Oilsands Quest Extends Creditor Protection; Reduces Size of Board of Directors
21 Diciembre 2011 - 7:00AM
PR Newswire (Canada)
CUSIP# 678046 10 3 NYSE Amex: BQI CALGARY, Dec. 21, 2011 /CNW/ -
Oilsands Quest Inc. ("Oilsands Quest," "OQI" or "the Company") has
requested and obtained an extension of the Order from the Alberta
Court of Queen's Bench (the "Court") providing creditor protection
under the Companies' Creditors Arrangement Act (Canada) ("CCAA")
until February 17, 2012, unless further extended as required and
approved by the Court. Under the terms of the initial order, Ernst
and Young Inc. was named as the court-appointed monitor ("Monitor")
under the CCAA. The Monitor will monitor the Company's
property, business and financial affairs and report to the Court
from time to time on the Company's financial and operational
position and any other matters that may be relevant to the CCAA
proceeding. In addition, the Monitor may advise the Company on the
development of a comprehensive restructuring plan and, to the
extent required, assist the Company with a restructuring. While
under CCAA protection, the Board of Directors maintains its usual
role and management of the Company remains responsible for the day
to day operations. The Board of Directors and management, with
input from the Monitor, will be responsible for determining whether
a given plan for restructuring the Company's affairs is
feasible. Stakeholders whose rights would be affected by the
plan will have an opportunity to vote on the plan. Before a plan is
implemented it must be approved by the requisite number and value
of affected stakeholders contemplated by law and approved by the
Court. The implications of the CCAA proceeding for Oilsands Quest
shareholders will not be known until the end of the restructuring
process. If the affected stakeholders do not approve a plan in the
manner contemplated by law, Oilsands Quest will likely be placed
into receivership, bankruptcy or liquidation. If by February 17,
2012, Oilsands Quest has not obtained a further extension of the
initial order or filed a plan, creditors and others will no longer
be stayed from enforcing their rights. Effective December 20, 2011,
Gordon Tallman and Pamela Wallin resigned from the Board of
Directors. The Board is now composed of five members: independent
directors Ronald Blakely (Chairman), Paul Ching and Brian MacNeill;
OQI founder Christopher Hopkins; and T. Murray Wilson, who has
announced that he will not be standing for re-election at the next
Annual General Meeting. Trading in the common shares of Oilsands
Quest remains suspended while the NYSE Amex determines whether to
resume trading or to delist the Company for failure to meet listing
requirements. The Company does not currently know when the NYSE
Amex will determine to resume trading, or seek to delist the
Company. 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
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 December 9, 2011. 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
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