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.
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.