Saskatchewan Extends Oilsands Quest's Relinquishment Period

Oilsands Quest Inc. has received an extension to the Saskatchewan Government's deadline for the planned and final relinquishment of a portion of its oil sands exploration permits located in northwest Saskatchewan. On Friday, June 1, the company was granted an extension until July 9, 2007.

"This is very good news, as it will allow us to further extend our ongoing evaluation of the Saskatchewan permits through additional seismic and airborne survey programs currently underway," said Christopher H. Hopkins, President & CEO of Oilsands Quest. "Results of these programs will help us further refine and optimize our relinquishment plan beyond the Axe Lake Discovery area."

As stated in the past, the relinquishment originally scheduled for May 31, 2006 will result in Oilsands Quest holding oil sands permits totaling approximately 508,000 acres in northwest Saskatchewan; it will be one of the largest contiguous land positions in the oil sands industry.

Winter operations video on web site A 10-minute video presentation, featuring activities at the Axe Lake site during the winter 2006/07 exploration program, has been posted on the company's web site (www.oilsandsquest.com).

Oilsands Quest Inc. is building long-term shareholder value through exploration of its oil sands permits in Saskatchewan and Alberta. The company has initiated pre-commercialization studies for its Axe Lake Discovery, placing it at the forefront of the development of an oil sands industry in the province of Saskatchewan.

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