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On Friday, after trading down after lunch time (eastern time), Oilsands Quest (BQI) rallied from being down $0.12 to ending the day up $0.39, or by 6.7%.

After the close, it became apparent why. Clearly, someone got word that Jim Cramer would be talking about the stock in his segment. Jim Cramer mentioned BQI very favorably in a 6 ½ minute segment of his “Speculation Friday” show. In the segment, he mentioned that BQI could be a takeout target and could be worth about $16 dollars per share. He also said that, even if you discount the stock by 50%, he said it should be worth $8.34 per share. I would think that BQI could open up strong on Monday on the endorsement by Cramer.

From the volume on the stock (the stock has traded between 5-7 million shares per day over the last 6 trading sessions) and from the volume on the call options (the October $7.50 calls have been particularly active), I’ve got to believe there is still something other than Cramer’s mention of the company brewing. With the company presenting at two private conferences over the next few weeks, I would venture to guess a favorable operational update providing additional bitumen resource estimates could be imminent. We'll have to wait and see if I'm correct.

Disclosure: Author holds a long position in BQI

Source: Something is Brewing at Oilsands Quest (Beyond Cramer's Endorsement)