March 23, 2023

Sunshine Oilsands Ltd. Announces Sale of Non-Core Assets and Appointment of Interim Chief Financial Officer

CALGARY, Alberta and HONG KONG, July 22, 2014 /PRNewswire/ —  

Sale of Non-Core Assets

This announcement is made in accordance with the Inside Information Provision under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules“).

The board of directors (the “Board“) of Sunshine Oilsands Ltd. (the “Corporation“; HKEX: 2012; TSX: SUO) is pleased to announce that on July 17, 2014, the Corporation entered into a petroleum, natural gas and general rights conveyance agreement for the sale of certain non-core oilsands assets which relate to, among other things, lands and petroleum and natural gas rights (collectively, the “Assets“) to a third party industry partner for a total consideration of CDN$20 million (which is equivalent to approximately HK$144.4 million at current exchange rates) (the “Disposal“). The Disposal was conducted between the parties on an arm’s length basis. The Assets have approximately 225 million barrels of contingent resource associated with them according to the Corporation’s most recently completed independent reserves and resource evaluation prepared by GLJ Petroleum Consultants Ltd. and effective as at December 31, 2013. The Disposal was completed on July 21, 2014 and the proceeds from the Disposal will be added to the Corporation’s general working capital. The divestiture of the Assets will place the Corporation in a positive cash position. The percentage ratios under Chapter 14 of the Hong Kong Listing Rules in respect of the Disposal are less than 5%.

Appointment of Interim Chief Financial Officer

The Corporation also announces that Mr. MEN Qiping (“Mr. Men“) has been appointed as Interim Chief Financial Officer of the Corporation with effect from 21 July 2014.  Mr. Men holds a Bachelor of Engineering degree from Harbin University of Technology in Harbin, China and an MBA from Dalian University of Technology in Dalian, China.  Mr. Men also obtained his Bachelor of Applied Business Administration designation in Accounting from Southern Alberta Institute of Technology in Calgary, Alberta and is a Certified Public Accountant and a Certified General Accountant.  Most recently, Mr. Men was the Vice President of Goldenkey Oil Inc., a private oil and gas company based in Calgary, Alberta.  Prior thereto, Mr. Men was the Chief Financial Officer and Vice President of each of Anterra Energy Inc. (stock symbol: AE.A) and Sahara Energy Ltd. (stock symbol: SAH), which are both publicly traded, junior oil and gas companies listed on the TSX Venture Exchange and based in Calgary, Alberta.