News and Events
May 14, 2013
Sunshine reports results for First Quarter 2013
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May 10, 2013
Sunshine Oilsands Ltd. Investor Conference Call
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May 7, 2013
Poll results of Annual and Special Meeting of Shareholders
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April 30, 2013
Date of Board Meeting
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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 . Sunshine is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The company owns and controls 100% of 467,969 hectares of oil sands leases (including our Oil Sands Leases and our PNG Licenses) (approximately 1,200,000 acres of oil sands leases), equivalent to approximately 7% of the total Oil Sands Leases granted in the Athabasca region.
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 at companies such as Rally Energy, Deer Creek Energy, Total E&P Canada Limited, Flint Energy Services Ltd and Amoco Canada Petroleum Co. Ltd.
After completion of the 2012 second-half drilling and seismic programs related to construction at the West Ells Commercial SAGD project and completion and continued progress at the Thickwood and Legend Commercial SAGD projects, the reserves and resource evaluation completed by independent evaluators, effective Dec. 31, 2012, resulted in:
- Approximately 70 billion barrels of best estimate PIIP (Petroleum Initially In Place)
- Approximately 5.1 billion barrels best estimate contingent resource with an aggregate pre-tax PV10% value of $10.3 billion (an increase of $3.4 billion);
- 80 million barrels of 1P (proven) reserves with an aggregate pre-tax PV10% value of $363 million (an increase of $49 million);
- 446 million barrels of 2P (proven plus probable) reserves with an aggregate pre-tax PV10% value of $990 million (an increase of $72 million); and
- 605 million barrels of 3P (proven plus probable plus possible) reserves with an aggregate pre-tax PV10% of $1.66 billion.
Sunshine is developing a project portfolio consisting of three core asset types:
- Cretaceous sandstones properties;
- Carbonate bitumen resources properties; and
- Conventional Heavy Oil properties.
Management currently estimates production capacity potential of 1,000,000 bbl/d from its cretaceous sandstone areas and carbonate formations. The Company is currently producing conventional heavy oil from its Muskwa property and Management estimates that production will increase with further development of the Muskwa property.