Oilsands Quest to participate in Oil Sands in Canada Conference on Monday, May 7, 2007

    CUSIP No. 678046 10 3
    Amex: BQI

    CALGARY, May 4 /CNW/ - Oilsands Quest Inc. (Amex: BQI) advises
shareholders and the investment community that Christopher H. Hopkins,
President and CEO, will address the Raymond James Oil Sands in Canada
Conference in New York City on Monday, May 7, 2007. The conference is not open
to the public; however, Mr. Hopkins' address will be available by live web
cast. His presentation is scheduled for approximately 9:00 am - 9:30 am
Eastern Time (http://www.wsw.com/webcast/rj27/bqi); it will also be archived
at the same link for 90 days after the conference.
    In his address, Mr. Hopkins will present an update of activities on
Oilsands Quest's oil sands exploration permits in Saskatchewan and an overview
of the company's plans for the upcoming approximate 12- to 18-month period.

    Oilsands Quest Inc. is involved in oil sands exploration focused
primarily on its oil sands exploration permits in Saskatchewan and Alberta.
The company has initiated pre-commercialization studies for its Axe Lake
Discovery, placing it at the forefront of the development of an oil sands
industry in the province of Saskatchewan.

    Forward-Looking Information
    Except for statements of historical fact relating to Oilsands Quest Inc.,
this news release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information in this news
release is characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" 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. There are uncertainties inherent in forward-looking information,
including factors beyond Oilsands Quest's control. Oilsands Quest 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. The risks and uncertainties set forth above are not exhausting.
Readers should refer to Oilsands Quest's current annual report on Form 10KSB
and other document filings, which are available at www.sedar.com and at
www.sec.gov for a detailed discussion of these risks and uncertainties.

For further information: General inquiries and retail investors, contact
Hedlin Lauder Investor Relations Ltd., Toll Free: 1-800-299-7823, Office:
(403) 232-6251, Email: irinfo@hedlinlauder.com; Institutional investors,
contact The Buick Group, Toll Free: 1-877-748-0914, Office: (416) 915-0915,
Email: jbuick@buickgroup.com