Exhibit 99.1

Issuer Free Writing Prospectus, dated November 21, 2007
Filed pursuant to Rule 433
Registration Statement No.: 333-147200

CUSIP# 678046 10 3
Amex: BQI

NEWS RELEASE

Oilsands Quest Inc. Announces Terms of Previously-Announced Offering

Calgary, Alberta – November 21, 2007 – Oilsands Quest Inc. (Amex: BQI) (the “Company”) announced today that it has priced its previously-announced marketed public offering (the “Offering”) of 11,000,000 units (“Units”) and 2,600,000 common shares on a flow-through basis (“Flow-through Shares”). Investors in the United States should be aware that Flow-through Shares will not be offered in the United States.

The offering of Units has been priced at US$5.00 per Unit, while the offering of Flow-through Shares has been priced at C$6.17 per Flow-through Share.

Each Unit is comprised of one common share (a “Share”) and one-half of a common share purchase warrant of the Company (a “Warrant”) with each whole Warrant entitling the holder to purchase one Share of the Company for a period of 24 months following closing of the Offering.

The Offering will be made by a syndicate of underwriters (the “Underwriters”) bookrun by TD Securities (USA) LLC in the United States and TD Securities Inc. in Canada. The Company has agreed to grant the Underwriters an over-allotment option to purchase up to 1,650,000 Shares and 825,000 Warrants, exercisable at any time up to 30 days from the closing of the Offering. The Offering is subject to certain conditions, including regulatory approval.

The Company intends to use the proceeds of the offering of Units for reservoir testing and other costs associated with the Axe Lake Discovery and for general corporate purposes. Specific allocations of the proceeds for such purposes have not been made at this time.

The Company intends to use the proceeds from the offering of the Flow-through Shares to incur Canadian Exploration Expenses through exploration activities relating to its permit lands.

The Offering is expected to close on or about December 5, 2007.

A copy of the prospectus may be obtained from TD Securities (USA) LLC in the United States and TD Securities Inc. in Canada at the following addresses:

In the United States:

TD Securities (USA) LLC
ATTN: Paula Kourian
31 W. 52nd Street
New York, NY
10019

CUSIP# 678046 10 3
Amex: BQI

In Canada:

TD Securities Inc.
ATTN: Nikita Tziavas
222 Bay Street, 7^th Floor
Toronto, Ontario
M5K 1A2

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States and shall not constitute an offer to sell or the solicitation of any offer to buy any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Company has filed a registration statement, including a prospectus, (SEC File No. 333-147200) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-299-7823 or 1-866-794-7288 or by emailing info@oilsandsquest.com.

About Oilsands Quest Inc.

Oilsands Quest Inc. is aggressively exploring Canada’s largest contiguous oil sands land holding by applying its technical expertise to develop multiple potential global-scale discoveries. The company (www.oilsandsquest.com) is the originator of Saskatchewan’s emerging oil sands industry.

Forward-looking information

Except for statements of historical fact relating to the company, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking statements such as references to Oilsands Quest’s exploration, technical and development programs and future discoveries 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. These risks, uncertainties and other factors include, but are not limited to, exploration and technical risks inherent in the oil sands industry, regulatory and economic risks, and risks associated with the company’s ability to implement its business plan. There are uncertainties inherent in forward-looking information, including factors beyond Oilsands Quest’s control, and no assurance can be given that the programs will be completed on time, on budget or at all. 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

CUSIP# 678046 10 3
Amex: BQI

reliance on forward-looking statements. The risks and uncertainties set forth above are not exhaustive. Readers should refer to Oilsands Quest’s current annual report on Form 10-KSB 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 and details regarding the location and extent of Oilsands Quest’s land holdings.

For more 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 BarnesMcInerney Inc.
Toll Free 1-866-794-7288. Office 416-371-0510
Email oilsands@barnesmcinerney.com