Alberta Government Order in Council Approval of Thickwood Project
CALGARY, Alberta, Sept. 8, 2013 /CNW/ - Sunshine Oilsands Ltd. ("Sunshine" or
the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to announce that it
received Alberta Order in Council approval for the Thickwood project on
September 6, 2013.The next regulatory step is final AER (Alberta Energy
Regulator) approval. The Thickwood Project is Sunshine's second Steam Assisted
Gravity Drainage (SAGD) commercial development. The Thickwood site is located
approximately 70 kilometers west of Ft. McMurray, Alberta, off the same road
used to access its first SAGD project at West Ells about 40 kilometers away.
President and CEO John Zahary said: "We are pleased to achieve this important
milestone in realizing Sunshine's tremendous potential. Thickwood will
provide asset diversification, as well as another core area for advancing
Sunshine's growth." The Thickwood Project schedule is under development and
will proceed on obtaining additional funding. The Thickwood Project area holds
approximately 163 million barrels of Proved plus Probable reserves, and about
341 million barrels of Best Estimate Contingent resource, the reserves and
resource evaluation completed by independent evaluators, effective Dec. 31,
2012, enough to possibly grow production to approximately 70,000 barrels per
ABOUT SUNSHINE OILSANDS LTD.
Sunshine Oilsands Ltd. is one of the largest non-partnered holders of oil
sands leases by area in the Athabasca oil sands region, which is located in
the province of Alberta, Canada. Since the Company's incorporation on 22
February 2007, Sunshine has secured over one million acres of oil sands leases
(equal to approximately 7% of all granted leases in this area).
The Company's principal operations are the evaluation, development and
production of its diverse portfolio of oil sands leases. Its principal
operating regions in the Athabasca area are at West Ells, Thickwood, Legend
Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases
are grouped into three main asset categories: clastics, carbonates and
conventional heavy oil.
FORWARD-LOOKING INFORMATION AND DISCLAIMER
This announcement may contain forward-looking information that 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 any words "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 information release are not exhaustive and readers are not to place
undue reliance on forward-looking statements as our 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 our material risk factors, see "Risk Factors"
in our most recent Annual Information Form, "Risk Management" in our current
MD&A and 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
or our website at www.sunshineoilsands.com.
This announcement does not constitute and is not an offer to sell or a
solicitation of an offer to buy common shares of the Company in the United
States (including its territories and possessions, any State of the United
States and the District of Columbia) or elsewhere.
SOURCE Sunshine Oilsands Ltd.
Sunshine Oilsands Ltd.: Mr. John Zahary, President & CEO, Tel:
+1-403-930-5836; Mr. David Sealock, Executive VP, Corporate Operations, Tel:
+1-403-984-1446; Email: email@example.com; Website:
To view this news release in HTML formatting, please use the following URL:
CO: Sunshine Oilsands Ltd.
NI: FIN OIL UTI
-0- Sep/09/2013 01:49 GMT
Press spacebar to pause and continue. Press esc to stop.