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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 14pt"><B>FORM 8-K</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 7pt"><B>CURRENT REPORT</B>

</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 14pt"><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">Date of Report (Date of earliest event reported) <B>April&nbsp;30, 2009</B>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 16pt"><B>Oilsands Quest Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)<BR><BR></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Colorado<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
(State or other jurisdiction<BR>
of incorporation)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-32994<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0461154<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt">&nbsp;
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>800,
326 &#150;
11</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP>
<B>Avenue SW
Calgary, Alberta, Canada<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
(Address of principal executive offices)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>T2R 0C5<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 14pt">Registrant&#146;s telephone number, including area code <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(403)&nbsp;263-1623</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 14pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 1.01</B>&nbsp;&nbsp;&nbsp;<B>ENTRY INTO MATERIAL DEFINITIVE AGREEMENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oilsands Quest Inc. (the &#147;Corporation&#148;) entered into an agency agreement (the &#147;Agency
Agreement&#148;) dated April&nbsp;30, 2009 with Genuity Capital Markets, TD Securities Inc., Canaccord
Capital Corporation, Dundee Securities Corporation and RBC Dominion Securities Inc. (the &#147;Agents&#148;).
The Agency Agreement relates to units (the &#147;Units&#148; or the &#147;Offered Securities&#148;) of the
Corporation. Each Unit shall be comprised of one common share in the capital of the Corporation
(the &#147;Common Shares&#148;) and one-half of one Common Share purchase warrant (the &#147;Warrants&#148;). Each
whole Warrant entitles the holder thereof to purchase one Common Share at a price of US$1.10 at any
time during the two-year period beginning on the closing date of the offering (the &#147;Offering
Closing Date&#148;). In the Agency Agreement, the Corporation has agreed to sell an aggregate of up to
30,500,000 Units on the Offering Closing Date. The price per Unit is US$0.85, with an aggregate
purchase price for all the Units of US$25,925,000. The Agency Agreement provides that the
Corporation will pay the Agents a fee of US$0.0425 per Unit issued and sold by the Corporation.
The aggregate fee payable by the Corporation to the Agents is US$1,296,250 in consideration of
their services in connection with the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has granted to the Agents an option (the &#147;Over-Allotment Option&#148;), exercisable
at any time until 30&nbsp;days following the Offering Closing Date, to purchase up to an additional 15%
of the Common Shares and/or Warrants comprising the Units at US$0.80 per Common Share and US$0.10
per Warrant. The offering price of the Units and the terms of the offering were established
through negotiations between the Corporation and Genuity Capital Markets and TD Securities Inc. on
their own behalf and on behalf of the Agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Agents under the Agency Agreement are subject to certain conditions
precedent, including the absence of any material adverse change in the Corporation&#146;s business and
the receipt of certain opinions, letters and certificates from the Corporation&#146;s counsel, the
Corporation&#146;s independent auditors and the Corporation. Additionally, the obligations of the
Agents under the Agency Agreement may be terminated at its discretion upon the occurrence of
certain stated events. The Agency Agreement also provides that the Corporation will indemnify the
Agents and their directors, officers, affiliates, agents and employees against certain liabilities
and expenses. The Corporation has also agreed to contribute to payments the Agents may be required
to make in respect of such liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions for Units will be received subject to rejection or allotment in whole or in
part, and the right is reserved to close the subscription books at any time without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offering is being made concurrently in the United States and in all provinces of Canada
(other than Qu&#233;bec) pursuant to the multi-jurisdictional disclosure system implemented by
securities regulatory authorities in Canada. The Units will be offered in Canada and the United
States through the Agents either directly or, if applicable, through their respective Canadian or
United States registered broker-dealer affiliates.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation and each of its directors and officers have agreed to certain lock-up
provisions with regard to future sales of its Common Shares for a period of 90&nbsp;days after the
closing of the offering as set forth in the Agency Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agents and their affiliates have, from time to time, performed and may in the future
perform investment banking, financial advisory and banking services for the Corporation for which
they received or will receive customary fees and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8.01</B>&nbsp;&nbsp;&nbsp;<B>OTHER EVENTS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;30, 2009 Oilsands Quest Inc. issued a press release. The press release is filed as
Exhibit&nbsp;99.1 to this report and is incorporated by reference herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9.01</B>&nbsp;&nbsp;&nbsp;<B>FINANCIAL STATEMENTS AND EXHIBITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;Exhibits
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Agreement dated April&nbsp;30, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated April&nbsp;30, 2009.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date:&nbsp;&nbsp;May&nbsp;1, 2009               &nbsp;</TD>
    <TD colspan="3" align="left"><B>OILSANDS QUEST INC.</B><BR>
(Registrant)<BR>
<BR>
<BR>
/s/&nbsp;&nbsp;Jamey Fitzgibbon<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Name:&nbsp;&nbsp;Jamey Fitzgibbon<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Operating
Officer<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agency Agreement dated April 30, 2009.</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated April 30, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
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{"company-data": {"conformed-name": "Oilsands Quest Inc", "cik": "0001096791", "assigned-sic": "1090", "irs-number": "980461154", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32994", "film-number": "09790301"}, "business-address": {"street1": "205-707, 7TH AVENUE SW", "city": "CALGARY", "state": "A0", "zip": "T2P 3H6", "phone": "4032631623"}, "mail-address": {"street1": "205-707, 7TH AVENUE SW", "city": "CALGARY", "state": "A0", "zip": "T2P 3H6"}, "former-company": [{"former-conformed-name": "CANWEST PETROLEUM CORP", "date-changed": "20050318"}, {"former-conformed-name": "URANIUM POWER CORP", "date-changed": "19991013"}]}
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 30, 2009
Oilsands Quest Inc.
(Exact name of registrant as specified in its charter)
Colorado
(State or other jurisdiction
of incorporation)
001-32994
(Commission
File Number)
98-0461154
(IRS Employer
Identification No.)
800,
326 –
11
th
Avenue SW
Calgary, Alberta, Canada
(Address of principal executive offices)
T2R 0C5
(Zip Code)
Registrant's telephone number, including area code
(403) 263-1623
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
ENTRY INTO MATERIAL DEFINITIVE AGREEMENT.
Oilsands Quest Inc. (the "Corporation") entered into an agency agreement (the "Agency
Agreement") dated April 30, 2009 with Genuity Capital Markets, TD Securities Inc., Canaccord
Capital Corporation, Dundee Securities Corporation and RBC Dominion Securities Inc. (the "Agents").
The Agency Agreement relates to units (the "Units" or the "Offered Securities") of the
Corporation. Each Unit shall be comprised of one common share in the capital of the Corporation
(the "Common Shares") and one-half of one Common Share purchase warrant (the "Warrants"). Each
whole Warrant entitles the holder thereof to purchase one Common Share at a price of US$1.10 at any
time during the two-year period beginning on the closing date of the offering (the "Offering
Closing Date"). In the Agency Agreement, the Corporation has agreed to sell an aggregate of up to
30,500,000 Units on the Offering Closing Date. The price per Unit is US$0.85, with an aggregate
purchase price for all the Units of US$25,925,000. The Agency Agreement provides that the
Corporation will pay the Agents a fee of US$0.0425 per Unit issued and sold by the Corporation.
The aggregate fee payable by the Corporation to the Agents is US$1,296,250 in consideration of
their services in connection with the offering.
The Corporation has granted to the Agents an option (the "Over-Allotment Option"), exercisable
at any time until 30 days following the Offering Closing Date, to purchase up to an additional 15%
of the Common Shares and/or Warrants comprising the Units at US$0.80 per Common Share and US$0.10
per Warrant. The offering price of the Units and the terms of the offering were established
through negotiations between the Corporation and Genuity Capital Markets and TD Securities Inc. on
their own behalf and on behalf of the Agents.
The obligations of the Agents under the Agency Agreement are subject to certain conditions
precedent, including the absence of any material adverse change in the Corporation's business and
the receipt of certain opinions, letters and certificates from the Corporation's counsel, the
Corporation's independent auditors and the Corporation. Additionally, the obligations of the
Agents under the Agency Agreement may be terminated at its discretion upon the occurrence of
certain stated events. The Agency Agreement also provides that the Corporation will indemnify the
Agents and their directors, officers, affiliates, agents and employees against certain liabilities
and expenses. The Corporation has also agreed to contribute to payments the Agents may be required
to make in respect of such liabilities.
Subscriptions for Units will be received subject to rejection or allotment in whole or in
part, and the right is reserved to close the subscription books at any time without notice.
This offering is being made concurrently in the United States and in all provinces of Canada
(other than Québec) pursuant to the multi-jurisdictional disclosure system implemented by
securities regulatory authorities in Canada. The Units will be offered in Canada and the United
States through the Agents either directly or, if applicable, through their respective Canadian or
United States registered broker-dealer affiliates.
The Corporation and each of its directors and officers have agreed to certain lock-up
provisions with regard to future sales of its Common Shares for a period of 90 days after the
closing of the offering as set forth in the Agency Agreement.
The Agents and their affiliates have, from time to time, performed and may in the future
perform investment banking, financial advisory and banking services for the Corporation for which
they received or will receive customary fees and expenses.
ITEM 8.01
OTHER EVENTS.
On April 30, 2009 Oilsands Quest Inc. issued a press release. The press release is filed as
Exhibit 99.1 to this report and is incorporated by reference herein.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS.
(d)  Exhibits
1.1.      Agency Agreement dated April 30, 2009.
99.1     Press Release dated April 30, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  May 1, 2009
OILSANDS QUEST INC.
(Registrant)
/s/  Jamey Fitzgibbon
Name:  Jamey Fitzgibbon
Title:    President and Chief Operating
Officer
EXHIBIT INDEX
Exhibit No.
Description
1.1
Agency Agreement dated April 30, 2009.
99.1
Press Release dated April 30, 2009.