CALGARY, Alberta, Aug. 6, 2013 /CNW/ – Sunshine Oilsands Ltd. (“Sunshine” or the “Corporation”) (HKEX: 2012, TSX: SUO) announces that in light of Sunshine’s planned expenditures and ongoing capital requirements for its West Ells and other projects and its existing capital levels, the Board of Directors has directed management of the Corporation to commence a strategic review process to identify, examine and consider a range of strategic alternatives available to Sunshine, with a view to progressing its oilsands development strategy and to preserving and maximizing shareholder value. This process could result in one or more strategic transactions being completed by the Corporation including, debt or equity financing of the Corporation, a joint venture or other strategic transaction involving Sunshine, or its assets, and a third party. Management and the Board of Directors are committed to acting in the best interests of the Corporation and its shareholders and believe that the long term strategy of the Corporation will continue to provide value to shareholders. The Board of Directors expects to engage financial advisors to assist in the strategic development alternatives review process.
Sunshine does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, or unless otherwise required by law or regulation or disclosure of which is deemed appropriate. The Corporation cautions that there are no guarantees that the strategic review process will result in a transaction or, that if a transaction is undertaken, as to its terms or timing. The Corporation has not set a definitive schedule to complete its evaluation.
Further details regarding the latest financial position and operational performance of the Corporation will be set out in the preliminary announcement of the results of the Corporation for the 6 months ended 30 June, 2013 to be published by the Corporation on or about August 13, 2013.
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 exploration, 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 atwww.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 Zahary||Mr. David Sealock|
|President & CEO||Executive VP, Corporate Operations|
|Tel: (1) 403 930 5836||Tel: (1) 403 984 1446|
SOURCE Sunshine Oilsands Limited
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