|Map showing Oilsands Quest's assets.|
Picture ruthlessly taken from their website.
The story of Oilsands Quest is a sad one. The plan was simple - extract a bunch of oil from a huge oil sands deposit along the Alberta-Saskatchewan border. Unfortunately there was no cap rock to contain steam, so SAGD was out, and they couldn't find any workable alternative. Fast-forward a few years and here we are: Oilsands Quest's assets have been liquidated, and what's left of them are being scooped up by Cenovus for $10 million.
Some of the properties are apparently very close to Cenovus's Telephone Lake property. Last time I heard, Cenovus was still looking for a partner to help develop that one and didn't have much in the way of interest. I wonder if Telephone Lake also has caprock issues dampening industry opinions on it?