The sale of these assets was conditional upon Canshale raising a minimum of C$12.5m by 30 July 2010. As Canshale was unable to secure that financing, the transaction has been canceled and the oil shale assets continue to be owned by Oilsands Quest.
Oilsands Quest has recently had additional expressions of interest in the oil shale assets and will investigate these options to determine if a sale or joint venture of the oil shale assets is in the best interests of the company.
This will allow continued focus of its financial and management resources on developing its portfolio of oil sands projects, the company said.
Oilsands Quest is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on the oil sands.
