Oilsands Quest (BQI) Signs Economic Agreement with Village of La Loche, Saskatchewan

July 24, 2008 11:41 AM EDT

Oilsands Quest Inc. (Amex: BQI) and the Northern Village of La Loche, Saskatchewan, have signed an exploration agreement which establishes a formal economic relationship between the two parties.

The basis of the agreement is a commitment to a respectful and ongoing relationship through which the parties will manage the environmental, social and economic aspects of Oilsands Quest's exploration activities on La Loche and neighboring communities.

The agreement addresses the mutual goal to ensure the economic benefit of the parties, including providing access to training, employment and business opportunities for local businesses and residents. While the agreement presently includes a majority of the residents of the region, it also allows for other adjacent communities to be included.

Through the agreement, Oilsands Quest will contribute infrastructure funding to La Loche and adjacent communities. The company also agrees to assist and cooperate with La Loche and neighboring communities in their dealings with the governments of Saskatchewan and Canada in regards to economic development, employment, infrastructure, education and training funding.

Oilsands Quest, Inc., through its subsidiaries, engages in the exploration and development of oil sands deposits in the provinces of Saskatchewan and Alberta.

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