Sunshine Oilsands Ltd

Sunshine Oilsands Ltd. is a Calgary-based public company, listed on the Hong Kong Stock Exchange since March 1, 2012 and the Toronto Stock Exchange since November 16, 2012. Our goal is to deliver maximum value and provide sustainable, predictable oil growth.

Assets

Sunshine is focused on the development of our significant holdings of oil sands leases in the Athabasca oil sands region. Sunshine owns 100% of more than one million acres of oil sands and PN&G leases, equivalent to approximately 7% of the total oil sands leases granted in the Athabasca region.

• One of the largest land holdings in the Athabasca Region with more than 1,000,000 acres
• Portfolio consists of multiple asset groupings
  • Cretaceous Sandstone - high value, medium-term SAGD assets
  • Carbonates - substantial long-term value assets
  • Conventional Heavy Oil - Introduction of production enhancement technology through a joint venture with Renergy Petroleum (Canada) Co. Ltd. at Muskwa and Godin.
• Thermal recovery only, no mining of resources and no tailing ponds or mining pits
• Significantly smaller environmental footprint
• Long term water source is brackish (non-potable), sourced from deep geological formations

Sunshine management currently estimates production capacity potential of more than 1,000,000 bbl/d from its cretaceous sandstone areas and carbonate formations.

Experienced Team

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. Our management and employees have proven operations experience in numerous hydrocarbon plays including conventional heavy oil, cretaceous sandstone and carbonate reservoirs.

Independent Evaluation

At Dec. 31, 2013 our independent reserve evaluators reported:

• 79 million barrels of 1P (proven) reserves with an aggregate pre-tax PV10% value of $249 million;
• 444 million barrels of 2P (proven plus probable) reserves with an aggregate pre-tax PV10% value of $461 million; and
• 579 million barrels of 3P (proven plus probable plus possible) reserves with an aggregate pre-tax PV10% of $986 million.

Milestones

Our accomplishments to date have been tremendously successful for Sunshine Oilsands. These milestones are centered around building shareholder value by moving ahead with the development of our enormous clastic and carbonate resource base in the Athabasca region of Alberta.

• On March 1, 2012, Sunshine Oilsands Ltd. completed our IPO and listing on the Stock Exchange of Hong Kong Limited (the 'SEHK'), raising approximately $570 million under the listing symbol of '2012'. Sunshine listed on the Toronto Stock Exchange (TSX) on November 16, 2012 under the symbol 'SUO'.
• Through the IPO, Sunshine secured significant investment from cornerstone investors such as Premium Investment Corporation, a wholly-owned subsidiary of China Investment Corporation, EIG Management Company and Sinopec Century Bright Capital Investment Limited, a wholly-owned subsidiary of China Petrochemical Corporation, otherwise known as the Sinopec Group.
• We signed a Memorandum of Understanding for strategic cooperation with Sinopec International Petroleum Exploration and Production Corporation which was extended to Dec. 31, 2014.
• 2013 - High quality construction activities progressed with confirmation that technical planning and execution decisions were managed very well by our experienced field operations and drilling and completions teams. 2013 also saw a strategic joint venture secured for development of our Muskwa and Godin area clastics assets and regulatory approval was obtained for a 10,000 bbl/d SAGD project in our Thickwood area.
• 2013 Capital raising side - raised HK$246.3 million (CAD$ 33.3 million) in gross equity proceeds from options exercises and equity placements in 2013, a further HK$308.1 million (CAD$43.7 million) of gross equity proceeds has been closed since January 1, 2014.
• Our technical execution at West Ells, particularly in sub-surface activities related to pad drilling and completions, is a notable area of achievement in 2013.
• The Corporation’s plan for 2014 is to secure financing to re-commence West Ells construction and to ensure continuation of safe, high quality operational performance. We are committed to proceeding based on properly budgeted and monitored protocols and we intend to continue to look for opportunities for joint ventures to reduce our capital commitments and to accelerate activities aimed at increasing production. Once financing is secured, we intend to target achievement of first steam at West Ells later in the year.