News Releases

Sunshine Oilsands Limited (“Sunshine” or the “Company”), is pleased to announce that it has submitted an A1 Application to apply for an “initial public offering” on the Hong Kong Stock Exchange.

Sunshine Oilsands Ltd. is a Calgary based company focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The company owns and controls 100% of 464,531 hectares of oil sands leases (including our Oil Sands Leases and our PNG Licenses) ( approximately 1,150,000 acres of oil sands leases), equivalent to approximately 7% of the total Oil Sands Leases granted in the Athabasca region. The Corporations “reserves and resource” evaluation, with an effective date of July 1, 2011, resulted in 45.4 billion bbls of best estimate PIIP (Petroleum Initially In Place) (54.3 billion bbls of high estimate PIIP); 3.3 billion bbls best estimate contingent resources (Pre-tax PV10% of $4.99 billion); 164 million bbls of 2P reserves (Pre-tax PV10% of $395 million); and 218 million bbls of 3P reserves (Pre-tax PV10% of $673 million).

Sunshine's growth is being led by an experienced team with strong corporate governance and capital cost discipline. This team has a proven record of creating significant value in managing successful large projects at companies such as Rally Energy, Deer Creek Energy, Connacher Oil & Gas, Flint Energy Services Ltd and Heritage Oil Plc.

In March 2011, Sunshine Oilsands successfully raised $230 million and secured significant common equity investments from China Life Insurance (Overseas) Company Limited (China Life Overseas), Bank of China Group Investment Limited (Bank of China Group Investment), Cross-Strait Common Development Fund Co., Limited (Cross-Strait Common Development Fund) and several other strategic investors.