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Oilsands Quest files 10-Q Quarterly Report, provides update of field operations in Saskatchewan and Alberta
CALGARY, March 18 2008 - Oilsands Quest Inc. (Amex:
BQI) announces that its Form 10-Q Quarterly Report for the period ended
January 31, 2008 was filed Friday, March 14, 2008 (available at http://www.sec.gov
and http://www.sedar.com). The company also provides an update of the status of
winter field operations on its contiguous oil sands exploration lands in
Saskatchewan and Alberta.
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Drilling program (September 14, 2007 - March 16, 2008)
| Type of drilling |
Saskatchewan |
Alberta |
Total |
| Exploration holes |
38 |
25 |
63 |
| Delineation holes |
87 |
- |
87 |
| Environmental wells |
16 |
- |
16 |
| Reservoir test wells |
16 |
- |
16 |
|
---- |
---- |
---- |
| Total |
143 |
25 |
168 |
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.
Seismic programs
Oilsands Quest has now completed field work on the major 3-D and 2-D
seismic programs conducted this winter on its permit lands in Saskatchewan
and Alberta. The company is using seismic survey data as one of the key
tools to further define geological structure and reservoir characteristics
within the Axe Lake Discovery area and to identify exploration targets.
With the arrival of spring and the warming weather conditions, winter
field operations are beginning to wind down. Following the conclusion of
the winter field operations, Oilsands Quest plans to provide a more
comprehensive review of the winter program.
Reservoir field test activities
Drilling of thermally completed, injection and observation wells for
the reservoir field test program in the Axe Lake Discovery area is
progressing and will continue as long as weather conditions allow. At March
16, 2008, two wells for the test program had been drilled and completed,
and a third well was being drilled. Approximately 18 vertical wells are
expected to be drilled on three test sites. A specialized heavy-duty,
truck-mounted drilling rig was contracted for drilling the test wells.
Drilling of these wells is planned to resume after spring breakup.
The reservoir test program is currently underway with drilling, coring,
logging and well completion activities. Initial steam injection into the
reservoir is expected to commence in the summer of 2008 upon completion of
construction of the facilities, which has also begun. In preparation for
these tests, advanced laboratory testing and production simulation studies
utilizing the drilling, coring and logging data obtained from this winter's
operations, including the reservoir test drilling program, will commence
immediately. This program is intended to contribute to the data required to
determine the optimal in-situ process or processes that may be used to
produce from the Axe Lake Discovery.
About Oilsands Quest
Oilsands Quest Inc. is aggressively exploring Canada's largest holding
of contiguous oil sands permits and licences, located in Saskatchewan and
Alberta, and developing Saskatchewan's first global-scale oil sands
discovery. It is leading the establishment of the province of
Saskatchewan's emerging oil sands industry.
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Except for statements of historical fact relating to Oilsands Quest,
this news release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information is
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 such as
references to Oilsands Quest's exploration, technical and development
programs are based on the opinions and estimates of management and Oilsands
Quest's independent evaluators 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. These risks, uncertainties
and other factors include, but are not limited to, exploration and
technical risks inherent in the oil sands industry, regulatory and economic
risks, lack of infrastructure in the region in which the company's
resources are located and risks associated with Oilsands Quest's ability to
implement its business plan. There are uncertainties inherent in
forward-looking information, including factors beyond Oilsands Quest's
control, and no assurance can be given that the programs will be completed
on time, on budget or at all. Oilsands Quest 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. The
risks and uncertainties set forth above are not exhaustive. Readers should
refer to Oilsands Quest's current annual report on Form 10-KSB and other
document filings, which are available at http://www.sedar.com and at http://www.sec.gov
for a detailed discussion of these risks and uncertainties and details
regarding the location and extent of Oilsands Quest's land holdings.
InvestorIdeas.com Disclaimer: Issuers of press releases are solely responsible for the accuracy of the content.
SOURCE Oilsands Quest Inc.
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