BQI Oilsands Quest

NYSE Amex: BQI CALGARY, April 19, 2012 /CNW/ - Oilsands Quest Inc. ("Oilsands Quest," or "the Company") announces that Christopher Hopkins has elected to resign from the Oilsands Quest Board of Directors for personal reasons. "As the founder of Oilsands Quest and our chief executive officer for several years, Mr. Hopkins had an indelible impact on the Company," said Ron Blakely, Chairman of the Oilsands Quest Board of Directors. "He remains a major shareholder who is keenly interested in the future of Oilsands Quest. We thank him for his years of service and wish him well." About Oilsands Quest Oilsands Quest Inc. (www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan's first commercial oil sands discovery. Forward-looking statements This news release includes certain statements that may be deemed to be "forward-looking statements." All statements, other than statements of historical facts, included in this news release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are statements other than relating to historical fact and are 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 are based on the opinions and estimates of management 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, which include but are not limited to the ability to raise additional capital, risks associated with the Company's ability to implement its business plan, its ability to successfully complete the previously announced solicitation process while under creditor protection, its ability to submit a timely plan to its stakeholders and the court under the CCAA and to resolve its operational, legal and financial difficulties, the possible delisting of its securities from NYSE Amex, risks inherent in the oil sands industry, regulatory and economic risks, land tenure risks and those factors listed under the caption "Risk Factors" in the Company's Form 10-Q filed with the Securities and Exchange Commission on March 8, 2012. The Company 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. Oilsands Quest Inc. CONTACT: Investor RelationsEmail: ir@oilsandsquest.comInvestor Line: 1-877-718-8941

Copyright