Oilsands Quest Inc

CIK:0001096791|SEC Filings

Consolidated Statements of Operations (Unaudited) (Under Creditor Protection Proceedings as of November 29, 2011 - note 1) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended		166 Months Ended
	Jan. 31, 2012	Jan. 31, 2011	Jan. 31, 2012	Jan. 31, 2011	Jan. 31, 2012
Expenses
Exploration	$ 169	$ 2,808	$ 847	$ 16,225	$ 279,172
General and administrative
Corporate	2,703	3,668	9,856	12,800	85,945
Stock-based compensation (notes 9 and 12)	60	50	128	1,017	148,247
Foreign exchange (gain) loss	(133)	(59)	(392)	144	(580)
Depreciation and accretion	1,177	1,069	3,827	3,290	13,902
Impairment of property and equipment (note 6)	0	5,086	40	7,329	346,703
Total Expenses	3,976	12,622	14,306	40,805	873,389
Other Items
Interest income	(10)	(68)	(37)	(112)	(6,605)
Loss before reorganization expenses and deferred income tax	3,966	12,554	14,269	40,693	866,784
Reorganization expenses (note 13)	271	0	271	0	271
Loss before deferred income taxes	4,237	12,554	14,540	40,693	867,055
Deferred income tax benefit	0	(1,892)	0	(4,916)	(133,386)
Net loss	4,237	10,662	14,540	35,777	733,669
Net loss attributable to non-controlling interest	0	0	0	0	(7,694)
Net loss attributable to common stockholders	$ 4,237	$ 10,662	$ 14,540	$ 35,777	$ 725,975
Net loss attributable to common stockholders per share - Basic and Diluted (in dollars per share)	$ 0.01	$ 0.03	$ 0.04	$ 0.10
Weighted average number of common stock outstanding (in shares)	367,624,793	360,595,841	367,624,793	342,130,646

Consolidated Statements of Cash Flows (Unaudited) (Under Creditor Protection Proceedings as of November 29, 2011 - note 1) (USD $) In Thousands, unless otherwise specified	9 Months Ended		166 Months Ended
	Jan. 31, 2012	Jan. 31, 2011	Jan. 31, 2012
Operating Activities
Net loss	$ (14,540)	$ (35,777)	$ (733,669)
Non-cash adjustments to net loss
Stock-based compensation	128	1,017	148,247
Deferred income tax benefit	0	(4,916)	(133,386)
Depreciation and accretion	3,827	3,290	13,902
Asset retirement obligation expensed	537	8,546	25,408
Impairment of property and equipment	40	7,329	346,703
Other non-cash items	633	0	2,418
Asset retirement expenditures	0	(4,431)	(4,585)
Net lease expenditures	(154)	0	(154)
Changes in Non-Cash Working Capital
Accounts receivable and prepaid expenses	(343)	403	(1,095)
Accounts payable and accrued liabilities	(1,491)	1,050	9,126
Cash Used in Operating Activities	(11,363)	(23,489)	(327,085)
Investing Activities
Property and equipment expenditures	(1,983)	(2,832)	(86,193)
Proceeds on sale of equipment	82	0	82
Restricted cash	(523)	(937)	(2,385)
Other investments	0	0	(548)
Cash Used in Investing Activities	(2,424)	(3,769)	(89,044)
Financing Activities
Issuance of shares for cash, net of issue costs	0	29,548	398,396
Shares issued on exercise of subsidiary options and warrants	0	212	4,505
Shares issued by subsidiary to non-controlling interest	0	0	7,664
Convertible debentures	0	0	8,384
Cash Provided by Financing Activities	0	29,760	418,949
Inflow (Outflow) of cash and cash equivalents	(13,787)	2,502	2,820
Effects of exchange rate changes on cash and cash equivalents	(408)	(181)	(1,031)
Cash and cash equivalents, Beginning of Period	15,984	18,642	0
Cash and cash equivalents, End of Period	1,789	20,963	1,789
Supplemental disclosures of cash flow information:
Cash paid for reorganization expenses (note 13)	28	0	28
Changes in non-cash working capital related to reorganization expenses (note 13)	243	0	243
Non-Cash Financing Activities
Common stock issued for properties	0	0	10,848
Warrants issued for properties	0	0	1,764
Common stock issued for services	0	0	10,505
Common stock issued for debt settlement	$ 0	$ 0	$ 28,401

Consolidated Balance Sheets (Unaudited) (Under Creditor Protection Proceedings as of November 29, 2011 - note 1) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2012	Apr. 30, 2011
Current Assets:
Cash and cash equivalents	$ 1,789	$ 15,984
Restricted cash (note 4)	2,279	1,862
Accounts receivable	1,364	921
Prepaid expenses	439	630
Total Current Assets	5,871	19,397
Property and Equipment (notes 5 and 6)	145,546	153,795
Total Assets	151,417	173,192
Current Liabilities:
Accounts payable	370	561
Accrued liabilities	1,659	5,696
Current portion of asset retirement obligation (note 8)	479	7,297
Total Current Liabilities	2,508	13,554
Obligation under sublease contract	1,064	550
Asset Retirement Obligation (note 8)	4,455	19,585
Liabilities subject to compromise (note 7)	25,775	0
Capital Stock
Preferred Stock, par value of $0.001 each, 10,000,000 shares authorized, 1 Series B Preferred share outstanding (notes 10 and 11)	0	0
Common Stock, par value of $0.001 each, 750,000,000 shares authorized, 348,698,837 and 348,495,556 shares outstanding at January 31, 2012 and April 30, 2011 respectively (note 11)	348	348
Additional Paid-in Capital	789,866	789,738
Deficit Accumulated During Development Stage	(725,975)	(711,435)
Accumulated Other Comprehensive Income	53,376	60,852
Total Stockholders' Equity	117,615	139,503
Total Liabilities and Stockholders' Equity	151,417	173,192
Companies' Creditor Arrangement Act (Canada) proceedings and going concern (note 1)
Contingencies and commitments (note 14)
Subsequent events (notes 1, 5, 6, 14 and 15)