The board of directors of Sunshine Oilsands Ltd. has 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 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 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.

Tags: Sunshine Oilsands Ltd.