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OilSands Meeting Today
Monday, August 14, 2006

For followers of Canwest, today is a very big day. Today is the day that shareholders of Oilsands Quest should approve the merger between the two. It should be noted that Canwest has a majority stake in Oilsands Quest, however they also need a majority of the minority shareholders to go along with their plan in order to receive approval. Should this merger go through it will allow the combined company to consolidate the Firebag East project into one company and allow for the full value to be recognized. It also forms a more liquid investment for those longtime holders of Oilsands who, as it was described to us, are well-off investors who had substantial networths. This is why we believe that approval of this merger and the subsequent chain of events thereafter will allow for a short term gain of 15% to the upside. The approval itself we believe could be worth this alone, but we expect that when the company begins trading on the AMEX under the name of Oilsands Quest that its 3 underwriters for the last issuance of shares (in Canada it must be noted) should all give this stock a buy recommendation or at least initiate coverage on it. Should any one of the brokerages initiate coverage it will at once put this stock in a prestigious class...the ones with analysts following them. This will reassure some funds and individuals to invest in its securities as it is deemed “investable.”

We also expect to hear news coming out after the listing as we have stated all along. We believe that management wants to make a splash once they have landed on a major exchange, and this is the reason behind the lack of news recently. Over the last few months they have been holding back some gunpowder to use once they felt it could be maximized to add shareholder value is the way we view it. Other events to look forward to include what will happen with their efforts to add more land, Pasquia Hills, and their other tar sands project known as Eagles Nest. We fully expect the 15% move upwards and stand by our price targets set forth at the beginning of this year.

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