Cenovus buys Oilsands Quest assets

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.

Oilsands Quest to be removed from NYSE

Oilsands Quest is a troubled oil sands company whose main asset straddles the Alberta-Saskatchewan border. They were aiming to become the first oil sands company operating in Saskatchewan. They've been under creditor protection for some time, however, and now are being removed from the New York Stock Exchange because they can't meet the exchange's requirements.