Oilsands Quest Stands to Gain from New Discoveries

5/7 - "On May 5th, Oilsands Quest (BQI) put out a press release detailing 6 new names for various parts of its acreage. Prior to the press release, the company primarily spoke only about its focus, in-situ oil sands project, Axe Lake, which resides on its Saskatchewan acreage. But now, the company has 6 new names..."

"After more than 2 years of exploration and delineation drilling work, Oilsands Quest is on the cusp of securing its first joint venture partner on its Axe Lake project. The signing of a JV partner is a significant event in that a successful partnering would validate BQI's business model (which, in a nutshell, is to explore, delineate and partner various parts of its massive 753,000 acres of oil sands-bearing land). Perhaps more importantly, it would validate the attractiveness of BQI's oil sands acreage, which straddles the Alberta/Saskatchewan border.

So let's get to the question at hand and the title of this article, "What's in a Name?" Given that BQI has recently drilled 25 holes and shot 33 miles of seismic data on its Alberta acreage over the 2007/2008 winter drilling season, I believe that the new names signal that the company believes that it has material amounts of bitumen, or oil sands, on some of its newly-named land parcels. That could result in the company officially announcing a 2nd or 3rd discovery (in addition to Axe Lake) very shortly."