Report: Oilsands Quest Looking For Major Partner

Report: Oilsands Quest Looking For Major Partner

Thursday, November 15, 2007 at 14:51

It appears an energy company in Alberta is looking for a major corporation to help it extract oil out of northwest Saskatchewan.

The Globe and Mail is reporting that Oilsands Quest is looking for up to $4 billion to help make the Axe Lake Discovery project commercially viable.

Company officials have indicated they would like to sell 60 per cent of the Axe Lake project.

The report indicates the company could look for interest from investors as soon as the first quarter of 2008.

Despite major exploration efforts north of La Loche, Oilsands Quest is not able to carry out the extraction by itself.

Company president Christoper Hopkins has said in the past the company would look for another partner when the time was right.