Announcements

(Hong Kong and Calgary, March 10, 2015) - Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012, TSX: SUO) today announced the results of its reserves and resource evaluations, effective as at December 31, 2014. Unless otherwise defined herein, capitalised terms in this press release shall have the meanings ascribed to such terms in the section headed “Definition of Terms” below. Sunshine’s Contingent Resources and reserves have been independently evaluated in accordance with the COGE Handbook by GLJ Petroleum Consultants Ltd. and by DeGolyer and MacNaughton Canada Limited, both qualified reserves evaluators. PV10% estimates for proved plus probable reserves and for Best Estimate Contingent Resources have increased substantially above our previous evaluation results which were effective as at December 31, 2013.

Estimate of Resources
Sunshine’s reserves and resource results, effective as at December 31, 2014, are described and summarized below:

• Approximately 3.6 billion barrels of Best Estimate Contingent Resources with an aggregate pre-tax PV10% value of CDN$6.6 billion calculated only on 3.35 billion barrels of Economic Resources. Total evaluated Best Estimate resource barrels declined approximately 10% year on year due to the sale of the Pelican property and revisions in development plans for carbonates resources, but PV10% estimated value rose by 46%;
• 86 million barrels of 1P (proved) reserves with an aggregate PV10% value of CDN$169 million. Total 1P reserves increased by approximately 7 million barrels, but PV10% value declined due to weak near term commodity pricing assumptions;
• 436 million barrels of 2P (proved plus probable) reserves with an aggregate PV10% value of CDN$650 million. Total 2P reserves declined slightly to 436 million barrels, from 444 million barrels, but estimated PV10% value increased approximately 41%; and
• 602 million barrels of 3P (proved plus probable plus possible) reserves with an aggregate estimated PV10% value of CDN$1.37 billion. Total 3P reserves increased by approximately 23 million barrels year on year and estimated PV10% value increased by approximately 39%.

Note: All estimates of future net revenue in this press release (including the above table) do not represent fair market value. Possible (3P) reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

The sale of the Pelican property in 2014 and revisions in development plans for carbonates resources resulted in reductions in Best Estimate Contingent Resources. However, significant increases in PV10% value estimates were recognized due to the weakening Canadian dollar, narrowing of pricing differentials compared to WTI, and refinement and optimization of project execution schedules and plans.
1P2P3PBest Estimate1P2P3PBest EstimateTotal Clastics86 436 602 2,504 169 650 1,366 4,873 Total Carbonates- - - 846 - - - 1,767 Combined Total86 436 602 3,350 169 650 1,366 6,639 Sub-Economic Total298 TOTAL3,648 Reserves (MMbbls)Contingent Resources(MMbbls)Pre Tax PV10% ($MM CDN)

The aggregate of pre-tax cash flows from the independent evaluators for contingent Best Estimate resources of approximately 3.35 billion barrels of Economic Resources, discounted at 10%, is CDN$6.6 billion, representing growth of 59% (CDN$2.46 billion) over the December 31, 2013 estimates if the Pelican property sale is excluded from the 2013 estimates.

“In spite of challenges encountered in the currently weak oil price environment, we have achieved significant progress in maturing independent recognition of our reserves and resources value potential”, said Mr. Michael Hibberd, Executive Vice Chairman. “As we have delineated only a small portion of our land areas, we expect to further increase the volumes and value of our reserves and resources potential as we progress with implementation of our corporate plans and achieve improved operations efficiencies” said Dr. Qi Jiang, President and COO.

For disclosure relating to the Corporation’s: interest in; the location of; the product types reasonably expected from; the definition of the category of; the significant positive and negative factors relevant to the estimate of; and the specific contingencies which prevent the classification of the resources as reserves relating to the Contingent Resources, please see the Corporation’s annual information form for the year ended December 31, 2013 (and for the year ended December 31, 2014 which is expected to be filed by March 31, 2015). Please note that there is no certainty that it will be commercially viable to produce any portion of the Contingent Resources.

Qualified Persons
Sunshine Oilsands Ltd.’s reserves and resource reports, effective as at December 31, 2014, were independently prepared by GLJ Petroleum Consultants Ltd and by DeGolyer and MacNaughton Canada Limited.

Definition of Terms

About Sunshine Oilsands Ltd.

The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012 and the Toronto Stock Exchange since November 16, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production target rate of 5,000 barrels per day.

For further enquiries, please contact:

Dr. Qi Jiang
President & COO
Tel: (1) 403 984 1450
Email: [email protected]

FORWARD LOOKING INFORMATION
This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; and (b) the plans and expectations of the Corporation. Such forward-looking information 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 words such as “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 Sunshine’s 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 Alberta’s 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 Sunshine 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 announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation’s 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 announcement, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this announcement 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 the Corporation’s material risk factors, see the Corporation’s annual information form for the year ended December 31, 2013 (and for the year ended December 31, 2014 which is expected to be filed by March 31, 2015) (the “AIF”) and the 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 and on the Corporation’s website at www.sunshineoilsands.com.

In addition, information and statements in this announcement relating to “reserves” and “resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. The assumptions relating to Sunshine’s reserves and resources are contained in the reports of GLJ Petroleum Consultants Ltd. and DeGolyer and MacNaughton Canada Limited, each dated effective as at December 31, 2014. For additional information regarding the specific contingencies which prevent the classification of Sunshine’s Contingent Resources as reserves see “Statement of Reserves Data and Other Oil and Gas information” in the AIF. The estimates of reserves and future net revenue for individual properties in this announcement may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.