----

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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

|   | Colorado                        |   | 98-0461154          |   |
|--------|---------------------------------|--------|---------------------|--------|
|   | (State or other jurisdiction of |   | (I.R.S. Employer    |   |
|   | incorporation or organization)  |   | Identification No.) |   |

| Large accelerated filer: R | Accelerated filer: £ | Non-accelerated filer: £               | Smaller reporting company: £ |
|----------------------------|---------------------------|---------------------------------------------|-----------------------------------|
|                       |                      | (Do not check if smaller reporting company) |

----

----

----

|   | Item 1. | Financial Statements |
|--------|---------|----------------------|

|   | Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|--------|---------|---------------------------------------------------------------------------------------------|

|   | Item 4. | Controls and Procedures |
|--------|---------|-------------------------|

----

OILSANDS 

----

| Part I.  Financial Information |   |                                                                                                                                                                                 |
|------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Forward-Looking Statements               |   |                                                                                                                                                                                 |
| Item 1.                                  |   | Financial Statements                                                                                                                                                                 |   |   |
|                                     |   | Unaudited Consolidated Balance Sheets as of January 31, 2009 and April 30, 2008                                                                                                      |   | 3 |
|                                     |   | Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended January 31, 2009 and 2008 and for the period from Inception on April 3, 1998 to January 31, 2009 |   | 4 |
|                                     |   | Unaudited Consolidated Statements of Stockholders’ Equity and Comprehensive Income for the Nine Months Ended January 31, 2009 and 2008                                         |   | 5 |
|                                     |   | Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended January 31, 2009 and 2008 and for the period from Inception on April 3, 1998 to January 31, 2009           |   | 6 |
|                                     |   | Unaudited Notes to Consolidated Financial Statements                                                                                                                                 |   | 7 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 2.                                  |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                          |   | 23 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 3.                                  |   | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                           |   | 32 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 4.                                  |   | Controls and Procedures                                                                                                                                                              |   | 32 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Part II  Other Information     |   |                                                                                                                                                                                 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 1.                                  |   | Legal Proceedings                                                                                                                                                                    |   | 33 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 1A.                                 |   | Risk Factors                                                                                                                                                                         |   | 33 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 2.                                  |   | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                          |   | 34 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 3.                                  |   | Defaults Upon Senior Securities                                                                                                                                                      |   | 34 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 4.                                  |   | Submission of Matters to a Vote of Security Holders                                                                                                                                  |   | 34 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 5.                                  |   | Other Information                                                                                                                                                                    |   | 34 |
|                                     |   |                                                                                                                                                                                 |   |   |
| Item 6.                                  |   | Exhibits                                                                                                                                                                             |   | 35 |
|                                     |   | Signatures                                                                                                                                                                           |   | 36 |

----

Table of Contents

----

Table of Contents

OILSANDS 

|                                                                                                                                                                                               |   | January 31,   |         |   | April 30,     |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------------|--------|---------------|--------|
|                                                                                                                                                                                               |   | 2009          |         |   | 2008          |   |
|                                                                                                                                                                                               |   | (as restated) |         |   | (as restated) |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |
| ASSETS                                                                                                                                                                                             |   |          |         |   |          |   |
| Current Assets:                                                                                                                                                                                    |   |          |         |   |          |   |
| Cash and cash equivalents                                                                                                                                                                          |   | $             | 30,283,500   |   |          | $      | 26,498,038 |   |
| Accounts receivable                                                                                                                                                                                |   |          | 3,018,943    |   |          |   | 3,363,642 |   |
| Short-term investments                                                                                                                                                                             |   |          | 21,231,000   |   |          |   | 19,811,788 |   |
| Prepaid expenses                                                                                                                                                                                   |   |          | 574,276      |   |          |   | 562,593 |   |
| Available for sale securities                                                                                                                                                                      |   |          | 24,267       |   |          |   | 390,733 |   |
| Total Current Assets                                                                                                                                                                               |   |          | 55,131,986   |   |          |   | 50,626,794 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Property and Equipment (note 4)                                                                                                                                                                    |   |          | 387,926,702  |   |          |   | 459,492,571 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Total Assets                                                                                                                                                                                       |   | $             | 443,058,688  |   |          | $      | 510,119,365 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                         |   |          |         |   |          |   |   |   |
| Current Liabilities:                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Accounts payable (note 13 and 14)                                                                                                                                                                  |   | $             | 16,167,937   |   |          | $      | 16,400,508 |   |
| Flow-through share premium liability (note 8)                                                                                                                                                      |   |          | 1,026,954    |   |          |   | - |   |
| Total Current Liabilities                                                                                                                                                                          |   |          | 17,194,891   |   |          |   | 16,400,508 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Deferred Taxes                                                                                                                                                                                     |   |          | 65,303,916   |   |          |   | 93,952,338 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Asset Retirement Obligation (note 5)                                                                                                                                                               |   |          | 3,531,603    |   |          |   |   |   |
|                                                                                                                                                                                               |   |          | 86,030,410   |   |          |   | 110,352,846 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Stockholders’ Equity                                                                                                                                                                         |   |          |         |   |          |   |   |   |
| Preferred stock, par value of $0.001 each, 10,000,000 shares authorized,1 Series B Preferred share outstanding (note 7)                                                                            |   |          | 1            |   |          |   | 1 |   |
| Common stock, par value of $0.001 each, 750,000,000 shares authorized 240,160,449 and 213,861,958 shares outstanding at January 31, 2009 and April 30, 2008 respectively (notes 6, 7, 8, 9 and 10) |   |          | 240,160      |   |          |   | 213,862 |   |
| Additional Paid-in Capital                                                                                                                                                                         |   |          | 711,319,972  |   |          |   | 602,754,989 |   |
| Deficit Accumulated During Development Stage                                                                                                                                                       |   |          | (317,127,981 | )      |          |   | (239,934,700 | ) |
| Other Comprehensive (Loss) Income                                                                                                                                                                  |   |          | (37,403,874  | )      |          |   | 36,732,367 |   |
| Total Stockholders’ Equity                                                                                                                                                                   |   |          | 357,028,278  |   |          |   | 399,766,519 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Total Liabilities and Stockholders’ Equity                                                                                                                                                   |   | $             | 443,058,688  |   |          | $      | 510,119,365 |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| Subsequent events (note 15)                                                                                                                                                                        |   |          |         |   |          |   |   |   |
|                                                                                                                                                                                               |   |          |         |   |          |   |   |   |
| See Notes to Unaudited Consolidated Financial Statements                                                                                                                                           |   |

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Table of Contents

OILSANDS 

|                                                                     |   | Three Months Ended January 31, |        |   | Nine Months Ended January 31, |   |        | From Inception on April 3, 1998 through to January 31, |   |
|--------------------------------------------------------------------------|--------|--------------------------------|-------------|--------|-------------------------------|--------|-------------|--------------------------------------------------------|--------|
|                                                                     |   | 2009                           |        |   | 2008                          |   |        | 2009                                                   |   |   | 2008 |   |   | 2009 |   |
|                                                                     |   | (as restated)                  |        |   | (as restated)                 |   |        | (as restated)                                          |   |   | (as restated) |   |   | (as restated) |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |
| Expenditures                                                             |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration costs                                                        |   | $                              | 14,531,437  |   |                          | $      | 35,549,282  |                                                   |   | $ | 62,278,711 |   |   | $ | 58,099,970 |   |   | $ | 196,548,651 |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative                                               |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash consideration                                                       |   |                           | 3,334,315   |   |                          |   | 2,387,956   |                                                   |   |   | 14,993,366 |   |   |   | 5,458,505 |   |   |   | 44,029,057 |   |
| Stock-based consideration (note 9)                                       |   |                           | 3,005,095   |   |                          |   | 4,345,455   |                                                   |   |   | 16,125,281 |   |   |   | 14,494,888 |   |   |   | 138,239,980 |   |
| Depreciation and accretion                                               |   |                           | 417,857     |   |                          |   | 284,020     |                                                   |   |   | 1,189,019 |   |   |   | 786,094 |   |   |   | 2,629,411 |   |
|                                                                     |   |                           | 21,288,704  |   |                          |   | 42,566,713  |                                                   |   |   | 94,586,377 |   |   |   | 78,839,457 |   |   |   | 381,447,099 |   |
| Other Items                                                              |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                          |   |                           | (318,710    | )      |                          |   | (669,670    | )                                                      |   |   | (1,113,790 | ) |   |   | (1,779,541 | ) |   |   | (5,386,508 | ) |
| Gain on extinguishment of certain liabilities                            |   |                           | -           |   |                          |   | -           |                                                   |   |   | - |   |   |   | - |   |   |   | (936,469 | ) |
| Loss before income tax recovery and non-controlling shareholder interest |   |                           | 20,969,994  |   |                          |   | 41,897,043  |                                                   |   |   | 93,472,587 |   |   |   | 77,059,916 |   |   |   | 375,124,122 |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income tax recovery                                                      |   |                           | (2,073,627  | )      |                          |   | (14,703,412 | )                                                      |   |   | (16,279,306 | ) |   |   | (23,288,582 | ) |   |   | (50,301,887 | ) |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before non-controlling shareholder interest                         |   |                           | 18,896,367  |   |                          |   | 27,193,631  |                                                   |   |   | 77,193,281 |   |   |   | 53,771,334 |   |   |   | 324,822,235 |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non controlling shareholder interest (note 6)                            |   |                           | -           |   |                          |   | -           |                                                   |   |   | - |   |   |   | - |   |   |   | (7,694,254 | ) |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss                                                                 |   |                           | 18,896,367  |   |                          |   | 27,193,631  |                                                   |   |   | 77,193,281 |   |   |   | 53,771,334 |   |   |   | 317,127,981 |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss Per Share – Basic and Diluted                             |   | $                              | (0.07       | )      |                          | $      | (0.12       | )                                                      |   | $ | (0.30 | ) |   | $ | (0.24 | ) |   |   |   |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Number of Common Shares Outstanding (note 7)            |   |                           | 267,303,465 |   |                          |   | 232,889,927 |                                                   |   |   | 259,641,928 |   |   |   | 221,597,830 |   |   |   |   |   |
|                                                                     |   |                           |        |   |                          |   |        |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| See Notes to Unaudited Consolidated Financial Statements                 |   |

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Table of Contents

OILSANDS 

|                                                                                |   | Common Stock |        |   | Preferred Stock |   |    | Additional Paid in Capital |   |   | Accumulated Other Comprehensive (Loss) Income |   |   | Deficit Accumulated During the Development Stage |   |   | Total Stockholders’ Equity |   |
|-------------------------------------------------------------------------------------|--------|--------------|-------------|--------|-----------------|--------|---------|----------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|----------------------------------|--------|
|                                                                                |   | Shares       |        |   | Par Value       |   |    | Shares                     |   |   | Par Value                                     |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |
| Balance, April 30, 2008, as restated                                                |   |         | 213,861,958 |   |            | $      | 213,862 |                       |   |   | 1                                             |   |   | $                                                     | 1      |   |                             | $      | 602,754,989 |   |   | $ | 36,732,367 |   |   | $ | (239,934,700 | ) |   | $ | 399,766,519 |   |
| Common stock issued for:                                                            |   |         |        |   |            |   |    |                       |   |   |                                          |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                                                                |   |         | 23,784,917  |   |            |   | 23,785  |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 91,215,543 |   |   |   | - |   |   |   | - |   |   |   | 91,239,328 |   |
| Property (note 4 d))                                                                |   |         | 640,000     |   |            |   | 640     |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 3,717,760 |   |   |   | - |   |   |   | - |   |   |   | 3,718,400 |   |
| Premium on flow-through share allocated to liability                                |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (1,802,753 | ) |   |   | - |   |   |   | - |   |   |   | (1,802,753 | ) |
| Stock option exercises                                                              |   |         | 35,000      |   |            |   | 35      |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 165,115 |   |   |   | - |   |   |   | - |   |   |   | 165,150 |   |
| Exchange of OQI Sask  Exchangeable Shares                                 |   |         | 1,838,574   |   |            |   | 1,838   |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (1,838 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Stock-based compensation expense                                                    |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 16,125,281 |   |   |   | - |   |   |   | - |   |   |   | 16,125,281 |   |
| Share issue costs                                                                   |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (2,377,050 | ) |   |   | - |   |   |   | - |   |   |   | (2,377,050 | ) |
| Proceeds from exercise of subsidiary options (post reorganization)                  |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 1,522,925 |   |   |   | - |   |   |   | - |   |   |   | 1,522,925 |   |
| Other comprehensive income                                                          |   |         |        |   |            |   |    |                       |   |   |                                          |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfer of unrealized loss  on available for sale securities to net loss |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | 141,970 |   |   |   | - |   |   |   | 141,970 |   |
| Exchange loss on translation                                                        |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | (74,278,211 | ) |   |   | - |   |   |   | (74,278,211 | ) |
| Net Loss                                                                            |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | - |   |   |   | (77,193,281 | ) |   |   | (77,193,281 | ) |
| Balance, January 31, 2009                                                 |   |         | 240,160,449 |   |            | $      | 240,160 |                       |   |   | 1                                             |   |   | $                                                     | 1      |   |                             | $      | 711,319,972 |   |   | $ | (37,403,874 | ) |   | $ | (317,127,981 | ) |   | $ | 357,028,278 |   |
|                                                                                |   |         |        |   |            |   |    |                       |   |   |                                          |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, April 30, 2007, as restated                                                |   |         | 164,624,278 |   |            | $      | 164,624 |                       |   |   | 1                                             |   |   | $                                                     | 1      |   |                             | $      | 440,527,975 |   |   | $ | 3,365,649 |   |   | $ | (148,903,384 | ) |   | $ | 295,154,865 |   |
| Common stock issued for:                                                            |   |         |        |   |            |   |    |                       |   |   |                                          |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                                                                |   |         | 41,626,431  |   |            |   | 41,626  |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 149,555,186 |   |   |   | - |   |   |   | - |   |   |   | 149,596,812 |   |
| Premium on flow-through share allocated to liability                                |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (4,379,276 | ) |   |   | - |   |   |   | - |   |   |   | (4,379,276 | ) |
| Property                                                                            |   |         | 750,000     |   |            |   | 750     |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 3,291,750 |   |   |   | - |   |   |   | - |   |   |   | 3,292,500 |   |
| Employee compensation                                                               |   |         | 44,000      |   |            |   | 44      |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 116,387 |   |   |   | - |   |   |   | - |   |   |   | 116,431 |   |
| Exchange of OQI Sask Exchangeable Shares                                            |   |         | 6,049,554   |   |            |   | 6,050   |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (6,050 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Stock-based compensation expense                                                    |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 14,378,457 |   |   |   | - |   |   |   | - |   |   |   | 14,378,457 |   |
| Share issue costs                                                                   |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | (6,846,256 | ) |   |   | - |   |   |   | - |   |   |   | (6,846,256 | ) |
| Proceeds from exercise of subsidiary options (post reorganization)                  |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | 1,597,826 |   |   |   | - |   |   |   | - |   |   |   | 1,597,826 |   |
| Other comprehensive income                                                          |   |         |        |   |            |   |    |                       |   |   |                                          |   |   |                                                  |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized loss on available for sale securities                                    |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | (171,719 | ) |   |   | - |   |   |   | (171,719 | ) |
| Exchange gain on translation                                                        |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | 36,184,780 |   |   |   | - |   |   |   | 36,184,780 |   |
| Net Loss                                                                            |   |         | -           |   |            |   | -       |                       |   |   | -                                             |   |   |                                                  | -      |   |                             |   | - |   |   |   | - |   |   |   | (53,771,334 | ) |   |   | (53,771,334 | ) |
| Balance, January 31, 2008, as restated                                              |   |         | 213,094,263 |   |            | $      | 213,094 |                       |   |   | 1                                             |   |   |                                                  | 1      |   |                             | $      | 598,235,999 |   |   | $ | 39,378,710 |   |   | $ | (202,674,718 | ) |   | $ | 435,153,086 |   |
|                                                                                |   |
| See Notes to Unaudited Consolidated Financial Statements                            |   |

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Table of Contents

OILSANDS 

|                                                                             |   | Nine Months Ended January 31, |        |   | From Inception on April 3, 1998 Through to January 31, 2009 |   |
|----------------------------------------------------------------------------------|--------|-------------------------------|-------------|--------|-------------------------------------------------------------|--------|
|                                                                             |   | 2009                          |        |   | 2008                                                        |   |   |   |
|                                                                             |   | (as restated)                 |        |   | (as restated)                                               |   |   | (as restated) |   |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |
| Operating Activities                                                             |   |                          |        |   |                                                        |   |   |   |   |
| Net loss                                                                         |   | $                             | (77,193,281 | )      |                                                        | $      | (53,771,334 | ) |   | $ | (317,127,981 | ) |
| Non-cash adjustments to net loss                                                 |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Stock-based compensation expense                                                 |   |                          | 16,125,281  |   |                                                        |   | 14,378,457 |   |   |   | 91,392,513 |   |
| Deferred income tax recovery                                                     |   |                          | (16,279,306 | )      |                                                        |   | (23,486,176 | ) |   |   | (49,380,713 | ) |
| Depreciation and accretion                                                       |   |                          | 1,189,019   |   |                                                        |   | 786,094 |   |   |   | 2,629,411 |   |
| Operating expenses paid with shares                                              |   |                          | -           |   |                                                        |   | 116,431 |   |   |   | 11,070,439 |   |
| Non-controlling shareholder interest                                             |   |                          | -           |   |                                                        |   | - |   |   |   | (7,694,254 | ) |
| Non-cash financing expense                                                       |   |                          | -           |   |                                                        |   | - |   |   |   | 36,472,143 |   |
| Gain on extinguishment of certain liabilities                                    |   |                          | -           |   |                                                        |   | - |   |   |   | (936,469 | ) |
| Write off of exploration property                                                |   |                          | -           |   |                                                        |   | - |   |   |   | 856,359 |   |
| Write off of available for sale securities                                       |   |                          | 508,437     |   |                                                        |   | - |   |   |   | 634,657 |   |
| Changes in Non-Cash Working Capital                                              |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Accounts receivable and prepaid expenses                                         |   |                          | (326,169    | )      |                                                        |   | (481,455 | ) |   |   | (3,064,107 | ) |
| Accounts payable                                                                 |   |                          | 2,911,127   |   |                                                        |   | 6,288,934 |   |   |   | 21,071,547 |   |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Cash Used in Operating Activities                                                |   |                          | (73,064,892 | )      |                                                        |   | (56,169,049 | ) |   |   | (214,076,455 | ) |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Investing Activities                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Capital expenditures                                                             |   |                          | (7,434,256  | )      |                                                        |   | (13,467,554 | ) |   |   | (79,429,488 | ) |
| Short-term investment                                                            |   |                          | (1,419,212  | )      |                                                        |   | (39,912,194 | ) |   |   | (21,231,000 | ) |
| Other investments                                                                |   |                          | 116,824     |   |                                                        |   | - |   |   |   | (548,048 | ) |
| Changes in Non-Cash Working Capital                                              |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Accounts payable                                                                 |   |                          | 254,499     |   |                                                        |   | - |   |   |   | 254,499 |   |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Cash used in Investing Activities                                                |   |                          | (8,482,145  | )      |                                                        |   | (53,379,748 | ) |   |   | (100,954,037 | ) |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Financing Activities                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Issuance of shares for cash                                                      |   |                          | 89,027,428  |   |                                                        |   | 142,750,558 |   |   |   | 328,292,228 |   |
| Bank loan                                                                        |   |                          | -           |   |                                                        |   | (21,207,500 | ) |   |   | - |   |
| Shares issued on exercise of subsidiary options and warrants post reorganization |   |                          | 1,522,925   |   |                                                        |   | 1,597,826 |   |   |   | 4,176,336 |   |
| Shares issued by subsidiary to non-controlling interest                          |   |                          | -           |   |                                                        |   | - |   |   |   | 7,663,666 |   |
| Convertible debentures                                                           |   |                          | -           |   |                                                        |   | - |   |   |   | 8,384,496 |   |
| Cash Provided by Financing Activities                                            |   |                          | 90,550,353  |   |                                                        |   | 123,140,884 |   |   |   | 348,516,726 |   |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Inflow of Cash                                                                   |   |                          | 9,003,316   |   |                                                        |   | 13,592,087 |   |   |   | 33,486,234 |   |
| Effects of exchange rate changes on cash                                         |   |                          | (5,217,854  | )      |                                                        |   | 793,116 |   |   |   | (3,202,734 | ) |
| Cash and cash equivalents, Beginning of Period                                   |   |                          | 26,498,038  |   |                                                        |   | 32,393,871 |   |   |   | - |   |
| Cash and cash equivalents, End of Period                                         |   | $                             | 30,283,500  |   |                                                        | $      | 46,779,074 |   |   | $ | 30,283,500 |   |
|                                                                             |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Non-Cash Financing Activities                                                    |   |                          |        |   |                                                        |   |   |   |   |   |   |   |
| Common stock issued for properties                                               |   | $                             | 3,718,400   |   |                                                        | $      | 3,292,500 |   |   | $ | 10,848,342 |   |
| Warrants granted on purchase of properties                                       |   | $                             | -           |   |                                                        | $      | - |   |   | $ | 1,763,929 |   |
| Common stock issued for services                                                 |   | $                             | -           |   |                                                        | $      | 116,431 |   |   | $ | 10,504,594 |   |
| Common stock issued for debt settlement                                          |   | $                             | -           |   |                                                        | $      | - |   |   | $ | 28,401,029 |   |

----

Table of Contents

OILSANDS 

| 1. | DESCRIPTION OF BUSINESS AND FUTURE OPERATIONS |
|----|-----------------------------------------------|

| 2. | RESTATEMENT OF CONSOLIDTED FINANCIAL STATEMENTS |
|----|-------------------------------------------------|

----

Table of Contents

| As of January 31, 2009                                                                                               |   | As previously reported |           |   | Restatement adjustment |   |         | As restated |   |
|----------------------------------------------------------------------------------------------------------------------|--------|------------------------|----------------|--------|------------------------|--------|--------------|-------------|--------|
| ASSETS                                                                                                               |   |                   |           |   |                   |   |         |        |   |
| Current Assets:                                                                                                      |   |                   |           |   |                   |   |         |        |   |
| Cash and cash equivalents                                                                                            |   | $                      | 30,283,500     |   |                   | $      | -            |        |   | $ | 30,283,500 |   |
| Accounts receivable                                                                                                  |   |                   | 3,018,943      |   |                   |   | -            |        |   |   | 3,018,943 |   |
| Short-term investments                                                                                               |   |                   | 21,231,000     |   |                   |   | -            |        |   |   | 21,231,000 |   |
| Prepaid expenses                                                                                                     |   |                   | 574,276        |   |                   |   | -            |        |   |   | 574,276 |   |
| Available for sale securities                                                                                        |   |                   | 24,267         |   |                   |   | -            |        |   |   | 24,267 |   |
| Total Current Assets                                                                                                 |   |                   | 55,131,986     |   |                   |   | -            |        |   |   | 55,131,986 |   |
|                                                                                                                 |   |                   |           |   |                   |   |         |        |   |   |   |   |
| Property and Equipment                                                                                               |   |                   | 502,314,208    |   |                   |   | (114,387,506 | )           |   |   | 387,926,702 |   |
| Total Assets                                                                                                         |   | $                      | 557,446,194    |   |                   | $      | (114,387,506 | )           |   | $ | 443,058,688 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                           |   |                   |           |   |                   |   |         |        |   |   |   |   |
| Current Liabilities:                                                                                                 |   |                   |           |   |                   |   |         |        |   |   |   |   |
| Accounts payable                                                                                                     |   | $                      | 16,167,937     |   |                   | $      | -            |        |   | $ | 16,167,937 |   |
| Flow-through share premium liability                                                                                 |   |                   | 1,026,954      |   |                   |   | -            |        |   |   | 1,026,954 |   |
| Total Current Liabilities                                                                                            |   |                   | 17,194,891     |   |                   |   | -            |        |   |   | 17,194,891 |   |
| Deferred Taxes                                                                                                       |   |                   | 97,498,119     |   |                   |   | (32,194,203  | )           |   |   | 65,303,916 |   |
| Asset Retirement Obligations                                                                                         |   |                   | 3,531,603      |   |                   |   | -            |        |   |   | 3,531,603 |   |
| Total Liabilities                                                                                                    |   |                   | 118,224,613    |   |                   |   | (32,194,203  | )           |   |   | 86,030,410 |   |
|                                                                                                                 |   |                   |           |   |                   |   |         |        |   |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                                           |   |                   |           |   |                   |   |         |        |   |   |   |   |
| Capital Stock                                                                                                        |   |                   |           |   |                   |   |         |        |   |   |   |   |
| Preferred stock, par value of $0.001 each, 10,000,000 shares authorized 1 Series B Preferred share outstanding       |   |                   | 1              |   |                   |   | -            |        |   |   | 1 |   |
| Common stock, par value of $0.001 each, 750,000,000 shares authorized 240,160,449 shares outstanding at Jan 31, 2009 |   |                   |   240,160 |   |                   |   |   -     |        |   |   |   240,160 |   |
| Additional Paid-in Capital                                                                                           |   |                   | 786,427,044    |   |                   |   | (75,107,072  | )           |   |   | 711,319,972 |   |
| Deficit Accumulated During Development Stage                                                                    |   |                   | (303,923,385   | )      |                   |   | (13,204,596  | )           |   |   | (317,127,981 | ) |
| Other Comprehensive Income (Loss)                                                                                    |   |                   | (43,522,239    | )      |                   |   | 6,118,365    |        |   |   | (37,403,874 | ) |
| Total Stockholders’ Equity                                                                                     |   |                   | 439,221,581    |   |                   |   | (82,193,303  | )           |   |   | 357,028,278 |   |
| Total Liabilities and Stockholders’ Equity                                                                     |   | $                      | 557,446,194    |   |                   | $      | (114,387,506 | )           |   | $ | 443,058,688 |   |

----

Table of Contents

| As of April 30, 2008                                                                                                   |   | As previously reported |                  |   | Restatement adjustment |   |            | As restated |   |
|------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-----------------------|--------|------------------------|--------|-----------------|-------------|--------|
| ASSETS                                                                                                                 |   |                   |                  |   |                   |   |            |        |   |
| Current Assets:                                                                                                        |   |                   |                  |   |                   |   |            |        |   |
| Cash and cash equivalents                                                                                              |   | $                      | 26,498,038            |   |                   | $      | -               |        |   | $ | 26,498,038 |   |
| Accounts receivable                                                                                                    |   |                   | 3,363,642             |   |                   |   | -               |        |   |   | 3,363,642 |   |
| Short-term investments                                                                                                 |   |                   | 19,811,788            |   |                   |   | -               |        |   |   | 19,811,788 |   |
| Prepaid expenses                                                                                                       |   |                   | 562,593               |   |                   |   | -               |        |   |   | 562,593 |   |
| Available for sale securities                                                                                          |   |                   | 390,733               |   |                   |   | -               |        |   |   | 390,733 |   |
| Total Current Assets                                                                                                   |   |                   | 50,626,794            |   |                   |   | -               |        |   |   | 50,626,794 |   |
|                                                                                                                   |   |                   |                  |   |                   |   |            |        |   |   |   |   |
| Property and Equipment                                                                                                 |   |                   | 595,611,114           |   |                   |   | (136,118,543    | )           |   |   | 459,492,571 |   |
| Total Assets                                                                                                           |   | $                      | 646,237,908           |   |                   | $      | (136,118,543    | )           |   | $ | 510,119,365 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                             |   |                   |                  |   |                   |   |            |        |   |   |   |   |
| Current Liabilities:                                                                                                   |   |                   |                  |   |                   |   |            |        |   |   |   |   |
| Accounts payable                                                                                                       |   | $                      | 16,400,508            |   |                   | $      | -               |        |   | $ | 16,400,508 |   |
| Total Current Liabilities                                                                                              |   |                   | 16,400,508            |   |                   |   | -               |        |   |   | 16,400,508 |   |
| Deferred Taxes                                                                                                         |   |                   | 137,577,448           |   |                   |   | (43,625,110     | )           |   |   | 93,952,338 |   |
|                                                                                                                   |   |                   | 153,977,956           |   |                   |   | (43,625,110     | )           |   |   | 110,352,846 |   |
| STOCKHOLDERS’ EQUITY                                                                                             |   |                   |                  |   |                   |   |            |        |   |   |   |   |
| Capital Stock                                                                                                          |   |                   |                  |   |                   |   |            |        |   |   |   |   |
| Preferred stock, par value of $0.001 each, 10,000,000 shares authorized 1 Series B Preferred share outstanding         |   |                   | 1                     |   |                   |   | -               |        |   |   | 1 |   |
| Common stock, par value of $0.001 each, 500,000,000 shares authorized 213,861,958 shares outstanding at April 30, 2008 |   |                   |     213,862 |   |                   |   |     - |        |   |   | 213,862 |   |
| Additional Paid-in Capital                                                                                             |   |                   | 678,774,284           |   |                   |   | (76,019,295     | )           |   |   | 602,754,989 |   |
| Deficit Accumulated During Development Stage                                                                      |   |                   | (230,306,540          | )      |                   |   | (9,628,160      | )           |   |   | (239,934,700 | ) |
| Other Comprehensive Income (Loss)                                                                                      |   |                   | 43,578,345            |   |                   |   | (6,845,978      | )           |   |   | 36,732,367 |   |
| Total Stockholders’ Equity                                                                                       |   |                   | 492,259,952           |   |                   |   | (92,493,433     | )           |   |   | 399,766,519 |   |
| Total Liabilities and Stockholders’ Equity                                                                       |   | $                      | 646,237,908           |   |                   | $      | (136,118,543    | )           |   | $ | 510,119,365 |   |

| Three Months Ended January 31, 2009                                          |   | As previously reported |        |   | Restatement adjustment |   |      | As restated |   |
|------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|-----------|-------------|--------|
| Expenditures                                                                 |   |                   |        |   |                   |   |      |        |   |
| Exploration costs                                                            |   | $                      | 14,531,437  |   |                   | $      | -         |        |   | $ | 14,531,437 |   |
| General and administrative                                                   |   |                   |        |   |                   |   |      |        |   |   |   |   |
| Cash consideration                                                           |   |                   | 3,472,399   |   |                   |   | (138,084  | )           |   |   | 3,334,315 |   |
| Stock-based consideration                                                    |   |                   | 3,534,374   |   |                   |   | (529,279  | )           |   |   | 3,005,095 |   |
| Depreciation                                                                 |   |                   | 417,857     |   |                   |   | -         |        |   |   | 417,857 |   |
|                                                                         |   |                   | 21,956,067  |   |                   |   | (667,363  | )           |   |   | 21,288,704 |   |
| Other Items                                                                  |   |                   |        |   |                   |   |      |        |   |   |   |   |
| Interest income                                                              |   |                   | (318,710    | )      |                   |   | -         |        |   |   | (318,710 | ) |
| Net loss before income tax recovery and non-controlling shareholder interest |   |                   | 21,637,357  |   |                   |   | (667,363  | )           |   |   | 20,969,994 |   |
| Income tax recovery                                                          |   |                   | (3,626,228  | )      |                   |   | 1,552,601 |        |   |   | (2,073,627 | ) |
| Net loss before non-controlling shareholder interest                         |   |                   | 18,011,129  |   |                   |   | 885,238   |        |   |   | 18,896,367 |   |
| Non-controlling shareholder interest                                         |   |                   | -           |   |                   |   | -         |        |   |   | - |   |
| Net loss                                                                     |   | $                      | 18,011,129  |   |                   | $      | 885,238   |        |   | $ | 18,896,367 |   |
| Net Loss Per Share                                                           |   | $                      | (0.07       | )      |                   |   |      |        |   | $ | (0.07 | ) |
| Weighted Average Number of Common Shares Outstanding                         |   |                   | 267,303,465 |   |                   |   |      |        |   |   | 267,303,465 |   |

----

Table of Contents

| Three Months Ended January 31, 2008                                          |   | As previously reported |        |   | Restatement adjustment |   |        | As restated |   |
|------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|-------------|-------------|--------|
| Expenditures                                                                 |   |                   |        |   |                   |   |        |        |   |
| Exploration costs                                                            |   | $                      | 35,549,282  |   |                   | $      | -           |        |   | $ | 35,549,282 |   |
| General and administrative                                                   |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Cash consideration                                                           |   |                   | 2,496,529   |   |                   |   | (108,573    | )           |   |   | 2,387,956 |   |
| Stock-based consideration                                                    |   |                   | 3,716,058   |   |                   |   | 629,397     |        |   |   | 4,345,455 |   |
| Depreciation                                                                 |   |                   | 284,020     |   |                   |   |        |        |   |   | 284,020 |   |
|                                                                         |   |                   | 42,045,889  |   |                   |   | 520,824     |        |   |   | 42,566,713 |   |
| Other Items                                                                  |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Interest income                                                              |   |                   | (669,670    | )      |                   |   | -           |        |   |   | (669,670 | ) |
| Net loss before income tax recovery and non-controlling shareholder interest |   |                   | 41,376,219  |   |                   |   | 520,824     |        |   |   | 41,897,043 |   |
| Income tax recovery                                                          |   |                   | (3,962,636  | )      |                   |   | (10,740,776 | )           |   |   | (14,703,412 | ) |
| Net loss before non-controlling shareholder interest                         |   |                   | 37,413,583  |   |                   |   | (10,219,952 | )           |   |   | 27,193,631 |   |
| Non-controlling shareholder interest                                         |   |                   | -           |   |                   |   | -           |        |   |   | - |   |
| Net loss                                                                     |   | $                      | 37,413,583  |   |                   | $      | (10,219,952 | )           |   | $ | 27,193,631 |   |
| Net Loss Per Share                                                           |   | $                      | (0.16       | )      |                   |   |        |        |   | $ | (0.12 | ) |
| Weighted Average Number of Common Shares Outstanding                         |   |                   | 232,889,927 |   |                   |   |        |        |   |   | 232,889,927 |   |

| Nine Months Ended January 31, 2009                                           |   | As previously reported |        |   | Restatement adjustment |   |      | As restated |   |
|------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|-----------|-------------|--------|
| Expenditures                                                                 |   |                   |        |   |                   |   |      |        |   |
| Exploration costs                                                            |   | $                      | 62,278,711  |   |                   | $      | -         |        |   | $ | 62,278,711 |   |
| General and administrative                                                   |   |                   |        |   |                   |   |      |        |   |   |   |   |
| Cash consideration                                                           |   |                   | 15,246,927  |   |                   |   | (253,561  | )           |   |   | 14,993,366 |   |
| Stock-based consideration                                                    |   |                   | 14,959,497  |   |                   |   | 1,165,784 |        |   |   | 16,125,281 |   |
| Depreciation                                                                 |   |                   | 1,189,019   |   |                   |   | -         |        |   |   | 1,189,019 |   |
|                                                                         |   |                   | 93,674,154  |   |                   |   | 912,223   |        |   |   | 94,586,377 |   |
| Other Items                                                                  |   |                   |        |   |                   |   |      |        |   |   |   |   |
| Interest income                                                              |   |                   | (1,113,790  | )      |                   |   | -         |        |   |   | (1,113,790 | ) |
| Net loss before income tax recovery and non-controlling shareholder interest |   |                   | 92,560,364  |   |                   |   | 912,223   |        |   |   | 93,472,587 |   |
| Income tax recovery                                                          |   |                   | (18,943,519 | )      |                   |   | 2,664,213 |        |   |   | (16,279,306 | ) |
| Net loss before non-controlling shareholder interest                         |   |                   | 73,616,845  |   |                   |   | 3,576,436 |        |   |   | 77,193,281 |   |
| Non-controlling shareholder interest                                         |   |                   | -           |   |                   |   | -         |        |   |   | - |   |
| Net loss                                                                     |   | $                      | 73,616,845  |   |                   | $      | 3,576,436 |        |   | $ | 77,193,281 |   |
| Net Loss Per Share                                                           |   | $                      | (0.28       | )      |                   |   |      |        |   | $ | (0.30 | ) |
| Weighted Average Number of Common Shares Outstanding                         |   |                   | 259,641,928 |   |                   |   |      |        |   |   | 259,641,928 |   |

----

Table of Contents

| Nine Months Ended January 31, 2008                                           |   | As previously reported |        |   | Restatement adjustment |   |        | As restated |   |
|------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|-------------|-------------|--------|
| Expenditures                                                                 |   |                   |        |   |                   |   |        |        |   |
| Exploration costs                                                            |   | $                      | 58,099,970  |   |                   | $      | -           |        |   | $ | 58,099,970 |   |
| General and administrative                                                   |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Cash consideration                                                           |   |                   | 5,567,078   |   |                   |   | (108,573    | )           |   |   | 5,458,505 |   |
| Stock-based consideration                                                    |   |                   | 12,565,716  |   |                   |   | 1,929,172   |        |   |   | 14,494,888 |   |
| Depreciation                                                                 |   |                   | 786,094     |   |                   |   | -           |        |   |   | 786,094 |   |
|                                                                         |   |                   | 77,018,858  |   |                   |   | 1,820,599   |        |   |   | 78,839,457 |   |
| Other Items                                                                  |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Interest income                                                              |   |                   | (1,779,541  | )      |                   |   | -           |        |   |   | (1,779,541 | ) |
| Net loss before income tax recovery and non-controlling shareholder interest |   |                   | 75,239,317  |   |                   |   | 1,820,599   |        |   |   | 77,059,916 |   |
| Income tax recovery                                                          |   |                   | (11,196,580 | )      |                   |   | (12,092,002 | )           |   |   | (23,288,582 | ) |
| Net loss before non-controlling shareholder interest                         |   |                   | 64,042,737  |   |                   |   | (10,721,403 | )           |   |   | 53,771,334 |   |
| Non-controlling shareholder interest                                         |   |                   | -           |   |                   |   | -           |        |   |   | - |   |
| Net loss                                                                     |   | $                      | 64,042,737  |   |                   | $      | (10,721,403 | )           |   | $ | 53,771,334 |   |
| Net Loss Per Share                                                           |   | $                      | (0.29       | )      |                   |   |        |        |   | $ | (0.24 | ) |
| Weighted Average Number of Common Shares Outstanding                         |   |                   | 221,597,830 |   |                   |   |        |        |   |   | 221,597,830 |   |

| Nine Months Ended January 31, 2009                                               |   | As previously reported |        |   | Restatement adjustment |   |       | As restated |   |
|----------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|------------|-------------|--------|
| Operating Activities                                                             |   |                   |        |   |                   |   |       |        |   |
| Net loss                                                                         |   | $                      | (73,616,845 | )      |                   | $      | (3,576,436 | )           |   | $ | (77,193,281 | ) |
| Non-cash adjustments to net loss                                                 |   |                   |        |   |                   |   |       |        |   |   |   |   |
| Stock-based compensation expense                                                 |   |                   | 14,959,497  |   |                   |   | 1,165,784  |        |   |   | 16,125,281 |   |
| Deferred income tax recovery                                                     |   |                   | (18,943,519 | )      |                   |   | 2,664,213  |        |   |   | (16,279,306 | ) |
| Depreciation                                                                     |   |                   | 1,189,019   |   |                   |   | -          |        |   |   | 1,189,019 |   |
| Write off of available for sale securities                                       |   |                   | 508,437     |   |                   |   | -          |        |   |   | 508,437 |   |
| Changes in Non-Cash Working Capital                                              |   |                   |        |   |                   |   |       |        |   |   |   |   |
| Accounts receivable and prepaid expenses                                         |   |                   | (326,169    | )      |                   |   | -          |        |   |   | (326,169 | ) |
| Accounts payable                                                                 |   |                   | 2,911,127   |   |                   |   | -          |        |   |   | 2,911,127 |   |
| Cash Used in Operating Activities                                                |   |                   | (73,318,453 | )      |                   |   | 253,561    |        |   |   | (73,064,892 | ) |
| Investing Activities                                                             |   |                   |        |   |                   |   |       |        |   |   |   |   |
| Capital expenditures                                                             |   |                   | (7,434,256  | )      |                   |   | -          |        |   |   | (7,434,256 | ) |
| Short-term investment                                                            |   |                   | (1,419,212  | )      |                   |   | -          |        |   |   | (1,419,212 | ) |
| Other investment                                                                 |   |                   | 116,824     |   |                   |   | -          |        |   |   | 116,824 |   |
| Changes in Non-Cash Working Capital                                              |   |                   |        |   |                   |   | -          |        |   |   |   |   |
| Accounts payable                                                                 |   |                   | 254,499     |   |                   |   | -          |        |   |   | 254,499 |   |
| Cash Used in Investing Activities                                                |   |                   | (8,482,145  | )      |                   |   | -          |        |   |   | (8,482,145 | ) |
| Financing Activities                                                             |   |                   |        |   |                   |   |       |        |   |   |   |   |
| Issuance of shares for cash                                                      |   |                   | 89,280,989  |   |                   |   | (253,561   | )           |   |   | 89,027,428 |   |
| Shares issued on exercise of subsidiary options and warrants post reorganization |   |                   | 1,522,925   |   |                   |   | -          |        |   |   | 1,522,925 |   |
| Cash Provided by Financing Activities                                            |   |                   | 90,803,914  |   |                   |   | (253,561   |        |   |   | 90,550,353 |   |
| Inflow of Cash                                                                   |   |                   | 9,003,316   |   |                   |   | -          |        |   |   | 9,003,316 |   |
| Effects of exchange rate changes on cash                                         |   |                   | (5,217,854  | )      |                   |   | -          |        |   |   | (5,217,854 | ) |
| Cash and cash equivalents, Beginning of Period                                   |   |                   | 26,498,038  |   |                   |   | -          |        |   |   | 26,498,038 |   |
| Cash and cash equivalents, End of Period                                         |   | $                      | 30,283,500  |   |                   | $      | -          |        |   | $ | 30,283,500 |   |
| Non-Cash Financing Activities                                                    |   |                   |        |   |                   |   |       |        |   |   |   |   |
| Common stock issued for properties                                               |   | $                      | 3,718,400   |   |                   | $      | -          |        |   | $ | 3,718,400 |   |

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| Nine Months Ended January 31, 2008                                               |   | As previously reported |        |   | Restatement adjustment |   |        | As restated |   |
|----------------------------------------------------------------------------------|--------|------------------------|-------------|--------|------------------------|--------|-------------|-------------|--------|
| Operating Activities                                                             |   |                   |        |   |                   |   |        |        |   |
| Net loss                                                                         |   | $                      | (64,042,737 | )      |                   | $      | 10,271,403  |        |   | $ | (53,771,334 | ) |
| Non-cash adjustments to net loss                                                 |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Stock-based compensation expense                                                 |   |                   | 12,449,285  |   |                   |   | 1,929,172   |        |   |   | 14,378,457 |   |
| Deferred income tax recovery                                                     |   |                   | (11,394,174 | )      |                   |   | (12,092,002 | )           |   |   | (23,486,176 | ) |
| Depreciation                                                                     |   |                   | 786,094     |   |                   |   | -           |        |   |   | 786,094 |   |
| Flow-through share premium liability                                             |   |                   | 116,431     |   |                   |   | -           |        |   |   | 116,431 |   |
| Changes in Non-Cash Working Capital                                              |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Accounts receivable and prepaid expenses                                         |   |                   | (481,455    | )      |                   |   | -           |        |   |   | (481,455 | ) |
| Accounts payable                                                                 |   |                   | 6,288,934   |   |                   |   | -           |        |   |   | 6,288,934 |   |
| Cash Used in Operating Activities                                                |   |                   | (56,277,622 | )      |                   |   | 108,573     |        |   |   | (56,169,049 | ) |
| Investing Activities                                                             |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Capital expenditures                                                             |   |                   | (13,467,554 | )      |                   |   | -           |        |   |   | (13,467,554 | ) |
| Short-term investments                                                           |   |                   | (39,912,194 | )      |                   |   | -           |        |   |   | (39,912,194 | ) |
| Cash Used in Investing Activities                                                |   |                   | (53,379,748 | )      |                   |   | -           |        |   |   | (53,379,748 | ) |
| Financing Activities                                                             |   |                   |        |   |                   |   | -           |        |   |   |   |   |
| Issuance of shares for cash                                                      |   |                   | 142,859,131 |   |                   |   | 108,573     |        |   |   | 142,750,558 |   |
| Bank loan                                                                        |   |                   | (21,207,500 | )      |                   |   | -           |        |   |   | (21,207,500 | ) |
| Shares issued on exercise of subsidiary options and warrants post reorganization |   |                   | 1,597,826   |   |                   |   | -           |        |   |   | 1,597,826 |   |
| Cash Provided by Financing Activities                                            |   |                   | 123,249,457 |   |                   |   | -           |        |   |   | 123,140,884 |   |
| Inflow of Cash                                                                   |   |                   | 13,592,087  |   |                   |   | -           |        |   |   | 13,592,087 |   |
| Effects of exchange rate changes on cash                                         |   |                   | 793,116     |   |                   |   | -           |        |   |   | 793,116 |   |
| Cash and cash equivalents, Beginning of Period                                   |   |                   | 32,393,871  |   |                   |   | -           |        |   |   | 32,393,871 |   |
| Cash and cash equivalents, End of Period                                         |   | $                      | 46,779,074  |   |                   | $      | -           |        |   | $ | 46,779,074 |   |
| Non-Cash Financing Activities                                                    |   |                   |        |   |                   |   |        |        |   |   |   |   |
| Common stock issued for properties                                               |   | $                      | 3,292,500   |   |                   | $      | -           |        |   | $ | 3,292,500 |   |
| Warrants granted on purchase of properties                                       |   | $                      | -           |   |                   | $      | -           |        |   | $ | - |   |
| Common stock issued for services                                                 |   | $                      | 116,431     |   |                   | $      | -           |        |   | $ | 116,431 |   |

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| 3. | BASIS OF PRESENTATION |
|----|-----------------------|

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| 4. | PROPERTY AND EQUIPMENT |
|----|------------------------|

|                           |   | January 31,2009 |        |   | April 30, 2008 |   |
|--------------------------------|--------|-----------------|-------------|--------|----------------|--------|
|                           |   | (as restated)   |        |   | (as restated)  |   |
| Saskatchewan Oil Sands Rights  |   |            |        |   |           |   |
| Permits                        |   | $               | 333,693,603 |   |           | $      | 403,474,977 |   |
| Licenses                       |   |            | 1,883,035   |   |           |   | 2,306,274 |   |
| Alberta Oil Sands Rights       |   |            |        |   |           |   |   |   |
| Permits                        |   |            | 28,950,062  |   |           |   | 35,394,800 |   |
| Leases                         |   |            | 6,395,037   |   |           |   | 2,426,940 |   |
| Oil Shale Rights (Permits)     |   |            | 9,127,663   |   |           |   | 11,101,908 |   |
| Equipment                      |   |            | 10,059,444  |   |           |   | 6,297,687 |   |
|                           |   |            |        |   |           |   |   |   |
| Less: Accumulated Depreciation |   |            | (2,182,142  | )      |           |   | (1,510,015 | ) |
| Net Book Value                 |   | $               | 387,926,702 |   |           | $      | 459,492,571 |   |

|   | a) | Saskatchewan Oil Sands Permits |
|--------|----|--------------------------------|

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|   | b) | Saskatchewan Oil Sands Licenses |
|--------|----|---------------------------------|

|   | c) | Alberta Oil Sands Permits |
|--------|----|---------------------------|

|   | d) | Alberta Oil Sands Lease |
|--------|----|-------------------------|

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|   | e)  | Oil Shale Rights |
|--------|----------|------------------|

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|   | f) | During the nine months ended January 31, 2009 the Company had $5,350,132 in additions to equipment. |
|--------|----|-----------------------------------------------------------------------------------------------------|

| 5. | ASSET RETIREMENT OBLIGATION |
|----|-----------------------------|

| Continuity of Asset Retirement Obligation       |   |   |      |
|-------------------------------------------------|--------|--------|-----------|
| Present value of obligation at April 30, 2008   |   | $      | -         |   |
| Liabilities incurred                            |   |   | 3,873,055 |   |
| Accretion expense                               |   |   | 145,252   |   |
| Foreign currency translation adjustment         |   |   | (486,704  | ) |
| Present value of obligation at January 31, 2009 |   | $      | 3,531,603 |   |

| 6. | SUBSIDIARY OPTIONS OUTSTANDING |
|----|--------------------------------|

|                                                             |   | Number |      |   | Weighted AverageExercise Price (CDN) |   |
|------------------------------------------------------------------|--------|--------|-----------|--------|--------------------------------------|--------|
|                                                             |   |   |      |   |                                 |   |
| Outstanding, April 30, 2008                                      |   |   | 1,640,000 |   |                                 | $      | 16.96 |   |
| Exercised and exchanged into shares of OQI common stock (note 7) |   |   | (125,000  | )      |                                 | $      | 12.50 |   |
| Expired                                                          |   |   | (93,333   | )      |                                 | $      | 25.00 |   |
| Outstanding, January 31, 2009                                    |   |   | 1,421,667 |   |                                 | $      | 16.82 |   |

| Exercise Price (CDN) |   |   | Number Outstanding at January 31, 2009 |   |      | Number Exercisable at January 31, 2009 |   | Weighted Average Remaining Contractual Life |
|----------------------|--------|--------|----------------------------------------|--------|-----------|----------------------------------------|--------|---------------------------------------------|
| $                    | 0.50   |   |                                   |   | 75,000    |                                   |   |                                        | 75,000 |   | 0.78 years |
| $                    | 3.00   |   |                                   |   | 100,000   |                                   |   |                                        | 100,000 |   | 1.50 years |
| $                    | 6.00   |   |                                   |   | 465,000   |                                   |   |                                        | 465,000 |   | 2.00 years |
| $                    | 25.00  |   |                                   |   | 731,667   |                                   |   |                                        | 665,000 |   | 2.25 years |
| $                    | 50.00  |   |                                   |   | 50,000    |                                   |   |                                        | 37,500 |   | 2.50 years |
|                 |   |   |                                   |   | 1,421,667 |                                   |   |                                        | 1,342,500 |   | 2.05 years |

| 7. | PREFERRED SHARES |
|----|------------------|

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|                                                                   |   | OQI Sask Exchangeable Shares |       |   | OQI Sask Exchangeable Shares issuable on exercise of OQI Sask options |   |       | TotalOQI SaskExchangeable Shares |   |
|------------------------------------------------------------------------|--------|------------------------------|------------|--------|-----------------------------------------------------------------------|--------|------------|----------------------------------|--------|
| Balance, April 30, 2008                                                |   |                         | 27,952,840 |   |                                                                  |   | 13,497,200 |                             |   |   | 41,450,040 |   |
| OQI Sask options exercised (note 6)                                    |   |                         | 1,028,750  |   |                                                                  |   | (1,028,750 | )                                |   |   | - |   |
| OQI Sask options expired (note 6)                                      |   |                         | -          |   |                                                                  |   | (768,131   | )                                |   |   | (768,131 | ) |
| OQI Sask Exchangeable shares exchanged into shares of OQI common stock |   |                         | (1,838,574 | )      |                                                                  |   | -          |                             |   |   | (1,838,574 | ) |
|                                                                   |   |                         |       |   |                                                                  |   |       |                             |   |   |   |   |
| Balance, January 31, 2009                                              |   |                         | 27,143,016 |   |                                                                  |   | 11,700,319 |                             |   |   | 38,843,335 |   |

| 8. | COMMON STOCK |
|----|--------------|

| 9. | STOCK OPTIONS |
|----|---------------|

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|                         |   | Number ofOptions |       |   | Weighted Average Exercise Price |   |
|------------------------------|--------|------------------|------------|--------|---------------------------------|--------|
| Outstanding, April 30, 2008  |   |             | 13,027,000 |   |                            | $      | 5.22 |   |
| Granted                      |   |             | 12,931,000 |   |                            | $      | 2.79 |   |
| Exercised                    |   |             | (35,000    | )      |                            | $      | 4.72 |   |
| Expired                      |   |             | (1,206,250 | )      |                            | $      | 4.95 |   |
| Outstanding, January31, 2009 |   |             | 24,716,750 |   |                            | $      | 4.14 |   |

| Expected life (years)   |   |   | 7.04 |   |
|-------------------------|--------|--------|------|--------|
| Risk free interest rate |   |   | 3.43 | %      |
| Expected volatility     |   |   | 83   | %      |
| Dividend yield          |   |   | 0    | %      |
| Grant date fair value   |   | $      | 2.00 |   |

| Exercise Price |   |   | Number Outstanding at January 31, 2009 |   |       | Number Exercisable at January 31, 2009 |   | Weighted Average Remaining Contractual Life |
|----------------|--------|--------|----------------------------------------|--------|------------|----------------------------------------|--------|---------------------------------------------|
| $              | 4.57   |   |                                   |   | 250,000    |                                   |   |                                        | 250,000 |   | 0.05 years |
| $              | 6.00   |   |                                   |   | 30,000     |                                   |   |                                        | 30,000 |   | 0.29 years |
| $              | 5.05   |   |                                   |   | 2,672,500  |                                   |   |                                        | 1,072,500 |   | 2.45 years |
| $              | 3.89   |   |                                   |   | 390,000    |                                   |   |                                        | 140,000 |   | 2.67 years |
| $              | 5.25   |   |                                   |   | 50,000     |                                   |   |                                        | 18,750 |   | 2.83 years |
| $              | 6.75   |   |                                   |   | 4,000,000  |                                   |   |                                        | 4,000,000 |   | 3.07 years |
| $              | 2.70   |   |                                   |   | 100,000    |                                   |   |                                        | 62,500 |   | 3.11 years |
| $              | 4.27   |   |                                   |   | 3,807,000  |                                   |   |                                        | 2,028,500 |   | 3.28 years |
| $              | 2.47   |   |                                   |   | 100,000    |                                   |   |                                        | 50,000 |   | 3.41 years |
| $              | 5.04   |   |                                   |   | 30,000     |                                   |   |                                        | 30,000 |   | 3.58 years |
| $              | 4.60   |   |                                   |   | 150,000    |                                   |   |                                        | 75,000 |   | 3.70 years |
| $              | 4.59   |   |                                   |   | 107,500    |                                   |   |                                        | 55,000 |   | 3.86 years |
| $              | 3.37   |   |                                   |   | 200,000    |                                   |   |                                        | 50,000 |   | 4.01 years |
| $              | 4.00   |   |                                   |   | 320,000    |                                   |   |                                        | 80,000 |   | 4.12 years |
| $              | 3.97   |   |                                   |   | 10,000     |                                   |   |                                        | 2,500 |   | 4.17 years |
| $              | 4.25   |   |                                   |   | 40,000     |                                   |   |                                        | 10,000 |   | 4.21 years |
| $              | 4.79   |   |                                   |   | 200,000    |                                   |   |                                        | 50,000 |   | 4.30 years |
| $              | 4.63   |   |                                   |   | 15,000     |                                   |   |                                        | 3,750 |   | 4.31 years |
| $              | 4.57   |   |                                   |   | 60,000     |                                   |   |                                        | 27,500 |   | 4.33 years |
| $              | 5.45   |   |                                   |   | 2,000,000  |                                   |   |                                        | 500,000 |   | 4.45 years |
| $              | 4.51   |   |                                   |   | 4,854,750  |                                   |   |                                        | 1,306,500 |   | 4.39 years |
| $              | 1.41   |   |                                   |   | 35,000     |                                   |   |                                        | 8,750 |   | 4.71 years |
| $              | 0.81   |   |                                   |   | 5,295,000  |                                   |   |                                        | 1,323,750 |   | 9.86 years |
|           |   |   |                                   |   | 24,716,750 |                                   |   |                                        | 11,175,000 |   | 4.87 years |

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| 10. | WARRANTS |
|-----|----------|

| ExpiryDate       |   | Exercise Price |   |   | Number of Warrants |   |
|------------------|--------|----------------|--------|--------|--------------------|--------|
|             |   |           |   |   |               |   |
| December 5, 2009 |   | $              | 6.75   |   |               |   | 6,325,000 |   |

| 11. | FAIR VALUE MEASUREMENTS |
|-----|-------------------------|

| As of January 31, 2009          |   |
|---------------------------------|--------|
|                            |   |   |   |   |   |   |   | Fair Value Measures Using: |   |
|                            |   |   Carrying Amount |   |   |   Total Fair Value |   |   | Quoted Prices In Active Markets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |
| Financial Assets (Liabilities): |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities Held for Sale        |   |   | 24,267 |   |   |   | 24,267 |   |   |   | 24,267 |   |   |   | - |   |   |   | - |   |
| Asset Retirement Obligation     |   |   | (3,531,603 | ) |   |   | (3,531,603 | ) |   |   | - |   |   |   | - |   |   |   | (3,531,603 | ) |

| As of April 30, 2008            |   |
|---------------------------------|--------|
|                            |   |   |   |   |   |   |   | Fair Value Measures Using: |   |
|                            |   |   Carrying Amount |   |   |   Total Fair Value |   |   | Quoted Prices In Active Markets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |
| Financial Assets (Liabilities): |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities Held for Sale        |   |   | 390,733 |   |   |   | 390,733 |   |   |   | 390,733 |   |   |   | - |   |   |   | - |   |
| Asset Retirement Obligation     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

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| 12. | COMPREHENSIVE LOSS |
|-----|--------------------|

|                                                                     |   | Three months ended January 31, |       |   | Nine months ended January 31, |   |
|--------------------------------------------------------------------------|--------|--------------------------------|------------|--------|-------------------------------|--------|
|                                                                     |   | 2009                           |       |   | 2008                          |   |   | 2009 |   |   | 2008 |   |
|                                                                     |   | (as restated)                  |       |   | (as restated)                 |   |   | (as restated) |   |   | (as restated) |   |
| Net Loss                                                                 |   | $                              | 18,896,367 |   |                          | $      | 27,193,631 |   |   | $ | 77,193,281 |   |   | $ | 53,771,334 |   |
| Other comprehensive income                                               |   |                           |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized loss on available for sale securities                         |   |                           | -          |   |                          |   | 141,326 |   |   |   | - |   |   |   | 171,719 |   |
| Transfer of unrealized loss on available for sale securities to net loss |   |                           | -          |   |                          |   | - |   |   |   | (141,970 | ) |   |   | - |   |
| Foreign exchange (gain) loss on translation                              |   |                           | 5,837,594  |   |                          |   | 17,762,713 |   |   |   | 74,278,211 |   |   |   | (36,184,780 | ) |
| Total Comprehensive Loss                                                 |   | $                              | 24,733,961 |   |                          | $      | 45,097,670 |   |   | $ | 151,329,522 |   |   | $ | 17,758,273 |   |

| 13. | RELATED PARTY TRANSACTIONS |
|-----|----------------------------|

| 14. | COMMITMENT AND CONTINGENCIES |
|-----|------------------------------|

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| 15. | SUBSEQUENT EVENTS |
|-----|-------------------|

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Item 

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|   | · | We continued our in-house computer simulation studies, which are co-ordinated with advanced laboratory measurements by selected industry experts specializing in reservoir structural analysis, petro-physical characteristics and laboratory scale reservoir production testing. The simulation studies are being conducted to provide guidance to our technical team in carrying out the planned on site reservoir test programsand to generate predictions of reservoir responses for comparison to the results monitored during the reservoir test programs. This work will also support sensitivity studies for the commercial development plan alternatives. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Delineation drilling resumed with 3 drilling and coring rigs starting up in the last week of January at our Raven Ridge property. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | As at January 31, we had drilled 7 exploration and delineation oil sands test holes in the Raven Ridge area. We completed the 20 well program in late February. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We completed the field work on an approximate 40 kilometre (25 mile) 2D Seismic program on our Saskatchewan permit and license lands. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | At Test Site 1, we released our construction contractors as construction is nearly complete and we are now preparing the facilities for commissioning. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | At Test Site 3, the heating test program is ongoing and we continue to gather data on reservoir characteristics. |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | At Test Site 2, we have completed the design for a solvent recycle facility. Test Site 2 remains at the planning stage. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | In February we announced the appointment of Garth Wong, as Chief Financial Officer. |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | In aggregate, we completed three private placements by issuing 23.78 million shares of common stock for total gross proceeds of $91.2 million. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We drilled 55 exploration and delineation oil sands test holes in the Axe Lake and Raven Ridge areas along with 11 exploration test holes on the Pasquia Hills oil shale prospect. Evaluation of the drilling results is underway. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The reservoir test program at Test Site 1 commenced, including the drilling and completion of several test holes for the reservoir test program and the completion of three 750-metre horizontal holes (300 metres length within the reservoir).  Two test holes were drilled and completed at Test Site 3 and a heating test program also commenced during the period. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We entered into an Exploration Agreement establishing a formal relationship with the Northern Village of La Loche and certain other local communities in northwest Saskatchewan through which the environmental, social and economic aspects of our exploration activities in northwest Saskatchewan will be managed. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We announced the appointment of Jamey Fitzgibbon, President & Chief Operating Officer and other executives. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

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| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
|---------|------------------------------------------------------------|

| Item 4.  | Controls and Procedures (As Restated) |
|---------------|---------------------------------------|

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PART 

| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

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| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Item3. | Defaults Upon Senior Securities. |
|--------|----------------------------------|

| Item 4. | Submission of Matters to a Vote of Security Holders. |
|---------|------------------------------------------------------|

| Item 5. | Other Information. |
|---------|--------------------|

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| ITEM 6. | Exhibits. |
|---------|-----------|

| 10.1 | Consulting Services Agreement, effective March 10, 2009, between Oilsands Quest Inc. And Karim Hirji (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2009, filed on March 12, 2009). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification of CEO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of CFO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

SIGNATURES

|                           |   | OILSANDS QUEST INC. |
|--------------------------------|--------|---------------------|
|                           |   |                |   |
|                           |   |                |   |
| Date:  July 29, 2009 |   | By:                 | /s/ Christopher H. Hopkins |
|                           |   |                | Christopher H. Hopkins, President, Chief Executive Officer and Director |
|                           |   |                |   |
|                           |   |                |   |
| Date:  July 29, 2009 |   | By:                 | /s/ Garth Wong |
|                           |   |                | Garth Wong, Chief Financial Officer |

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