January 26, 2012
Sunshine receives ERCB Commercial Scheme approval for West Ells SAGD 10,000 bbl/d application. Click for more information.
January 20, 2012
Sunshine announces the authorization of the West Ells Commercial SAGD 10,000 bbl/d application. Click for more information.
January 16, 2012
Sunshine appoints Mr. John E. Zahary as President & Chief Executive Officer. Click for more information.
Sunshine Oilsands Ltd. is a Calgary based company 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 1,150,000 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, Connacher Oil & Gas, Flint Energy Services Ltd and Heritage Oil Plc.
After the completion of the 2011 drilling and seismic program, and the submission of the Thickwood and Legend Lake Commercial SAGD applications, the reserves and resource evaluation completed by independent evaluators, with an effective date of November 30, 2011, resulted in:
Sunshine is developing a project portfolio consisting of three core asset types:
Management currently estimates production potential of 200,000 bbl/d from its cretaceous sandstone areas and significant additional upside from the carbonates. The Company is currently producing heavy oil from its Muskwa heavy oil property, and Management currently estimates primary production potential of 1,600-1,800 bbl/d from the Muskwa heavy oil property by the end of 2012.