Sheregal's Comments

I have looted 4 of these and 3 came from the same nest location, although I run up and down that area and not everytime I loot do I get one but worth a try. Nest is just right of village pier @ 33.1, 90.02. Good luck!

I received the sapphire cub from Treasures of the Vale , but the owl dropped from Guo-Lai Cache. So far as I've heard all owls are uncommon pets upon learning. (Cubs are random qualities)

Even though its a blue and looks like a rare pet when you create it, the pet can be any quality when you learn it.(commonly poor)The pet is tradeable so you can watch the AH for the rare pet. You'll pay more but it might be cheaper then the shot in the dark if you purchase the companion repeatedly. (you can have 3, one for each pet slot)

*The coming battle stones to upgrade pet quality in 5.1 may be worth the wait.