Document:

EXHIBIT A

                                 FORM OF WARRANT

THE WARRANTS AND UNDERLYING SHARES OF COMMON STOCK REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED IN RULE 144
UNDER THE ACT. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED FOR SALE,
SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE
ESTABLISHED TO THE SATISFACTION OF THE COMPANY. UNLESS PERMITTED UNDER CANADIAN
SECURITIES LEGISLATION, CANADIAN HOLDERS OF THE WARRANTS AND THE UNDERLYING
SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE MUST NOT TRADE THE
SECURITIES BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (A)
THE ISSUE DATE OF THIS WARRANT AND (B) THE DATE THE COMPANY BECAME A REPORTING
ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.

                                                Warrant Certificate No. 2005- __

                       WARRANT TO PURCHASE ________ SHARES
          VOID AFTER 5:00 P.M., MOUNTAIN TIME, ON DECEMBER _____, 2007

                          CANWEST PETROLEUM CORPORATION
                        WARRANT AGREEMENT AND CERTIFICATE

      This  certifies  that, for value  received,  __________________________,
the registered holder hereof (the  "Warrantholder" or "Holder") is entitled to
purchase  from CanWest  Petroleum  Corporation,  a Colorado  corporation  (the
"Company")  with  its  principal  office  located  at,  206-475  Howe  Street,
Vancouver,  B.C. Canada V6C-2B3,  at any time before 5:00 P.M., Mountain Time,
on the date set forth above,  which date is the date two years  following  the
initial  issuance  date  of  this  Warrant  (the  "Termination  Date")  at the
purchase  price of $2.00 USD per share (the "Exercise  Price"),  the number of
Shares of the  Company's  Common Stock (the  "Shares")  set forth  above.  The
number of Shares  purchasable  upon  exercise of this Warrant and the Exercise
Price per Share shall be subject to adjustment  from time to time as set forth
in Section 3 below.  This Warrant is one in a series of Warrants  being issued
in the same  offering,  and is issued  pursuant to that  certain  Subscription
Agreement dated December ____, 2005 between the Company and the Warrantholder.

Section 1.  Transfer or Exchange of Warrant.

      (a) The Company shall be entitled to treat the registered owner of any
Warrant as the owner in fact thereof for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in such Warrant on the
part of any other person, and shall not be liable for any registration of
transfer of Warrants which are registered or to be registered in the name of a
fiduciary or the nominee of a fiduciary unless made with the actual knowledge
that a fiduciary or nominee is committing a breach of trust in requesting such
registration of transfer, or with such knowledge of such facts that its
participation therein amounts to gross negligence or bad faith.

      (b) This Warrant may not be sold, transferred, assigned or hypothecated
except pursuant to all applicable federal and state securities laws.

      (c) A Warrant shall be transferable only on the books of the Company upon
delivery of this Warrant Certificate duly endorsed by the Warrantholder or by
his duly authorized attorney or representative, or accompanied by proper
evidence of succession, assignment or authority to transfer. Upon any
registration of transfer, the Company shall deliver a new Warrant Certificate to
the persons entitled thereto.

<PAGE>

Section 2.  Term of Warrants; Exercise of Warrants.

      (a) Subject to the terms of this Agreement and Certificate, the
Warrantholder shall have the right, which may be exercised commencing upon
issuance and ending at 5:00 p.m. Mountain Time on the Termination Date, to
purchase from the Company the number of Shares which the Warrantholder may at
that time be entitled to purchase on exercise of this Warrant.

      (b) A Warrant shall be exercised by surrender to the Company, at its
principal office, of this Certificate evidencing the Warrant to be exercised,
together with the form of election to purchase attached hereto as Exhibit A duly
filled in and signed, and payment to the Company of the Exercise Price for the
number of Shares in respect of which such Warrant is then exercised. Payment of
the aggregate Exercise Price shall be made in cash or certified funds.

Section 3.  Cashless Exercise.

      (a) If a Registration Statement (as defined in the Subscription Agreement)
("Registration Statement") is effective and the Holder may sell its shares of
Common Stock upon exercise hereof pursuant to the Registration Statement and, if
the Holder is a resident of Canada, the Company has been a reporting issuer for
at least four months preceding the exercise hereof, this Warrant may be
exercisable in whole or in part for cash only as set forth in Section 2 above.
If no such Registration Statement is available during the time that such
Registration Statement is required to be effective pursuant to the terms of the
Subscription Agreement (and, if the Holder is a resident of Canada, the Company
has not been a reporting issuer for at least four months preceding the exercise
hereof), then payment upon exercise may be made at the option of the Holder
either in (i) cash, wire transfer or by certified or official bank check payable
to the order of the Company equal to the applicable aggregate Purchase Price,
(ii) by delivery of Common Stock issuable upon exercise of the Warrants in
accordance with Section (b) below or (iii) by a combination of any of the
foregoing methods, for the number of Common Stock specified in such form (as
such exercise number shall be adjusted to reflect any adjustment in the total
number of shares of Common Stock issuable to the holder per the terms of this
Warrant) and the holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.

      (b) If the Fair Market Value of one share of Common Stock is greater than
the Purchase Price (at the date of calculation as set forth below), in lieu of
exercising this Warrant for cash, the holder may elect to receive shares equal
to the value (as determined below) of this Warrant (or the portion thereof being
cancelled) by surrender of this Warrant at the principal office of the Company
together with the properly endorsed Subscription Form in which event the Company
shall issue to the holder a number of shares of Common Stock computed using the
following formula:

            X=Y (A-B)
              -------
                A

      Where X=   the number of shares of Common Stock to be issued to the holder

            Y=   the number of shares of Common Stock purchasable under
                 the Warrant or, if only a portion of the Warrant is
                 being exercised, the portion of the Warrant being
                 exercised (at the date of such calculation)

            A=   the Fair Market Value of one share of the Company's
                 Common Stock (at the date of such calculation)

            B=   Purchase Price (as adjusted to the date of such
                 calculation)

                                       2
<PAGE>

      (c) The Holder may employ the cashless exercise feature described in
Section b) above only while no Registration Statement is available.

      For purposes of Rule 144 promulgated under the 1933 Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued pursuant to the Subscription
Agreement.

Section 4. Subject to Section 3 hereof, upon surrender of a Warrant Certificate
and payment of the Exercise Price as aforesaid, the Company shall issue and
cause to be delivered with all reasonable dispatch, to or upon the written order
of the Warrantholder exercising such Warrant and in such name or names as such
Warrantholder may designate, certificates for the number of Shares so purchased
upon the exercise of such Warrant. Such certificate or certificates shall be
deemed to have been issued and any person so designated to be named therein
shall be deemed to have become a holder of record of such Shares as of the date
of receipt by the Company of such Warrant Certificate and payment of the
Exercise Price. The rights of purchase represented by the Warrants shall be
exercisable, at the election of the Warrantholders thereof, either in full or
from time to time in part and, in the event that a Warrant Certificate is
exercised to purchase less than all of the Shares purchasable on such exercise
at any time prior to the Termination Date, a new Warrant Certificate evidencing
the remaining Warrant or Warrants will be issued.

Section 5. The Warrantholder will pay all documentary stamp taxes, if any,
attributable to the initial issuance of the Shares upon the exercise of
Warrants.

Section 6. Adjustment of Exercise Price and Shares.

      (a) If there is any change in the number of shares of outstanding Common
Stock through the declaration of stock dividends, or through a recapitalization
resulting in stock splits or combinations or exchanges of such shares, the
number of shares of Common Stock underlying the Warrants, and the exercise price
per share of the outstanding Warrants, shall be proportionately adjusted by the
Board to reflect any increase or decrease in the number of issued shares of
Common Stock; provided, however, that any fractional shares resulting from such
adjustment shall be eliminated.

      (b) In the event of the proposed dissolution or liquidation of the
Company, or any corporate separation or division, including, but not limited to,
split-up, split-off or spin-off, or a merger or consolidation of the Company
with another corporation, the Board may provide that each Warrantholder shall
have the right to exercise such Warrant (at its then current Exercise Price)
solely for the kind and amount of shares of stock and other securities,
property, cash or any combination thereof receivable upon such dissolution,
liquidation, corporate separation or division, or merger or consolidation by a
holder of the number of shares of Common Stock for which such Warrant might have
been exercised immediately prior to such dissolution, liquidation, corporate
separation or division, or merger or consolidation; or, in the alternative the
Board may provide that the Warrants shall terminate as of a date fixed by the
Board; provided, however, that not less than 30 days' written notice of the date
so fixed shall be given to each Warrantholder, who shall have the right, during
the period of 30 days preceding such termination, to exercise the Warrant as to
all or any part of the shares of Common Stock covered thereby.

      (c) The preceding paragraph shall not apply to a merger or consolidation
in which the Company is the surviving corporation and shares of Common Stock are
not converted into or exchanged for stock, securities of any other corporation,
cash or any other thing of value. Notwithstanding the preceding sentence, in
case of any consolidation or merger of another corporation into the Company in
which the Company is the surviving corporation and in which there is a
reclassification or change (including a change to the right to receive cash or
other property) of the shares of Common Stock (excluding a change in par value,
or from no par value to par value, or any change as a result of a subdivision or
combination, but including any change in such shares into two or more classes or
series of shares), the Board may provide that the holder of this Warrant shall
have the right to exercise such Warrant solely for the kind and amount of shares
of stock and other securities (including those of any new direct or indirect
Parent of the Company), property, cash or any combination thereof receivable
upon such reclassification, change, consolidation or merger by the holder of the
number of shares of Common Stock for which such Warrant might have been
exercised.

                                       3
<PAGE>

      (d) In the event of a change in the Common Stock of the Company as
presently constituted into the same number of shares with a par value, the
shares resulting from any such change shall be deemed to be the Common Stock of
the Company within the meaning of this agreement.

      (e) To the extent that the foregoing adjustments relate to stock or
securities of the Company, such adjustments shall be made by the Board, whose
determination in that respect shall be final, binding and conclusive.

      (f) Except as expressly provided herein, the Warrantholder shall have no
rights by reason of any subdivision or consolidation of shares of stock of any
class, or the payment of any stock dividend or any other increase or decrease in
the number of shares of stock of any class, or by reason of any dissolution,
liquidation, merger, or consolidation or spin-off of assets or stock of another
corporation; and any issue by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall not affect, and
no adjustment by reason thereof shall be made with respect to, the number or
price of shares of Common Stock subject to this Warrant. The grant of this
Warrant shall not affect in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structures, or to merge or consolidate, or to dissolve, liquidate, or
sell or transfer all or any part of its business or assets.

Section 7. Mutilated or Missing Warrant Certificates. In case any Warrant
Certificate shall be mutilated, lost, stolen or destroyed, the Company shall, at
the request of the holder of such Certificate, issue and deliver, in exchange
and substitution for and upon cancellation of the mutilated Certificate, or in
lieu of and substitution for the Certificate, lost, stolen or destroyed, a new
Warrant Certificate of like tenor and representing an equivalent right or
interest; but only upon receipt of evidence satisfactory to the Company of such
loss, theft or destruction of such Warrant Certificate and indemnity, if
requested, also satisfactory to the Company. An applicant for such a substitute
Warrant Certificate shall also comply with such other reasonable regulations and
pay such other reasonable charges as the Company may prescribe.

Section 8. Reservation of Shares of Common Stock. There has been reserved, and
the Company shall at all times keep reserved so long as any of the Warrants
remain outstanding, out of its authorized Common Stock a number of shares of
Common Stock sufficient to provide for the exercise of the rights of purchase
represented by the outstanding Warrants and the underlying securities.

Section 9. No Fractional Shares. The Company shall not be required to issue
fractional shares or scrip representing fractional shares upon the exercise of
the Warrants. As to any final fraction of a Share which the Warrantholder would
otherwise be entitled to purchase upon such exercise, the Company shall pay a
cash adjustment in respect of such final fraction in an amount equal to the same
fraction of the market price of a share of Common Stock on the business day
preceding the day of exercise.

Section 10. Transfer and Exercise to Comply With the Securities Act of 1933. The
Warrants may not be transferred or exercised except in a transaction exempt from
registration under the Act. The Warrants held by Canadian residents may not be
transferred except in accordance with the provisions of National Instrument
45-102 promulgated by the Canadian Securities Administrators or any applicable
successor instrument in force at the time of such transfer.

                                       4
<PAGE>

Section 11. Notices. Any notice pursuant to this Agreement by the Company or by
the Warrantholders shall be in writing and shall be deemed to have been duly
given if delivered or mailed certified mail, return receipt requested to the
Company or the Warrantholder at the addresses set forth above. Each party hereto
may from time to time change the address to which notices to it are to be
delivered or mailed hereunder by notice in accordance herewith to the other
party.

Section 12. Successors. All the covenants and provisions of this Agreement by or
for the benefit of the Company or the Warrantholders shall bind and inure to the
benefit of their respective successors and assigns.

Section 13. Applicable Law. This Warrant Agreement and Certificate and any
replacement Certificate issued hereunder shall be governed by the laws of the
State of Colorado.

ISSUE DATE:  ___________, 2005            CANWEST PETROLEUM CORPORATION

                                          By:
                                              -------------------------------
                                                Thornton Donaldson, President

                                       5
<PAGE>

                                                                       Exhibit A
                                  PURCHASE FORM

                                                    Dated  _______________, ____

      The undersigned hereby irrevocably elects to exercise the Warrant
represented by this Warrant Certificate to the extent of purchasing __________
Shares of CANWEST PETROLEUM CORPORATION and hereby makes payment of $2.00 USD
per Share in payment of the exercise price thereof.

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

Name:

________________________________________________________________________________
                    (please type or print in block letters)
Address:

________________________________________________________________________________

Signature______________________________________________________

Dated: ___________________,______

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

                                 ASSIGNMENT FORM

      FOR VALUE RECEIVED, __________________________, hereby sells, assigns
and transfers unto

Name:

________________________________________________________________________________
                    (Please type or print in block letters)

Address:
________________________________________________________________________________
the right to purchase Shares of CANWEST PETROLEUM CORPORATION represented by
this Warrant Certificate to the extent of _________ Shares as to which such
right is exercisable and does hereby irrevocably constitute and appoint CANWEST
PETROLEUM CORPORATION to transfer the same on the books of the Company with full
power of substitution in the premises.

__________________________________
Signature

Dated:  ___________________,______

Notice: The signature of this assignment must correspond with the name as it
appears upon the face of this Warrant Certificate in every particular, without
alteration or enlargement or any change whatever.

                                       6November 23, 2005

[LOGO]                                             [LOGO]
Oilsands Quest, Inc.                               CanWest Petroleum Corporation

                               Financing Agreement

This agreement describes the terms upon which CanWest Petroleum Corporation
("CWPC") has agreed to provide certain financing to Oilsands Quest Inc. (the
"Corporation"). All funds in Canadian dollars unless otherwise stated.

The Financing:             CWPC agrees to purchase and the Corporation agrees to
                           issue $15 million of units ("Units") of the
                           Corporation, including Units issued upon the
                           conversion of any amounts advanced pursuant to the
                           Demand Funding Commitment described below and subject
                           to a reduction of Units as a result of the concurrent
                           exercise of warrants, as described below. Each Unit
                           is to consist of one common share and one-half of one
                           non-transferable common share purchase warrant, each
                           whole warrant entitling the holder thereof to
                           purchase one common share at a price of $10.00 for a
                           period of 9 months from the date of issue.

                           At CWPC's election, CWPC may satisfy a portion of its
                           $15 million subscription obligation by the exercise
                           of any warrants held by CWPC at the time of such
                           exercise, in which case the number of Units
                           subscribed for and issued to CWPC shall be reduced by
                           the dollar value paid through the exercise price of
                           the warrants.

Price:                     $6.00 per Unit.

Demand Funding             CWPC hereby commits to provide the Corporation with
Commitment:                up to $2,500,000 million of the $15 million prior to
                           the Closing Date (as defined below) for certain third
                           party costs to be incurred for the phase two
                           exploration program and out-of-pocket-costs related
                           to this transaction, on the basis of the budget
                           attached hereto (the "Budget") and provided that
                           assumptions underlying the Budget remain valid (the
                           "Demand Funding Commitment").

                           The Corporation may draw upon such Demand Funding
                           Commitment by providing written notice to CWPC of the
                           funding amount required, on the following basis: (a)
                           up to $160,000 shall be payable upon written notice
                           delivered anytime following signing of this Financing
                           Agreement; (b) up to an additional $720,000 shall be
                           payable upon written notice delivered anytime on or
                           after December 1, 2005; (c) up to an additional
                           $1,415,000 shall be payable upon written notice
                           delivered anytime on or after January 1, 2006; and
                           (d) up to $205,000 shall be payable upon written
                           notice delivered anytime after January 1, 2006. Upon
                           receipt of such notice, CWPC shall provide the
                           funding within three business days (in Vancouver and
                           Calgary), such investment to be released to the
                           Corporation in exchange for certificates representing
                           the common shares and warrants comprising the Units,
                           all in form and substance satisfactory to the parties
                           and their respective counsel. All written notices to
                           CWPC hereunder shall be delivered to the attention of
                           George Orr at CWPC by fax and email to (604) 606-7980
                           and george@sweetwatercapital.net, with a copy to the
                           attention of Craig Hoskins at Macleod Dixon LLP at
                           (403) 264-5973 and craig.hoskins@macleoddixon.com.

<PAGE>
                                       -2-

Use of Proceeds:           The net proceeds from the financing will be used to
                           carry out the phase two exploration and evaluation
                           program on the Corporation's lands and for general
                           corporate purposes in accordance with the Budget. The
                           final Budget for the phase two exploration program
                           will be approved by the board of directors of the
                           Corporation prior to the Closing Date.

Closing Date:              On or before January 31, 2006 (the "Closing Date").

Agent & Legal Counsel:     No agent has been appointed for this financing. Each
                           of the parties hereto hereby represents and warrants
                           to the other that such party has not incurred any
                           obligation for any broker's or finder's fee or
                           commission payable as a result of the transactions
                           contemplated hereby.

                           Tingle Merrett LLP will act as the Corporation's
                           counsel and Macleod Dixon llp will act as CWPC's
                           counsel.

ROFO and Standstill:       The parties acknowledge and agree that this financing
                           does not trigger any obligations under the Right of
                           First Offer Letter Agreement dated November 12, 2004
                           between CWPC and the Corporation ("ROFO Agreement")
                           and the transactions contemplated hereby do not
                           constitute a "Subsequent Financing", as defined under
                           the ROFO Agreement.

                           Until the Closing Date, the Corporation shall not
                           commence any other financing activity and shall not,
                           directly or indirectly, through any director,
                           officer, employee, lawyer, agent, representative or
                           otherwise, solicit or entertain offers from,
                           negotiate with or in any manner encourage, discuss or
                           accept any proposal of any other person or entity
                           relating to the acquisition of the Corporation, or
                           any of its shares, assets or business, or any other
                           transaction which would result in the issuance of
                           shares of the Corporation or a change of control or
                           ownership of the Corporation. The Corporation agrees
                           to (i) immediately notify CWPC if the Corporation any
                           of its directors, officers, employees, lawyers,
                           agents, representatives or otherwise receives any
                           indications of interest, requests for information or
                           offers in respect of any such proposal; and (ii)
                           provide full details to CWPC of the terms of any such
                           indication, request or proposal

Termination:               This agreement may be terminated: (i) by mutual
                           written consent of the parties; or (ii) by either
                           party upon a breach of any material provision hereof
                           by the other party, provided, however, that the
                           termination of this agreement shall not affect the
                           liability of any party for breach by such party of
                           any of the provisions prior to such termination. Upon
                           such termination, none of the provisions of this
                           agreement shall survive, except the provisions set
                           forth under "Disclosure" and "Subsequent Financing",

<PAGE>
                                      -3-

                           which shall survive such termination as binding
                           obligations of all parties hereto. For greater
                           certainty, failure by CWPC to fund in accordance with
                           the terms of the Demand Funding Commitment shall be
                           considered a material breach of this agreement, but
                           failure by CWPC to fund the full $15 million on the
                           Closing Date shall not be considered to be a breach
                           of this Agreement. The commitment of CWPC to fund any
                           amounts in excess of the Demand Funding Commitment is
                           conditional on the extent to which CWPC has arranged
                           sufficient financing to support all or part of this
                           commitment and the Corporation shall accept at
                           Closing the subscription by CWPC for amounts up to
                           and including $15 million (including the Demand
                           Funding Commitment).

Subsequent Financing:      Notwithstanding any other provisions herein, in the
                           event that this agreement is terminated by the
                           Corporation in accordance with the "Termination"
                           provisions above, or if CWPC is unable to finance the
                           full $15 million hereunder on or prior to the Closing
                           Date, in either event, the Corporation shall be
                           entitled to undertake a private placement to raise an
                           amount equal to the difference between $15 million
                           and the amount of funding provided hereunder by CWPC
                           calculated as of the date of Termination or the
                           Closing Date, as the case may be (the "Subsequent
                           Private Placement"). The Subsequent Private Placement
                           shall be conducted on such terms as the Corporation
                           sees fit (in the Corporation's sole discretion) and
                           the parties agree that the Subsequent Private
                           Placement shall not trigger any of the provisions of
                           the ROFO Agreement and the Corporation shall not be
                           required to comply with the provisions of the ROFO
                           Agreement in respect of such Subsequent Private
                           Placement. For greater certainty, the Corporation
                           will not be required to provide CWPC with notice of
                           the Subsequent Private Placement, CWPC will not be
                           deemed to have refused to participate in the
                           Subsequent Private Placement, and the ROFO Agreement
                           will remain in full force and effect.

Waiver and Governing Law:  None of the terms and conditions herein may be waived
                           or amended except in writing signed by the party
                           against which such waiver or amendment is sought to
                           be enforced.

                           This agreement shall be governed by and construed in
                           accordance with the laws of the Province of Alberta,
                           without the application of its conflict of law rules
                           that would result in the application of the laws of
                           another jurisdiction.

Disclosure:                Except as and to the extent required by law, existing
                           contractual obligations or the rules of any stock
                           exchange or similar trading market, without the prior
                           written consent of the other party hereto, no party
                           shall, directly or indirectly, make any public
                           statement or communication with respect to, or
                           otherwise disclose or permit the disclosure of the
                           existence of discussions, regarding, a possible
                           transaction between the parties, or any of the terms
                           or other aspects of the transactions proposed in this
                           agreement, and each party shall direct its
                           representatives not to do any of the foregoing
                           without such prior written consent.

<PAGE>
                                      -4-

Binding Obligations:       Each party hereto acknowledges and agrees that the
                           provisions hereof are intended to, and upon execution
                           will be deemed to, create legally binding obligations
                           between the parties hereto.

Please sign this agreement in the space provided below to confirm the mutual
agreements set forth in this agreement and return a signed copy to the
undersigned by November 25, 2005. If a fully-signed copy of this agreement is
not received by November 25, 2005, this agreement will be void in its entirety
and of no force or effect. This agreement may be executed in separate
counterparts, and the executed counterparts shall together constitute one
instrument and have the same force and effect as if all of the parties had
executed the same instrument.

Very truly yours,

CANWEST PETROLEUM CORPORATION

By:
   ---------------------------------------
   Thornton Donaldson, President

Acknowledged and agreed as of November __, 2005:

OILSANDS QUEST INC.

By:
   ---------------------------------------
   Christopher H. Hopkins, President & CEO

<PAGE>
                                      -5-

                                    "BUDGET"

Total Exploration Budget for Phase Two:                 $15,000,000
                                                        -----------

Summary below is a funding requirement of the Program prior to Closing Date.

Oilsands Quest Inc.

Field Budget Winter Program & Transaction Costs

<TABLE>
<CAPTION>
                                                           2005                          2006
Field Budget                                             November        December       January           Totals
------------                                             --------        --------       -------           ------
<S>                                                      <C>            <C>            <C>               <C>
Planning costs
--------------
Permits and Deposits, Well Licenses                       25,000           5,000           5,000          35,000
Pioneer Land Services                                     15,000          15,000          10,000          40,000
Environmental support                                     25,000          10,000           5,000          40,000

Site Costs (incremental costs only)                                                                           --
-----------------------------------

Fuel and Site preparation consumables                         --          10,000          25,000          35,000
Line Cutting and Crews                                        --          15,000          50,000          65,000
Timberline Construction                                       --         150,000         250,000         400,000
Camp Costs (expansion and incr.)                          15,000          45,000          70,000         130,000
Other Contractors (Water. Sewage, Waste removal)              --          50,000          75,000         125,000
Rig Commitments                                               --          50,000         500,000         550,000
New Camp Deposits                                             --         300,000         300,000         600,000
Contingency / Admin                                           --          50,000          50,000         100,000

Transaction Costs
-----------------
CIBC (work fee and Fairness Opinion)                      50,000              --              --          50,000
Legal (Circular and s/h meeting) est only)                30,000          20,000              --          50,000
Administration                                                                            75,000          75,000
                                                        --------------------------------------------------------
Totals                                                   160,000         720,000       1,415,000       2,295,000
                                                        ========================================================
Cumulative                                               160,000         880,000       2,295,000
</TABLE>

Note 1: This is detail previously included in the Needs Assessment and Summary
of Planned Expenditures distributed on Sept 8, 2005

Note 2: This expenditure profile does not include any G&A costs required beyond
January 2006.

Note 3: If contingency is not used it will be used to cover Admin for February
2006 for OQI

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]