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sunshine oilsands ltd (2012) Details

Sunshine Oilsands Ltd. evaluates and develops oil sands leases in the Athabasca oil sands region in Alberta, Canada. The company portfolio of oil sands leases comprising three asset categories, including clastics, carbonates, and conventional heavy oil. It owns a 100% interest of approximately 1,039,127 acres of oil sands, and PNG leases and licenses located primarily in the West Ells, Thickwood, Legend, Harper, Muskwa, Goffer, and Portage regions in the Athabasca area. Sunshine Oilsands Ltd. was incorporated in 2007 and is headquartered in Calgary, Canada.

74 Employees
Last Reported Date: 03/29/16
Founded in 2007

sunshine oilsands ltd (2012) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: C$220.8K
President, Chief Operating Officer, Executive...
Total Annual Compensation: C$496.5K
Chief Financial Officer and Executive Directo...
Total Annual Compensation: C$300.0K
Compensation as of Fiscal Year 2015.

sunshine oilsands ltd (2012) Key Developments

Sunshine Oilsands Ltd. Announces Extension of Forbearance with Note Holders

The board of directors of Sunshine Oilsands Ltd. announced the following: extension of forbearance with note holders. Reference is made to the announcements of the corporation dated August 5, 2014, August 8, 2014 and February 5, 2016 in relation to, among other things, the offering of USD 200 million principal amount of senior secured notes. Reference is also made to the announcements of the corporation dated August 1, 2016, August 12, 2016, August 17, 2016 and August 29, 2016 in relation to, among other things, the forbearance agreements the corporation has entered into with the holders of the Notes. The corporation and note holders representing at least 94% of the outstanding Notes have agreed to extend the forbearance period pursuant to a further forbearance arrangement. As a result of this extension, each of the Note holders that are party to the forbearance agreement have agreed not to enforce its rights in respect of the Notes prior to 6:00 p.m. (New York time) on September 9, 2016, subject to certain restrictions, in order to provide the Corporation and the Note holders with additional time to finalize definitive documentation effecting, among other things, an extension of the maturity date of the indebtedness owed to the Note holders to August 1, 2017. The Corporation is not aware that the Note holders that are not a party to the forbearance agreement intend to enforce their rights in respect of the Notes. The expected principal terms of the definitive documentation remain as described in the Corporation's August 1, 2016 (Hong Kong time) announcement. The Board believes the anticipated terms of the definitive documents and the extension of the forbearance arrangement are in the best interests of the Corporation and its shareholders as a whole as the agreement will provide the Corporation with additional time to repay or refinance the indebtedness owed to the Note holders under the Notes. The Corporation will provide further updates to the negotiation and completion of the definitive documentation as necessary.

Sunshine Oilsands Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Sunshine Oilsands Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported interest income of CAD 10,000, loss before income taxes, net loss and comprehensive loss attributable to equity holders of CAD 20,736,000 against interest income of CAD 10,000, loss before income taxes, net loss and comprehensive loss attributable to equity holders of CAD 19,122,000 a year ago. Net cash provided by operating activities of CAD 1,568,000 compared to net cash used in operating activities of CAD 3,830,000 a year ago. Payments for exploration and evaluation assets of CAD 502,000 compared to CAD 439,000 a year ago. Payments for property, plant and equipment of CAD 6,437,000 compared to CAD 38,893,000 a year ago. For the six months, the company reported interest income of CAD 23,000, loss before income taxes, net loss and comprehensive loss attributable to equity holders of CAD 23,509,000 or CAD 0.01 per basic and diluted share against interest income of CAD 410,000, loss before income taxes, net loss and comprehensive loss attributable to equity holders of CAD 49,961,000 or CAD 0.01 per basic and diluted share a year ago. Net cash used in operating activities of CAD 4,488,000 compared to CAD 9,361,000 a year ago. Payments for exploration and evaluation assets of CAD 809,000 compared to CAD 639,000 a year ago. Payments for property, plant and equipment of CAD 15,952,000 compared to CAD 88,176,000 a year ago.

Sunshine Oilsands Ltd. Announces Extension of Forbearance Agreement from Noteholders

The Board of Directors of Sunshine Oilsands Ltd. announced that the Corporation has entered into a further forbearance agreement with all of the holders of the Notes. Pursuant to the Second Forbearance Agreement, each of the Noteholders has agreed not to enforce its rights in respect of the Notes prior to 2:00 p.m. (New York time) on August 15, 2016, subject to certain restrictions, in order to provide the Corporation and the Noteholders with additional time to finalize definitive documentation effecting, among other things, entering into a term loan facility that extends the maturity date of the indebtedness owed to the Noteholders to August 1, 2017. Pursuant to the Second Forbearance Agreement, Sunshine has paid to the Noteholders the installment of interest due on the Notes on August 1, 2016 in the amount of USD 10 million.

 

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