Is Oilsands Quest, Inc. (BQI) worth a look?

Submitted by theStockMasters... on Tue, 06/30/2009 - 18:00

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Financial News

In the last 52 weeks, Oilsands Quest, Inc. (AMEX:BQI) is down a crippling -83.50%. Why anything oil sands related? Oil sands stocks are engaged in one of the more expensive ways of producing crude oil. The sector has made a notable monthly rally after being crushed when oil prices fell from their highs last summer. Gains in energy prices should continue as the economy stabilizes, according to the Energy Information Administration. The U.S. Energy Department bureau predicted that a barrel of oil will cost $110 by 2010 -- gitty up.

BQI is currently in the middle of its channel pattern, with resistance around $1.25 a share. If oil continues to rise, look for a breakout of its current trend.

Everyone at the BQI offices seem to think now is the time to buy. Back in May, insiders at the company snatched up 213,500 shares at .85.

Insider Trading	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
WONG GARTH	Chief Financial Officer	May 12	Buy	0.85	10,000	8,500	10,000	May 14 08:51 PM
Wilson T Murray	Executive Chairman	May 12	Buy	0.85	50,000	42,500	66,800	May 14 08:49 PM
Wallin Pamela	Director	May 12	Buy	0.85	5,000	4,250	45,102	May 14 08:48 PM
Tallman Gordon G	Director	May 12	Buy	0.85	40,000	34,000	200,000	May 14 08:46 PM
Read John	Director	May 12	Buy	0.85	5,000	4,250	13,100	May 14 08:45 PM
Phillips Ronald	Director	May 12	Buy	0.85	7,500	6,375	7,500	May 14 08:43 PM
Hopkins Christopher H	Chief Executive Officer	May 12	Buy	0.85	25,000	21,250	42,266	May 14 08:41 PM
Hopkins Christopher H	Chief Executive Officer	May 12	Buy	0.85	25,000	21,250	57,230	May 14 08:41 PM
MILNE TOM G	Director	May 12	Buy	0.85	10,000	8,500	10,000	May 14 08:41 PM
Blakely Ronald	Director	May 12	Buy	0.85	36,000	30,600	36,000	May 14 08:40 PM

Stockmasters, we normally don't follow penny stocks, but BQI is traded on the AMEX and has potential as the price of crude oil rises. Keep an eye on this one - if it gets to the lower end of it's price channel at around .80 a share, it's time to accumulate.