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                                                                    EXHIBIT 4.17




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THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SHARES OF COMMON STOCK
ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND
MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR IN RELIANCE ON AN OPINION,
REASONABLY SATISFACTORY TO QUEEN SAND RESOURCES, INC. IN FORM AND SUBSTANCE, OF
COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY, THAT SUCH SALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON AN EXEMPTION FROM THE ACT AND ANY
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

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WARRANT TO PURCHASE
   48,701 SHARES

                           QUEEN SAND RESOURCES, INC.

                          Common Stock Purchase Warrant

                    Representing Right To Purchase Shares of
                                  Common Stock
                                       of
                           Queen Sand Resources, Inc.



         FOR VALUE RECEIVED, QUEEN SAND RESOURCES, INC., a Delaware corporation
(the "Company"), hereby certifies that Joint Energy Development Investments
Limited Partnership, a Delaware limited partnership (the "Holder"), is entitled,
subject to the provisions of this Warrant, to purchase from the Company, at any
time or from time to time during the Exercise Period (as hereinafter defined), a
total of 48,701 shares (as such number of shares may be adjusted pursuant to the
terms hereof, the "Warrant Shares") of Common Stock, par value $.0015 per share,
of the Company, at a price per share equal to the Exercise Price (as defined
below). This Warrant is issued to the Holder (together with such other warrants
as may be issued in exchange, transfer or replacement of this Warrant, the
"Warrants") pursuant to the Securities Purchase Agreement (as defined below) and
entitles the Holder to purchase the Warrant Shares and to exercise the other
rights, powers and privileges hereinafter provided.



<PAGE>   2




         Section 1. Definitions. The following terms, as used herein, have the
following respective meanings:

         "Common Stock" means the Company's common stock, $0.0015 par value.

         "Company" is defined in the introductory paragraph of this Warrant.

         "Date of Issuance" means August 19, 1998.

         "Exercise Period" means the period of time between the Date of
Issuance and 5:00 p.m. (New York City time) on the Expiration Date.

         "Exercise Price" means an amount, per share, equal to $7.35. The
Exercise Price shall be subject to adjustment, as set forth in Section 4.

         "Expiration Date" means August 19, 1999.

         "Holder" means Joint Energy Development Investments Limited Partnership
and its permitted assignees.

         "Person" means any individual, corporation, limited or general
partnership, joint venture, association, joint-stock company, trust, limited
liability company, unincorporated organization or government or any agency or
political subdivision thereof.

         "Required Holders" means the Holders of more than 50% of all Warrant
Shares then outstanding (assuming the full exercise of all Warrants).

         "Securities Purchase Agreement" means the Securities Purchase
Agreement, dated as of March 27, 1997, between the Company and the Holder, as
such agreement shall be modified, amended and supplemented and in effect from
time to time.

         "Value" means, as of any date of determination, with respect to the
Common Stock, $3.50 per share of Common Stock.

         "Warrants" is defined in the introductory paragraph of this Warrant.

         "Warrant Shares" is defined in the introductory paragraph of this
Warrant.



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         Section 2.        Exercise of Warrant; Cancellations of Warrant. This
Warrant may be exercised in whole or in part, at any time or from time to time,
during the Exercise Period, by presentation and surrender hereof to the Company
at its principal office at the address set forth in Section 10 (or at such other
reasonable address as the Company may after the date hereof notify the Holder in
writing, coming into effect not before 14 days after receipt of such notice by
the Holder), with the Purchase Form annexed hereto as Exhibit A duly executed
and accompanied by either (at the option of the Holder) proper payment in cash
or certified or bank check equal to the Exercise Price for the Warrant Shares
for which this Warrant is being exercised. Upon exercise of this Warrant as
aforesaid, the Company shall as promptly as practicable, and in any event within
20 days thereafter, execute and deliver to the Holder a certificate or
certificates for the total number of Warrant Shares for which this Warrant is
being exercised, in such names and denominations as requested in writing by the
Holder. The Company shall pay any and all documentary stamp or similar issue
taxes payable in respect of the issue of the Warrant Shares. If this Warrant is
exercised in part only, the Company shall, upon surrender of this Warrant,
execute and deliver a new Warrant evidencing the rights of the Holder thereof to
purchase the balance of the Warrant Shares issuable hereunder.

         Section 3.        Exchange, Transfer, Assignment or Loss of Warrant.
This Warrant is exchangeable, without expense, at the option of the Holder, upon
presentation and surrender hereof to the Company for other Warrants of different
denominations, entitling the Holder to purchase in the aggregate the same number
of Warrant Shares. The Holder of this Warrant shall be entitled, without
obtaining the consent of the Company, to transfer or assign its interest in (and
rights under) this Warrant in whole or in part to any Person or Persons. Upon
surrender of this Warrant to the Company, with the Assignment Form annexed
hereto as Exhibit B duly executed and funds sufficient to pay any transfer tax,
the Company shall, without charge, execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees named in such Assignment Form and, if
the Holder's entire interest is not being assigned, in the name of the Holder,
and this Warrant shall promptly be canceled. This Warrant may be divided or
combined with other Warrants that carry the same rights upon presentation hereof
at the office of the Company, together with a written notice specifying the
names and denominations in which new Warrants are to be issued and signed by the
Holder hereof. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfactory indemnification
(including, if required in the reasonable judgment of the Company, a statement
of net worth of such Holder that is at a level reasonably satisfactory to the
Company), and upon surrender and cancellation of this Warrant, if mutilated, the
Company shall execute and deliver a new Warrant of like tenor and date.



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         Section 4.        Antidilution Provisions.

                (a)        Adjustment of Number of Warrant Shares and Exercise
                           Price. The number of Warrant Shares purchasable
                           pursuant hereto and the Exercise Price, each shall be
                           subject to adjustment from time to time on and after
                           the Date of Issuance as provided in this Section
                           4(a). In case the Company shall at any time after the
                           Date of Issuance (i) pay a dividend of shares of
                           Common Stock or make a distribution of shares of
                           Common Stock, (ii) subdivide its outstanding shares
                           of Common Stock into a larger number of shares of
                           Common Stock, (iii) combine its outstanding shares of
                           Common Stock into a smaller number of shares of
                           Common Stock or (iv) issue any shares of its capital
                           stock or other assets in a reclassification or
                           reorganization of the Common Stock (including any
                           such reclassification in connection with a
                           consolidation or merger in which the Company is the
                           continuing entity), then (x) the securities
                           purchasable pursuant hereto shall be adjusted to the
                           number of Warrant Shares and amount of any other
                           securities, cash or other property of the Company
                           which the Holder would have owned or have been
                           entitled to receive after the happening of any of the
                           events described above, had this Warrant been
                           exercised immediately prior to the happening of such
                           event or any record date with respect thereto, and
                           (y) the Exercise Price shall be adjusted to equal the
                           Exercise Price immediately prior to the adjustment
                           multiplied by a fraction, (A) the numerator of which
                           is the number of Warrant Shares for which this
                           Warrant is exercisable immediately prior to the
                           adjustment, and (B) the denominator of which is the
                           number of shares for which this Warrant is
                           exercisable immediately after such adjustment. The
                           adjustments made pursuant to this Section 4(a) shall
                           ----------- become effective immediately after the
                           effective date of the event creating such right of
                           adjustment, retroactive to the record date, if any,
                           for such event. Any Warrant Shares purchasable as a
                           result of such adjustment shall not be issued prior
                           to the effective date of such event.

                           For the purpose of this Section 4(a) and (b), the
                  term "shares of Common Stock" means (i) the classes of stock
                  designated as the Common Stock of the Company as of the date
                  hereof, or (ii) any other class of stock resulting from
                  successive changes or reclassifications of such shares
                  consisting solely of changes in par value, or from par value
                  to no par value, or from no par value to par value. In the
                  event that at any time, as a result of an adjustment made
                  pursuant to this Section 4(a), the Holder shall become
                  entitled to receive any securities of the Company other than
                  shares of


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                Common Stock, thereafter the number of such other securities so
                receivable upon exercise of this Warrant shall be subject to
                adjustment from time to time in a manner and on terms as nearly
                equivalent as practicable to the provisions with respect to the
                Warrant Shares contained in this Section 4.

                (b)        Reorganization, Merger, etc. If any capital
                           reorganization, reclassification or similar
                           transaction involving the capital stock of the
                           Company (other than as specified in Section 4(a)),
                           any consolidation, merger or business combination of
                           the Company with another corporation or the sale or
                           conveyance of all or any substantial part of its
                           assets to another corporation, shall be effected in
                           such a way that holders of the shares of Common Stock
                           shall be entitled to receive stock, securities or
                           assets (including, without limitation, cash) with
                           respect to or in exchange for shares of the Common
                           Stock, then, prior to and as a condition of such
                           reorganization, reclassification, similar
                           transaction, consolidation, merger, business
                           combination, sale or conveyance, lawful and adequate
                           provision shall be made whereby the Holder shall
                           thereafter have the right to purchase and receive
                           upon the basis and upon the terms and conditions
                           specified in this Warrant and in lieu of the Warrant
                           Shares immediately theretofore purchasable and
                           receivable upon the exercise of this Warrant, such
                           shares of stock, securities or assets as may be
                           issued or payable with respect to or in exchange for
                           a number of outstanding Warrant Shares equal to the
                           number of Warrant Shares immediately theretofore
                           purchasable and receivable upon the exercise of this
                           Warrant had such reorganization, reclassification,
                           similar transaction, consolidation, merger, business
                           combination, sale or conveyance not taken place. The
                           Company shall not effect any such consolidation,
                           merger, business combination, sale or conveyance
                           unless prior to or simultaneously with the
                           consummation thereof the survivor or successor
                           corporation (if other than the Company) resulting
                           from such consolidation or merger or the corporation
                           purchasing such assets shall assume by written
                           instrument executed and sent to the Holder, the
                           obligation to deliver to the Holder such shares of
                           stock, securities or assets as, in accordance with
                           the foregoing provisions, the Holder may be entitled
                           to receive.

                (c)        Statement on Warrant Certificates. Irrespective of
                           any adjustments in the Exercise Price or the number
                           or kind of Warrant Shares, this Warrant may continue
                           to express the same price and number and kind of
                           shares as are stated on the front page hereof.



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                (d)        Exception to Adjustment. Anything herein to the
                           contrary notwithstanding, the Company shall not be
                           required to make any adjustment of the number of
                           Warrant Shares issuable hereunder or to the Exercise
                           Price in the case of the issuance of the Warrants or
                           the issuance of shares of the Common Stock (or other
                           securities) upon exercise of the Warrants.

                (e)        Treasury Shares. The number of shares of the Common
                           Stock outstanding at any time shall not include
                           treasury shares or shares owned or held by or for the
                           account of the Company or any of its subsidiaries,
                           and the disposition of any such shares shall be
                           considered an issue or sale of the Common Stock for
                           the purposes of this Section 4.

                (f)        Adjustment Notices to Holder. Upon any increase or
                           decrease in the number of Warrant Shares purchasable
                           upon the exercise of this Warrant or the Exercise
                           Price the Company shall, within 30 days thereafter,
                           deliver written notice thereof to all Holders, which
                           notice shall state the increased or decreased number
                           of Warrant Shares purchasable upon the exercise of
                           this Warrant and the adjusted Exercise Price, setting
                           forth in reasonable detail the method of calculation
                           and the facts upon which such calculations are based.

         Section 5.        Notification by the Company. In case at any time
while this Warrant remains outstanding:

                (a)        the Company shall declare any dividend or make any
                           distribution upon its Common Stock or any other class
                           of its capital stock; or

                (b)        the Company shall offer for subscription pro rata to
                           the holders of its Common Stock or any other class of
                           its capital stock any additional shares of stock of
                           any class or any other securities convertible into or
                           exchangeable for shares of stock or any rights or
                           options to subscribe thereto; or

                (c)        the Board of Directors of the Company shall authorize
                           any capital reorganization, reclassification or
                           similar transaction involving the capital stock of
                           the Company, or a sale or conveyance of all or a
                           substantial part of the assets of the Company, or a
                           consolidation, merger or business combination of the
                           Company with another Person; or


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                (d)        actions or proceedings shall be authorized or
                           commenced for a voluntary or involuntary dissolution,
                           liquidation or winding-up of the Company;

then, in any one or more of such cases, the Company shall give written notice to
the Holder, at the earliest time legally practicable (and not less than 20 days
before any record date or other date set for definitive action) of the date on
which (i) the books of the Company shall close or a record shall be taken for
such dividend, distribution or subscription rights or options or (ii) such
reorganization, reclassification, sale, conveyance, consolidation, merger,
dissolution, liquidation or winding-up shall take place or be voted on by
shareholders of the Company, as the case may be. Such notice shall also specify
the date as of which the holders of the Common Stock of record shall participate
in said dividend, distribution, subscription rights or options or shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reorganization, reclassification, sale, conveyance,
consolidation, merger, dissolution, liquidation or winding-up, as the case may
be. If the action in question or the record date is subject to the effectiveness
of a registration statement under the Securities Act or to a favorable vote of
shareholders, the notice required by this Section 5 shall so state.

         Section 6.        No Voting Rights: Limitations of Liability. Prior to
exercise, this Warrant will not entitle the Holder to any voting rights or other
rights as a stockholder of the Company. No provision hereof, in the absence of
affirmative action by the Holder to exercise this Warrant, and no enumeration
herein of the rights or privileges of the Holder, shall give rise to any
liability of the Holder for the purchase price of the Warrant Shares pursuant to
the exercise hereof.

         Section 7.        Amendment and Waiver.

                (a)        No failure or delay of the Holder in exercising any
                           power or right hereunder shall operate as a waiver
                           thereof, nor shall any single or partial exercise of
                           such right or power, or any abandonment or
                           discontinuance of steps to enforce such a right or
                           power, preclude any other or further exercise thereof
                           or the exercise of any other right or power. The
                           rights and remedies of the Holder are cumulative and
                           not exclusive of any rights or remedies which it
                           would otherwise have. The provisions of this Warrant
                           may be amended, modified or waived with (and only
                           with) the written consent of the Company and the
                           Required Holders.



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                (b)        No notice or demand on the Company in any case shall
                           entitle the Company to any other or further notice or
                           demand in similar or other circumstances.

         Section 8.        No Fractional Warrant Shares. The Company shall not
be required to issue stock certificates representing fractions of Warrant
Shares, but shall in respect of any fraction of a Warrant Share make a payment
in cash based on the Value of the Common Stock after giving effect to the full
exercise or conversion of the Warrants.

         Section 9.        Reservation of Warrant Shares. The Company shall
authorize, reserve and keep available at all times, free from preemptive rights,
a sufficient number of Warrant Shares to satisfy the requirements of this
Warrant.

         Section 10.       Notices. Unless otherwise specified, whenever this
Warrant requires or permits any consent, approval, notice, request, or demand
from one party to another, that communication must be in writing (which may be
by telecopy) to be effective and is deemed to have been given (a) if by
telecopy, when transmitted to the appropriate telecopy number (and all
communications sent by telecopy must be confirmed promptly by telephone; but any
requirement in this parenthetical does not affect the date when the telecopy is
deemed to have been delivered), or (b) if by any other means, including by
internationally acceptable courier or hand delivery, when actually delivered.
Until changed by notice pursuant to this Warrant, the address (and telecopy
number) for the Holder and the Company are:

       If to Holder:    Joint Energy Development Investments Limited Partnership
                        c/o Enron Corp.
                        1400 Smith Street
                        Houston, Texas  77002
                        Attn:  Donna Lowry - Director, 28th Floor
                        Facsimile: (713) 646-3602

       If to Company:   Queen Sand Resources, Inc.
                        3500 Oak Lawn, Suite 380, L.B.#31
                        Dallas, Texas 75219-4398
                        Attn: Robert P. Lindsay
                        Facsimile: (214) 521-9960

       With copies to:  Queen Sand Resources, Inc.
                        30 Metcalfe Street, Suite 620
                        Ottawa, Canada K1P 5L4
                        Attn:  Edward J. Munden
                        Facsimile: (613) 230-6055


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                              Haynes and Boone, LLP
                              901 Main Street, Suite 3100
                              Dallas, Texas 75202
                              Attn: William L. Boeing, Esq.
                              Facsimile: (214) 651-5940

         Section 11.       Section and Other Headings. The headings contained in
this Warrant are for reference purposes only and will not affect in any way the
meaning or interpretation of this Warrant.

         Section 12.       Governing Law.  THIS WARRANT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE.

         Section 13.       Binding Effect. The terms and provisions of this
Warrant shall inure to the benefit of the Holder and its successors and assigns
and shall be binding upon the Company and its successors and assigns, including,
without limitation, any Person succeeding to the Company by merger,
consolidation or acquisition of all or substantially all of the Company's
assets.

                                    * * * * *


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         IN WITNESS WHEREOF, the seal of the Company and the signature of its
duly authorized officer have been affixed hereto as of August 19, 1998.


                                       QUEEN SAND RESOURCES, INC.


Attest:                                By:
       --------------------------         ----------------------------------
         V. Ed Butler                  Name:  Robert P. Lindsay
         Assistant Secretary           Title: Chief Operating Officer and
                                              Executive Vice President





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                                    EXHIBIT A
                                       TO
                                     WARRANT

                                  PURCHASE FORM

                          To Be Executed by the Holder
                        Desiring to Exercise a Warrant of
                           Queen Sand Resources, Inc.


         The undersigned holder hereby exercises the right to purchase
                                                                       ------
shares of Common Stock covered by the within Warrant, according to the
conditions thereof, and herewith makes payment in full of the Exercise Price of
such shares, in the amount of
$          .
 ----------


                                       Name of Holder:



                                       --------------------------------------

                                       Signature:
                                                  ---------------------------
                                       Title:
                                              -------------------------------
                                       Address:
                                                -----------------------------

                                       --------------------------------------

                                       --------------------------------------


Dated:             ,
       ------------  -----



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                                    EXHIBIT B
                                       TO
                                     WARRANT

                                 ASSIGNMENT FORM

                          To Be Executed by the Holder
                        Desiring to Transfer a Warrant of
                           Queen Sand Resources, Inc.


         FOR VALUE RECEIVED, the undersigned holder hereby sells, assigns and
transfers unto                                                          the
               --------------------------------------------------------
right to purchase        shares of Common Stock covered by the within Warrant,
                  ------
and does hereby irrevocably constitute and appoint                   Attorney to
                                                   -----------------
transfer the said Warrant on the books of the Company (as defined in such
Warrant), with full power of substitution.

                                       Name of Holder:


                                       --------------------------------------

                                       Signature:
                                                  ---------------------------
                                       Title:
                                              -------------------------------
                                       Address:
                                                -----------------------------

                                       --------------------------------------

                                       --------------------------------------



Dated:              ,
       -------------  ----

In the presence of


---------------------------------------

                                     NOTICE:

The signature to the foregoing Assignment Form must correspond to the name as
written upon the face of the within Warrant in every detail, without alteration
or enlargement or any change whatsoever.


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