CUSIP# 678046 10 3
NYSE MKT: BQI
N E W S R E L E A S EDATE: June 1, 2012
Oilsands Quest Applies to Delist from the NYSE MKT; Pursues New Listing on the CNSX
CALGARY, ALBERTA - Oilsands Quest Inc. (NYSE MKT: BQI)
("Oilsands Quest" or "the Company") has applied to delist its
shares from the NYSE MKT following discussions with
representatives from the NYSE MKT about the Company's current
status. Oilsands Quest has filed an application to list the
Company's stock on the Canadian National Stock Exchange
("CNSX"), which would, if successful,
enable Oilsands Quest's shareholders to trade their shares
once the new listing becomes active. Listing on the CNSX is
subject to the Company meeting the exchange's minimum listing
qualifications and other requirements. The Company expects
the delisting from the NYSE MKT to be effective before the
end of June, 2012. If the application to list with the CNSX
is successful, the Company's objective is to have its shares
listed and trading on or before the delisting from the NYSE
MKT. Oilsands Quest will provide further disclosure with
specific trading details as its application is processed by
the CNSX.
Oilsands Quest continues to operate under the protection of
the Companies' Creditors Arrangement Act (Canada) and the
supervision of a court-appointed monitor. The Company is also
continuing to pursue the previously announced process to
solicit offers to acquire, restructure or recapitalize the
Company, with
the assistance of TD Securities Inc. There can be no
assurance that the solicitation process will result in a
financing or a sale of the Company or in any other
transaction.
Further to previous disclosure, Oilsands Quest received
notice from the staff of the NYSE MKT that the Company
remains out of compliance with certain of the NYSE MKT's
continued listing standards as set forth in Part 10 of the
NYSE MKT's Company Guide. Specifically, NYSE MKT noted that
the Company is not in compliance with Section 1003(a)(iv) of
the Company Guide because the Company has sustained losses
which are so substantial in relation to the Company's overall
operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the NYSE MKT, as to whether
the Company will be able to continue operations and/or meet
its obligations as they mature.
The Company was afforded the opportunity to submit a plan of
compliance to the NYSE MKT and on February 14, 2012 presented
its most recent plan to the NYSE MKT. In its letter of
February 24, 2012, the NYSE MKT notified Oilsands Quest that
it accepted the Company's plan of compliance and granted the
Company an extension until May 18, 2012 to regain compliance
with the continued listing standards. Subsequent to May 18,
2012, and because the Company has not regained compliance
with continued listing standards, NYSE Regulation has
indicated that the Company would likely be subject to
delisting. Trading in the common shares of Oilsands Quest
remains halted on NYSE MKT.
The CNSX is a streamlined stock exchange that provides a
visible market for qualifying small-cap companies. It is
recognized by the Ontario Securities Commission ("OSC") as a
stock exchange and is subject to OSC regulatory requirements.
In addition, market surveillance and regulatory oversight on
the CNSX are provided by the Investment Industry Regulatory
Organization of Canada. Additional information is available
at www.cnsx.ca.
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.
CUSIP# 678046 10 3
NYSE MKT: BQI
For more information:
Investor Relations
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941
This news release includes certain statements that may be
deemed to be "forward-looking statements", including the
Company's plans to list its common shares on the CNSX. 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 satisfy the minimum listing qualifications and other
requirements of the CNSX, 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,
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.
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