July 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Oilsands Quest Inc. (AMEX: BQI) said it has extended the deadline for the sale of its oil shale assets located near Pasquia Hills in Saskatchewan to Canshale Corporation. Oilsands said that the sale of these assets was conditional upon Canshale raising a minimum of CDN$12.5 million by June 30. The OQI board has granted an extension of 30 days to July 30, 2010 for Canshale to complete the minimum financing.

As an incentive for granting the extension, OQI will receive an additional two million shares of Canshale. The move will also bring the total consideration for the sale to CDN $1 million in cash and 10 million shares of Canshale.

As reported at the company’s 2009 annual meeting, OQI was examining alternative structures to develop its oil shale assets and provide a separate vehicle for funding and operating these assets.

OQI said it continues to believe that the sale of the oil shale assets is in the best interests of the Company as it allows OQI to focus its financial and management resources on developing its portfolio of oil sands projects and exploration lands.

Canada-based Oilsands Quest is exploring a Canadian holding of contiguous oil sands permits and licenses located in Saskatchewan and Alberta, and is developing Saskatchewan's first global-scale oil sands discovery.

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