Oilsands Quest Inc.

CALGARY, March 1 /CNW/ --
CALGARY, March 1 /CNW/ - Oilsands Quest Inc. (NYSE Amex: BQI) ('Oilsands
Quest' or 'the Company') has been notified of a purported class action
lawsuit. The complaint, filed in the U.S. District Court for the
Southern District of New York, alleges that, due to an overstatement of
the accounting value of the Company's assets during a three-year period
between 2006 and 2009, the trading