News Releases

Calgary, Alberta; February 15, 2011 – Sunshine Oilsands Ltd., (“Sunshine” or the “Company”), is pleased to announce that it has closed a CAD $210 million financing of common shares at a price of $9.68 per share. Credit Suisse and BOCI Asia Limited acted as agents in this financing.

Michael Hibberd and Songning Shen, Co-Chairmen of Sunshine, stated that “funds raised in this financing ensure that we maintain operational momentum as we move forward on our development initiatives. Our Sunshine team continues to direct significant efforts at progressing both long-lived delineation activities and development plans with near-term cash flow potential. We are pleased to report that all of our programs are progressing well.

Notable recent achievements include:

• Commencement of conventional heavy oil production in Muskwa;
• Commencement of steaming for the Harper Carbonate pilot;
• Drilling and coring of 63 delineation wells and drilling and completion of 10 heavy oil production wells to date in the winter program, with a target of drilling in excess of 100 wells;
• Ongoing 2-D and 3-D seismic programs;
• Continued progression of the West Ells 10,000 barrel per day commercial SAGD application;
• Commencement of formal preparation for the Thickwood and Legend Lake commercial SAGDapplications; and
• Significant expansion of expert staff to support our activities.

About Sunshine Oilsands

Sunshine Oilsands Ltd. is the largest holder of 100% owned Athabasca region leases in Alberta and is actively engaged in development of its significant holdings. Sunshine currently holds approximately 1,147,200 acres of 100% owned oil sands leases, representing 4.93% of the entire Athabasca Oil Sands area and approximately 7% of the leased Athabasca Oil Sands area. Sunshine also holds 7,680 acres of Petroleum and Natural Gas leases.

For more information, please email [email protected].

Advisory Respecting Forward-Looking Statements:

This news release contains certain forward-looking information and statements. The use of any of the words "expect","anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans","intends", "confident", "might" and similar expressions are intended to identify forward-looking information orstatements. In particular, but without limiting the foregoing, this news release may contain forward-looking informationand statements pertaining to the following: the in-situ pilot, the reserve report, recognition of the Company’s contingentresources, the Company’s development plans, the Company’s production potential and life span thereof; the timing andamount of estimated production; costs of production; capital expenditures; construction time lines; currency exchangerate fluctuations; environmental risks; unanticipated reclamation expenses; risk of obtaining regulatory approvals;engineering and design risk; fluctuation in commodity prices, operational challenges and other expectations, beliefs,plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results ofoperations or performance. Various assumptions were used in drawing the conclusions or making the projectionscontained in the forward-looking statements throughout this news release.

The Company’s actual results could differ materially from those anticipated in these forward-looking statements as aresult of the risk factors set forth below:

• General economic, market and business conditions in jurisdictions relevant to the Company’s business;
• Access to capital;
• Volatility on market prices for oil;
• Liabilities inherent in oil sands operations;
• Uncertainties associated with estimating oil sands resources and reserves;
• Competition for, among other things, capital, acquisitions of resources and reserves, leases and skilled
• personnel;
• Incorrect assessments of the value of acquisitions and the likelihood of success of exploration and development programs;
• Geological, technical, drilling and processing problems;
• Change in tax laws and incentive programs relating to oil and natural gas industry;
• Changes in Government regulations;
• Failure to obtain regulatory, industry partner and third party consents and approvals where required;
• Fluctuations in foreign exchange or interest rates and stock market volatility; and
• Failure to realize the anticipated benefits of acquisitions.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forwardlooking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances except as may be required by applicable laws.