Oilsands Quest Granted Approval for Eagles Nest Sale

Oilsands Quest Inc. has received approval from the Alberta Court of Queen's Bench (the "Court") for the sale of the Company's non-core Eagles Nest asset to FAMA Capital Ltd. ("FAMA"), an unrelated third party, for $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 $400,000 by February 24, 2012.

Oilsands Quest continues to operate under the protection of the Companies' Creditors Arrangement Act (Canada) ("CCAA") 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.

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