Investor Relations
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The Company has achieved significant milestones since its inception in February of 2007. The Company has completed the key land lease accumulation phase and has transitioned to an accelerated focus on operations planning and execution.
Some of the key milestones achieved since Feburary 2007 include:
- An expansion of our oil sands land base to approximately 460,000 hectares with 100% working interests located in the Athabasca Oil Sands Region.
- Harper Carbonate Pilot application submitted in October 2008 and approved by the ERCB on Nov. 27, 2009.
- Submission of the West Ells 10,000 bbl/d commercial SAGD application to the ERCB on March 1, 2010.
- Muskwa Conventional Heavy Oil Primary Recovery Scheme (PRS) approved January 18, 2010 by the ERCB.
- Muskwa PRS expansion approved October 6, 2011 by the ERCB.
- Harper Carbonate Pilot application extension approved by the ERCB on October 28, 2011.
- Submission of the Thickwood 10,000 bbl/d commercial SAGD application to the ERCB October 31, 2011.
- Submission of the Legend Lake 10,000 bbl/d commercial SAGD application to the ERCB November 25, 2011.
- 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 evaluations completed by independent evaluators, with an effective date of November 30, 2011, resulted in:
- 45.4 billion bbls of best estimate PIIP (Petroleum Initially In Place) (54.3 billion bbls of high estimate PIIP);
- 3.1 billion bbls best estimate contingent resources (Pre-tax PV10% of $4.84 billion);
- 419 million bbls of 2P reserves (Pre-tax PV10% of $829 million); and
- 561 million bbls of 3P reserves (Pre-tax PV10% of $1.41 billion).
- 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.
Sunshine Oilsands has attracted experienced and reputable professionals in every functional division and has assembled a talented team with a proven track record of executing and developing a diversified group of assets with strategies that mitigate risk with a focus on delivering significant value creation.