proposals are currently in a form that the Company believes would
result in a sale or investment that would be in the best interests
of Oilsands Quest or its stakeholders. Negotiations are continuing
to determine whether certain of the proposals could be amended to
form the basis of an acceptable transaction to be brought before
stakeholders and the Court for approval. 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. Trading in the common
shares of Oilsands Quest remains suspended while the NYSE Amex
determines whether to resume trading or to delist the Company for
failure to meet listing requirements. 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. Oilsands Quest Inc.
CONTACT: Investor RelationsEmail: ir@oilsandsquest.comInvestor
Line: 1-877-718-8941
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