CALGARY, Alberta and
HONG KONG, Sept. 1, 2014 /CNW/ -- The Board of Directors of
Sunshine Oilsands Ltd. (the "Corporation" or
"Sunshine") (HKEX: 2012, TSX: SUO) has accepted the
resignation of Mr. David Sealock as
Interim President and CEO, effective immediately. As
Executive Chairman of Sunshine, Mr. Michael
Hibberd has assumed direct responsibility for all CEO tasks
and functions. The Board of Directors warmly thanks Mr.
Sealock for his significant contribution to managing Sunshine
through challenges associated with the West Ells project suspension
and the demands related to securing sufficient financing to
re-commence West Ells construction.
By letter dated September 1, 2014
in Calgary, Mr. Sealock advised
the Board of Directors that he wished to pursue other opportunities
and submitted a resignation letter requesting that it be recognized
as effective immediately. After acknowledging thanks for Mr.
Sealock's contributions, noting that he will be sincerely missed
and wishing him all the best in his future endeavors, the board
accepted the resignation, effective immediately. In connection with
future executive hiring plans, Mr. Hibberd advised as follows: "An
executive search firm has now been formally retained to assist the
Board of Directors in identifying and selecting a qualified
candidate for the permanent President and CEO position. Until
that occurs, I have assumed direct responsibility for ensuring that
all CEO tasks and functions are addressed."
Mr. Sealock has been with Sunshine since 2008 and has served in
the role of Interim President and CEO since December 10, 2013. The Board of Directors
confirms that there are no matters that need to be brought to the
attention of shareholders in connection with this resignation.
Mr. Sealock's resignation letter also confirms that there are
no matters that he wishes to bring to the attention of
shareholders. His letter notes the following: "Sunshine is in
a very strong position to complete the West Ells project based on
deliverables achieved during the last nine months. Sunshine
has an effective and committed management team. The strength
and determination of the team has been particularly evident in the
last nine months in the team's unwavering willingness to work
together to address major challenges to preserve Sunshine's ability
to continue with its growth and development objectives.
Sunshine's management team can be expected to achieve smooth
and efficient construction of the West Ells project."
Appointment of Senior Vice President, Engineering
The Board of Directors is pleased to announce that Mr.
Songbo Cong has been appointed
Senior Vice President, Engineering, effective immediately.
Mr. Cong has been the Corporation's Vice President, Special
Projects since June, 2013. Previously, he was Sunshine's Vice
President, Facilities Engineering from January 2008 to June
2013 and served as a director from May 2007 to December
2007. Prior to his employment with Sunshine, Mr. Cong
was a principle engineer of Honeywell from January 2005 to January
2008, group manager and advisor of Aspentech Ltd. from
June 2000 to December 2004 and application engineer of
Matrikon from June 1999 to
June 2000. Mr. Cong also worked
for Sinopec as an application engineer in petrochemical engineering
from 1988 to 1993.
Mr. Cong holds a Ph.D degree in chemical engineering from
China University of Petroleum, M.Sc. degree and B.Sc.
degree in process instrumentation and control.
About Sunshine Oilsands Ltd.
The Corporation is a Calgary
based public corporation, listed on the Hong Kong Stock Exchange
since March 1, 2012 and the Toronto
Stock Exchange since November 16,
2012. The Corporation is focused on the development of
its significant holdings of oil sands leases in the Athabasca oil sands region. The
Corporation owns interests in approximately one million acres of
oil sands and P&NG leases in the Athabasca region. The Corporation is
currently focused on executing milestone undertakings in the West
Ells project area. West Ells has an initial production target
rate of 5,000 barrels per day.
Website: www.sunshineoilsands.com
FORWARD LOOKING INFORMATION
This announcement contains forward-looking information relating
to, among other things: (a) the future financial performance and
objectives of Sunshine; and (b) the plans and expectations of the
Corporation. Such forward-looking information 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 words such as
"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 announcement are not
exhaustive and readers are not to place undue reliance on
forward-looking statements as the Corporation's 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 the Corporation's material risk factors, see the
Corporation's annual information form for the year ended
December 31, 2013 (the "AIF")
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 the Corporation's website at
www.sunshineoilsands.com.
In addition, information and statements in this announcement
relating to "reserves" and "resources" are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves and resources described exist in the quantities predicted
or estimated, and that the reserves and resources described can be
profitably produced in the future. The assumptions relating to
Sunshine's reserves and resources are contained in the reports of
GLJ Petroleum Consultants Ltd. and DeGolyer and MacNaughton Canada
Limited, each dated effective December
31, 2013. For additional information regarding the
specific contingencies which prevent the classification of
Sunshine's contingent resources as reserves see "Statement of
Reserves Data and Other Oil and Gas information" in the AIF.
The estimates of reserves and future net revenue for individual
properties in this announcement may not reflect the same confidence
level as estimates of reserves and future net revenue for all
properties, due to the effects of aggregation. "Contingent
Resources" has the meaning given to that term in the AIF.
SOURCE Sunshine Oilsands Ltd.