CALGARY,
Jan. 10, 2012 /PRNewswire/ - Oilsands
Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest," "OQI" or "the
Company") has been granted an extension until February 17, 2012 to regain compliance with the
listing standards of the NYSE Amex. Trading in the common shares of
Oilsands Quest remains halted in the interim.
On September 12, 2011 Oilsands
Quest received notice from the Staff of the NYSE Amex LLC (the
"Exchange") that, based on their review of the Company's Form
10-K/A for the fiscal year ended April 30,
2011 and discussions and correspondence with management, the
Company is not in compliance with certain of the Exchange's
continued listing standards as set forth in Part 10 of the
Exchange's Company Guide. Specifically, the Exchange noted that the
Company is not in compliance with Section 1003(a)(iv) of the
Company Guide because the Company has sustained losses which are so
substantial in relation to the Company's overall operations or its
existing financial resources, or its financial condition has become
so impaired that it appears questionable, in the opinion of the
Exchange, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature.
The Company was afforded the opportunity to submit a plan of
compliance to the Exchange and on December
12, 2011 presented its plan to the Exchange. On January 4, 2012 the Exchange notified the Company
that it accepted the Company's plan of compliance and granted the
Company an extension until February 17,
2012 to regain compliance with the continued listing
standards. The Company will be subject to periodic review by
Exchange Staff during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the extension period
could result in the Company being delisted from the NYSE Amex.
Trading in the common shares of Oilsands Quest remains halted
while management works to implement the plan that it has submitted
to the NYSE Amex. Depending on the outcome of this process, the
Exchange will determine 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 licenses, 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
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 December 9, 2011. 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.