CALGARY, Alberta, Sept. 15, 2013 /CNW/ - Sunshine Oilsands Ltd. ("Sunshine" or
the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to announce that
subsequent to the September 6, 2013 Alberta Government Order in Council
approval, it has received final Alberta Energy Regulator approval and received
Commercial Scheme Number 12010 for the Thickwood Project. The Thickwood
Project is Sunshine's second Steam Assisted Gravity Drainage (SAGD) 10,000
barrel per day commercial development regulatory approval. The Thickwood
Project increases Sunshine's approved SAGD commercial production capacity to
20,000 barrels per day and according to the reserves and resource evaluation
completed by independent evaluators, effective December 31, 2012, 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 Company believes that the Thickwood Project could potentially
support production of approximately 70,000 barrels per day. The Company will
continue to inform the market of the expected timetable regarding the
development schedule of the Thickwood Project.
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.
For further enquiries, please contact:
Sunshine Oilsands Ltd.
Mr. John Mr. David Sealock
President Executive VP, Corporate Operations
403 930 Tel: (1) 403 984 1446
SOURCE Sunshine Oilsands Ltd.
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