Attached files
| file | filename |
|---|---|
| EX-99.1 CHARTER - EXHIBIT 99.1 - Oilsands Quest Inc | exhibit99-1.htm |
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported) November 27, 2009
Oilsands Quest
Inc.
(Exact
name of registrant as specified in its charter)
|
Colorado
|
001-32994
|
98-0461154
|
||
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
800,
326— 11th
Avenue SW
Calgary, Alberta,
Canada
|
T2R
0C5
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code (403) 263-1623
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 4.02. Non-Reliance on Previously Issued
Financial Statements or a Related Audit Report or Completed Interim
Review.
On November 27, 2009, the Audit
Committee of the Board of Directors of Oilsands Quest Inc. (the “Company”)
concluded that the Company’s financial statements for the quarterly period ended
July 31, 2009 will be restated.
The amendment is required in
order to restate the expense recorded for stock based compensation for the 3
months ended July 31, 2009 to correctly account for the forfeiture of options
for employees who have left the Company, as required by authoritative guidance
on Share Based Payment issued by the Financial Accounting Standards
Board.
The restatement does not have any
impact on the Company’s cashflows for the affected period nor does it affect the
extent or value of the Company's resource base or other assets.
The Company’s Audit Committee and
members of the Company’s management have discussed with KPMG LLP, the Company’s
independent registered public accounting firm, the matters disclosed in this
Item 4.02(a).
Item
8.01. Other
Events.
On November 27, 2009, the Company
issued a press release announcing its intent to restate the financial statements
as described in Item 4.02(a) above. A copy of the press release is
attached hereto as Exhibit 99.1 and incorporated by reference
herein.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits.
99.1 Press
Release issued November 27, 2009.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
November 27,
2009 Oilsands Quest
Inc.
(Registrant)
__/s/ Garth
Wong________________
Name: Garth
Wong
Title: Chief
Financial Officer
EXHIBIT INDEX
Exhibit
No.
Description
99.1 Press
Release issued November 27, 2009.