Oilsands Quest Faces More Problems

Thursday, March 10, 2011 at 15:24

Just days after a lawsuit was filed against the company, it revealed in its quarterly report that it needs to find more money.

The situation is serious enough that the company is warning it may not be able to continue operating past December of this year.

It says it incurred net losses of $64 million and $89 million over the past few years respectively.

C.E.O Garth Wong insists the lawsuit and the gloomy financial news are not connected.

He also notes similar financial information was already included in reports last July.

Wong says the company has entered into a program to gain additional financing and continues to look for other investors.