Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
March 24, 2022


Sunshine Oilsands Ltd.

Announcement of Results for the Fourth Quarter and the Year Ended December 31, 2021


CALGARY/HONG KONG – Sunshine Oilsands Ltd. (the “Company” or “Sunshine”) (HKEX:  2012) today announced its financial results for the fourth quarter and year ended December 31, 2021. The Corporation’s consolidated financial statements, notes to the consolidated financial statements and Management’s Discussion and Analysis have been filed with The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) ( and are available on the Corporation’s website ( All figures are in Canadian dollars unless otherwise stated.



Message to Shareholders


For three and twelve months ended December 31, 2021, the Company’s average bitumen production was 0 bbls/day. The bitumen is blended with diluent as part of the production process to create the marketable “Dilbit” blend product. Diluent was blended at 19.6% volumetric rate for the twelve months ended December 31, 2020. The average Dilbit sales volume was 0 bbls/day and 7 bbls/day for the three and twelve months ended December 31, 2021.


Sunshine’s Capital Raising Activities during 2021


In relation to the “Chairman CB” issued on June 15, 2020 (see “2020 activity” for details), Mr. Kwok Ping Sun made application to the Securities & Futures Commission of Hong Kong (“HKSFC”) for a Whitewash Waiver. The Whitewash Waiver was conditionally granted by HKSFC on March 4, 2021. The Conversion and the Whitewash Waiver was approved by the independent shareholders at the Special General Meeting on March 5, 2021. On April 7, 2021, the Conversion was completed and 113,924,051 new shares were duly allotted and issued to the Subscriber.



Summary of Financial Figures       


As at December 31, 2021 and December 31, 2020, the Corporation notes the following selected balance sheet figures.


(Canadian $000s)


December 31,


December 31,






Other receivables




Exploration and evaluation assets




Property, plant and equipment




Total liabilities




Shareholders’ equity







2022 Outlook


Sunshine will continue to focus on cost controls and carefully monitor developments in crude oil markets as well as the development of COVID-19 pandemic in North America. As at the date hereof, the Corporation’s production resumption is on track.  The Corporation is working with its joint venture partner for re-activation of the Muskwa and Godin Area activities.


Kwok Ping Sun


       Gloria Ho

Executive Chairman


       Chief Financial Officer



About Sunshine Oilsands Ltd.


The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands and heavy oil leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells Phase 1 has an initial production target of 5,000 barrels per day.



For further enquiries, please contact:


Kwok Ping Sun

Executive Chairman

Tel: + 852-3188-9298


Gloria Ho
Chief Financial Officer
Tel: + 852-3188-9298


Email: [email protected]





This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; (b) the plans and expectations of the Corporation; and (c) the anticipated closings of the current private placements and the timing thereof. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”, “goal”, “outlook”, “may”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Sunshine’s experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although Sunshine believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation’s actual results may differ materially from those expressed or implied. Sunshine disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation. The forward-looking statements speak only as at the date of this announcement and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of the Corporation’s material risk factors, see risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at or the Corporation’s website at