Oilsands Quest rockets after Saskatchewan approves first oil sands leases
Oilsands Quest stock was trading up more than 60% at the close on Friday on more than 10-times usual volumes after the company announced it has received approval from the Government of Saskatchewan to convert portions of permits for its flagship project at Axe Lake to 15-year leases, the first oil sands leases in Saskatchewan.
The stock was clobbered earlier this week after the company said it will ask for more cash from investors because its almost one-year long global quest to find a heavyweight partner had come up empty handed.