Oilsands Quest Inc. released an updated assessment of its resource potential at several of its properties in Canada. McDaniel & Associates Consultants Ltd., an independent petroleum engineering firm, performed the assessments.

Oilsands Quest Inc. said that the analysis was performed for the company’s properties at Wallace Creek, Axe Lake, Raven Ridge and Eagles Nest. McDaniel & Associates Consultants Ltd. assumed that the company would use Steam Assisted Gravity Drainage to develop the properties.

McDaniel & Associates Consultants Ltd. estimated that the company’s properties at Wallace Creek contain discovered resources of between 249 million and 343 million barrels of bitumen, with a best estimate of 302 million barrels. The engineering firm estimated that the company’s properties at Axe Lake contain discovered resources of between 1.4 billion and 2.3 billion barrels of bitumen, with a best estimate of 1.8 billion barrels.

Oilsands Quest Inc. said that the new assessment performed by McDaniel & Associates Consultants Ltd. at the Raven Ridge and Eagles Nest properties were unchanged from the previous assessment. Oilsands Quest Inc. now has total discovered resources of bitumen of between 2.6 billion and 4.5 billion barrels, with a best estimate of 3.5 billion barrels.

For more information on the company, go to www.oilsandsquest.com