Oilsands Quest Gets Court Approval Of C$7 Mln Sale Of Eagles Nest Asset

3/15/2012 4:06 PM ET

Oilsands Quest Inc. (BQI: Quote) said that it has received approval from the Alberta Court of Queen's Bench for the sale of the Company's non-core Eagles Nest asset to Cavalier Energy Inc., an unrelated third party, for C$7.005 million.

As previously announced, Oilsands Quest reopened the sale process for its Eagles Nest asset as FAMA Capital Ltd. defaulted on an earlier Purchase and Sale Agreement. The Company said that it signed a new Purchase and Sale Agreement with Cavalier and the transaction, subject to normal closing conditions, is expected to close on or before March 23, 2012.

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