Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
March 31, 2020


This announcement is made by Sunshine Oilsands Ltd. (the “Corporation”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Temporary suspension of production

Owing to the volatility in the international crude oil market, severe decline in crude oil prices, and having considered the fact that the Corporation’s production equipment and road need repair, coupled with the outbreak of COVID-19 in Canada, the Board has decided to temporarily suspend the production for 90 days.

The Corporation expects that the temporary suspension will not have a material adverse impact on its operations. The management of the Corporation will continue to closely monitor the development in the international crude oil market and take appropriate action accordingly in response to the actual situation, and act in the best interests of the Corporation and its shareholders as a whole.

Where necessary, the Corporation will issue further announcements as and when appropriate.
*For identification purposes only
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman

Hong Kong, March 31, 2020
Calgary, March 31, 2020

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Ms. Linna Liu and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Mr. Alfa Li and Mr. Guangzhong Xing as independent non-executive directors.