Announcement of results for the fourth quarter and year ended December 31, 2017 and an update on West Ells progress
CALGARY/HONG KONG – Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) today announced its financial results for the fourth quarter and year ended December 31, 2017. The Corporation’s consolidated financial statements, notes to the consolidated financial statements, Management’s Discussion and Analysis and Annual Information Form have been filed on SEDAR (www.sedar.com) and with The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) (www.hkexnews.hk) and are available on the Corporation’s website (www.sunshineoilsands.com). The Annual Information Form includes the Corporation’s reserves and resource data as at an effective date of December 31, 2017 as evaluated by GLJ Petroleum Consultants Ltd. and Boury Global Energy Consultants Ltd. and prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. All figures are in Canadian dollars unless otherwise stated.
MESSAGE TO SHAREHOLDERS
In the fourth quarter and year ended December 31, 2017, the management team continued to ramp up production levels and focused on cost efficiencies. On March 1, 2017, the Corporation achieved a key milestone. The Project commenced commercial production. Hence, effective March 1, 2017, the Corporation started recording revenue, expenses and depletion of the West Ells Project.