Oilsands Quest makes planned permit relinquishment, comments on removal of road block in Saskatchewan
News Desk
July 10, 2007: 09:01 AM EST
CALGARY, July 10 /PRNewswire-FirstCall/ - Oilsands Quest Inc. has
completed its final relinquishment of exploration permits in northwest
Saskatchewan, as planned since the original granting of the permits.
The company also advises that access to its facilities has returned to
normal following the recent removal of a road blockade on the road to
its project site.
The permit relinquishment, originally scheduled for May 3, 2006, is
the second and final relinquishment required by the Province of
Saskatchewan as a condition of granting the original exploration
permits. Oilsands Quest had received an extension until July 9, 2007
for the relinquishment of 40 per cent of its 846,680 gross acres. The
company's Saskatchewan oil sands permits (100 per cent owned) now
total 508,026 acres, the largest contiguous land position in the oil
sands (Permit numbers PS 00205, 00206, 00208, 00210, 00212, 00213 and
00215). A map showing the revised permit area is posted on the
company's web site (www.oilsandsquest.com) with this news release.
"Over the last 19 months, we have conducted a comprehensive assessment
of our original permit lands in Saskatchewan," said Christopher H.
Hopkins, President and Chief Executive Officer of Oilsands Quest. "We
are confident that the lands we have retained will yield substantial
bitumen resources. Now, we can concentrate fully on the exploitation
of the resource potential we are identifying."
The company is awaiting regulatory approval of its applications for an
extensive seismic survey program (including both 2-D and 3-D), an
electrical resistance tomography (ERT) survey, and a summer drilling
program based on approximately 40 exploratory test holes.
At the present time, Oilsands Quest's field activities include
baseline environmental studies and ongoing site maintenance work. This
work was not affected by the road blockade on Highway 955 by the
Clearwater River Dene Nation.
"During the blockade, our employees from the local area were not
allowed through the blockade and had to be airlifted in. They, and we,
had been increasingly concerned that they were unable to get to their
jobs," said Mr. Hopkins. "We appreciate the efforts of the Clearwater
River Dene Nation and the Province of Saskatchewan to address the
issues surrounding the blockade and are pleased that it has been
removed." The blockade was established on June 21 by the Clearwater
River Dene Nation to draw attention to its claims about lack of
consultation; it was removed Friday, July 6.
"We will continue to consult with all First Nations people, Metis and
other residents of our neighboring communities, as we have done since
2004, before we began exploration activities in Saskatchewan," said
Mr. Hopkins.
About Oilsands Quest
Headquartered in Calgary, Alberta, Oilsands Quest
Inc(www.oilsandsquest.com) is building long-term shareholder value
through exploration of its oil sands permits in Saskatchewan and
Alberta. The company has initiated pre-commercialization studies for
its Axe Lake Discovery in northwest Saskatchewan, placing it at the
forefront of the development of an oil sands industry in the province
of Saskatchewan.
Forward-Looking Information
This news release contains certain "forward-looking information"
within the meaning of applicable securities law, particularly with
respect to the effect of the blockade on the Company's operations over
time. These statements are based on certain assumptions and analyses
made by us in light of our experience and our perception of historical
trends, current conditions, expected future developments and other
factors we believe are appropriate in the circumstances. Such
statements are subject to a number of assumptions, risks and
uncertainties, including the assumption that the blockade will be
resolved within a reasonable period of time. There are uncertainties
inherent in forward-looking information, including future actions of
third parties such as the CRDN, the courts and government, as well as
other factors beyond Oilsands Quest's control. 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 10KSB 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.