Oilsands: Eighteen Holes Intercept 'Bitumen-Bearing' Formation

Oilsands Quest Inc. announces that its Form 10-Q Quarterly Report for the period ended January 31, 2008 was filed Friday, March 14, 2008. The company also provides an update of the status of winter field operations on its contiguous oil sands exploration lands in Saskatchewan and Alberta.

To date, in the first drilling program on the Alberta side of its contiguous land holdings, Oilsands Quest has drilled 25 exploration holes, 18 of which have encountered meaningful intercepts of bitumen-bearing McMurray formation.

Reservoir characteristics, including bitumen saturations, porosities and permeabilities, from the winter drilling program in both Alberta and Saskatchewan will be determined following third-party core and laboratory analysis, which normally takes several months to complete.

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