Oilsands Quest Inc. has received approval from the Alberta Court of Queen’s Bench for the sale of the Company’s non-core Eagles Nest asset to FAMA Capital Ltd, an unrelated third party, for CDN$7.0 million. This approval follows a short Court-directed limited bidding process, resulting in a higher sale price than previously disclosed. The Company has signed a Purchase and Sale Agreement with FAMA and the transaction, subject to normal closing conditions, is expected to close on or before March 23, 2012. FAMA has also agreed to pay a deposit of CDN$400,000 by February 24, 2012.
Oilsands Quest continues to operate under the protection of the Companies’ Creditors Arrangement Act with the assistance of a Court-appointed monitor. The Company’s common shares remain suspended from trading until either a delisting occurs or until the NYSE permits the resumption of trading.
