Alberta Energy Regulator Approval of Thickwood Project
Calgary, Alberta (September 15, 2013) - Sunshine Oilsands Ltd. ("Sunshine" or the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to announce that subsequent to the September 6, 2013 Alberta Government Order in Council approval, it has received final Alberta Energy Regulator approval and received Commercial Scheme Number 12010 for the Thickwood Project.
The Thickwood Project is Sunshine's second Steam Assisted Gravity Drainage (SAGD) 10,000 barrel per day commercial development regulatory approval. The Thickwood Project increases Sunshine's approved SAGD commercial production capacity to 20,000 barrels per day and according to the reserves and resource evaluation completed by independent evaluators, effective December 31, 2012, the Thickwood Project area holds approximately 163 million barrels of Proved plus Probable reserves, and about 341 million barrels of Best Estimate Contingent resource. The Company believes that the Thickwood Project could potentially support production of approximately 70,000 barrels per day.
The Company will continue to inform the market of the expected timetable regarding the development schedule of the Thickwood Project.
About Sunshine Oilsands Ltd.
Sunshine Oilsands Ltd. is one of the largest non-partnered holders of oil sands leases by area in the Athabasca oil sands region, which is located in the province of Alberta, Canada. Since the Company's incorporation on 22 February 2007, Sunshine has secured over one million acres of oil sands leases (equal to approximately 7% of all granted leases in this area).
The Company's principal operations are the exploration, development and production of its diverse portfolio of oil sands leases. Its principal operating regions in the Athabasca area are at West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases are grouped into three main asset categories: clastics, carbonates and conventional heavy oil.
For further enquiries, please contact:
Sunshine Oilsands Ltd.
| Mr. John Zahary President & CEO |
Mr. David Sealock Executive VP, Corporate Operations |
Tel: (1) 403 984 1446
Email: [email protected]
FORWARD-LOOKING INFORMATION AND DISCLAIMER
This News Release may contain forward-looking information that 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 any words 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 Sunshines 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 Albertas 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 the Company 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 information release are not exhaustive and readers are not to place undue reliance on forward-looking statements as our 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 News Release, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this News Release 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 our material risk factors, see Risk Factors in our most recent Annual Information Form dated April 30, 2012 (AIF), Risk Management in our current MD&A and 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 www.hkexnews.hk, on the SEDAR website at www.sedar.com or our website at www.sunshineoilsands.com.
This document does not constitute and is not an offer to sell or a solicitation of an offer to buy Common Shares of the Company in the United States (including its territories and possessions, any State of the United States and the District of Columbia) or elsewhere.