8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 13, 2007

Oilsands Quest Inc.
(Exact name of registrant as specified in its charter)

Colorado	0-27659	98-0461154
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

205, 707– 7th Avenue S.W. Calgary, Alberta, Canada	T2P 3H6
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (403) 263-1623

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 4.01 Changes in Registrant’s Certifying Accountant

On November 13, 2007 Oilsands Quest Inc. (the “Company”) notified Pannell Kerr Forster (registered with the Public Company Accounting Oversight Board as “Smythe Ratcliffe”) (“PKF”) that it was replaced as the Company’s auditor effective immediately. The Company’s Audit Committee had recommended that PKF be replaced as the Company’s independent registered public accounting firm.

On November 13, 2007 KPMG LLP, Chartered Accountants, was appointed as the Company’s independent registered accounting firm.

PKF’s principal accountant report on the Company’s financial statements for both of the past two years did not contain an adverse opinion or disclaimer of opinion, nor was either modified as to uncertainty, audit scope, or accounting principles.

There were no disagreements with PKF on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedure which if not resolved to PKF’s satisfaction would have caused PKF to make reference to the subject matter of the disagreement in connection with its principal accounting reports.

        During the Company’s past two fiscal years and through November 13, 2007, we did not consult KPMG LLP regarding the application of accounting principles to a specific transaction, either contemplated or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, or any other matter or reportable event that would be required to be reported in this Form 8-K.

The Company has provided PKF with a copy of these disclosures and has requested PKF furnish to the Company a letter addressed to the Securities and Exchange Commission stating whether PKF agrees with the Company’s statements in this report. PKF’s letter is attached hereto as Exhibit 16.1.

Item 8.01 Other Events.

On November 14, 2007, the Company issued a press release. The press release is filed as Exhibit 99.1 to this report and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

16.1 Letter of Pannell Kerr Forster dated November 13, 2007.

99.1 Press Release dated November 14, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Oilsands Quest Inc. (Registrant)
Date: November 14, 2007	/s/ Karim Hirji
	Name: Karim Hirji
	Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit
No.	Description
16.1	Letter of Pannell Kerr Forster dated November 13, 2007.
99.1	Press Release dated November 14, 2007.

EX-16.1

Exhibit 16.1

November 13, 2007

Securities and Exchange Commission
Office of the Chief Accountant
100 F Street, NE
Washington, DC 20549

Re: Oilsands Quest Inc.
Commission File Number 0-27659

Dear Madam or Sir:

We are in agreement with the statements made by the above registrant in its Form 8-K to be filed on or about November 14, 2007.

Our independent auditor’s reports on the financial statements of Oilsands Quest Inc. for the years ended April 30, 2007 and April 30, 2006 contained no adverse opinion or disclaimer of opinion, nor were they modified as to audit scope, accounting principles, or uncertainties.

There were no disagreements with Oilsands Quest Inc. on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Sincerely,

/s/ Pannell Kerr Forster

(Registered with the Public Company Accounting Oversight Board as “Smythe Ratcliffe”)

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Vancouver, Canada

EX-99.1

Exhibit 99.1

CUSIP# 678046 10 3
AMEX BQI

NEWS RELEASE

FOR RELEASE: 9:00 am Eastern Time, November 14, 2007

Oilsands Quest appoints new auditors, announces board membership
on committees

Calgary, Alberta — Oilsands Quest Inc. (Amex: BQI) announces the appointment of KPMG LLP, Chartered Accountants, as the company’s independent registered public accounting firm, effective November 13, 2007. The KPMG office in Calgary is the lead service provider to Oilsands Quest. Prior to the appointment of KPMG, the company’s auditor was Pannell Kerr Forster (registered with the Public Company Accounting Oversight Board as Smythe Ratcliffe) of Vancouver, British Columbia.

Oilsands Quest also announces the following membership on the company’s four committees by members of the Board of Directors, effective November 1, 2007:

T. Murray Wilson, Executive Chairman — Reserves & Resources
Thomas Milne — Audit (Chair), Compensation, Governance & Nominating
Ronald Phillips — Audit, Compensation (Chair)
John Read — Compensation, Reserves & Resources
Gordon Tallman — Audit, Governance & Nominating (Chair), Reserves & Resources
William Scott Thompson — Compensation, Reserves & Resources (Chair)
Pamela Wallin — Governance & Nominating, Reserves & Resources

T. Murray Wilson, Executive Chairman, Christopher H. Hopkins, President & Chief Executive Officer, and W. Scott Thompson are non-independent members of the Board of Directors.

About Oilsands Quest

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 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