Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Oilsands Quest Inc | form8-k.htm |
EXHIBIT
99.1
CUSIP#
678046 10 3
NYSE Amex: BQI
NEWS
RELEASE
DATE: November
27, 2009
Oilsands
Quest announces restatement of financial statements
Calgary,
Alberta -- Oilsands Quest Inc. (NYSE Amex: BQI) (the “Company”) announced today
that it has amended and filed its Form 10-Q for the quarter ended July 31, 2009
with the United States Securities and Exchange Commission and with securities
commissions in Canada. 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.
About
Oilsands Quest
Oilsands
Quest Inc. (www.oilsandsquest.com) is exploring one of Canada's largest holdings
of contiguous oil sands permits and licences, located in Saskatchewan and
Alberta, and developing Saskatchewan's first global-scale oil sands discovery.
It is leading the establishment of the province of Saskatchewan's emerging oil
sands industry.
For
more information:
Garth
Wong
Chief
Financial Officer
Or
Riyaz
Mulji
Manager,
Investor Relations
Email:
ir@oilsandsquest.com
Investor
Line: 1-877-718-8941