Sunshine Oilsands Ltd.January 2013
TSX Symbol: SUO
HKSE Stock Code: 2012
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 1
Forward-Looking Information and Disclaimer
This presentation (the “Presentation”) contains forward-looking information relating to, among other things: (a) the
future financial performance and objectives of Sunshine Oilsands Ltd. (“Sunshine” or the “Corporation”); 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 Presentation 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 Presentation, 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 for the year ended
December 31, 2011 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 at www.sunshineoilsands.com
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
The contingent resources estimates, effective May 31, 2012, and the discovered bitumen initially-in-place estimates, effective May 31, 2012, were prepared by GLJ Petroleum Consultants
Limited and DeGolyer and McNaughton Canada Limited, independent qualified reserves evaluators, and are based on definitions contained in the Canadian Oil and Gas Evaluation
Handbook (COGEH). For further discussion regarding our: (i) contingent resources, see our current Annual Information Form; and (ii) our total bitumen initially-in-place and all
subcategories thereof, see our July 5, 2012 news release, both available on SEDAR at www.sedar.com and at www.sunshineoilsands.com. Actual resources may be greater than or less
than the estimates provided.
Discovered Bitumen Initially-In-Place is that quantity of bitumen that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion
of discovered bitumen initially-in-place includes production, reserves, and contingent resources; the remainder is categorized as unrecoverable. BIIP estimates include unrecoverable
volumes and are not an estimate of the volume of the substances that will ultimately be recovered. There is no certainty that it will be commercially viable to produce any portion of the
estimate.
Contingent Resources are those quantities of bitumen estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology
under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include such factors as economic, legal,
environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated
with a project in the early evaluation stage. The estimate of contingent resources has not been adjusted for risk based on the chance of development.
Economic contingent resources are those contingent resources that are currently economically recoverable based on specific forecasts of commodity prices and costs. In Sunshine’s
case, contingent resources were evaluated using commodity price assumptions dated April, 2012, which comply with NI 51-101 requirements. Best estimate is considered to be the best
estimate of the quantity of resources that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those
resources that fall within the best estimate have a 50% confidence level that the actual quantities recovered will equal or exceed the estimate.
Contingent resources are estimated using volumetric calculations of the in-place quantities, combined with performance from analog reservoirs. Contingencies which must be overcome to
enable the reclassification of contingent resources as reserves can be categorized as economic, non-technical and technical. The COGEH handbook identifies non-technical
contingencies as legal, environmental, political and regulatory matters or a lack of markets. The contingencies applicable to our contingent resources are not categorized as economic and
for the most part are due to regulatory approval of development projects at our properties, partner sanction and adequate capital funding within five years.
To the extent that PV10% values are presented herein, only positive PV10% values and the associated resource barrels are reported herein for each region and classification category. In
some scenarios, the low case estimate indicates a 0 value indicating that there are uneconomic results (negative PV10%) and the company would not proceed with development. This is
consistent with reporting in the company’s independent resource reports and COGEH guidelines that specify that contingent resources must be economic under current pricing.
Additional information relating to our oil sands reserves and resources is presented in our current AIF, available at www.sedar.com and on our website at www.sunshineoilsands.com.
RESERVOIR CHARACTERISTICS: The reservoir characteristics of our properties vary among the different properties and in comparison to other producing projects in McMurray or other
formations. The reservoir we are proposing to produce has had little thermally stimulated production to date, although there are several commercial projects announced or in early stage of
development. There is no guarantee that our steam oil ratio will be equivalent to those ratios in the McMurray or other formations which are currently producing. There is a risk that the
recovery of bitumen will be lower in our projects than in projects in other reservoirs that have been used as analogues to produce the contingent resources in our technical report, because
the reservoir characteristics are different although management believes that these differences have been taken into account.
NET ASSET VALUE: With respect to the particular month being valued, the net asset value (NAV) disclosed herein is based on the number of issued and outstanding Sunshine common
shares adjusted for the dilutive effect of stock options or other contracts as at the specified month. We calculate NAV as an average of: (i) our average trading price for the specific month;
(ii) an average of net asset values; and (iii) an average of two net asset values based primarily on discounted cash flows of independently evaluated reserves, resources and using internal
corporate costs, with one based on constant prices and costs and one based on forecast prices and costs.
NON-GAAP MEASURES: This presentation may contain references to non-GAAP measures as identified herein. These measures have been described and presented in order to provide
shareholders and potential investors with additional information regarding Sunshine liquidity and its ability to generate funds to finance its operations. Readers are encouraged to review
our most recent Management’s Discussion and Analysis, available at www.sedar.com or on our website at www.sunshineoilsands.com for a full discussion of the use of each measure.
2
OIL & GAS INFORMATION
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
One of the largest holders of Oil Sands Leases in the Athabasca Region with 1.2 million acres and
~70 Billion Barrels of Total Petroleum-Initially-in-Place
We are a Major Developer of Oil Sands Resources, targeting 300,000 bbl/d Production from our
first three project areas and >1 million bbl/d Capability
Our Management and Technical Teams Have Extensive Experience in Oil Sands Project
Development and Execution to Production
We are Supported by Several Prominent Asian Entities such as Sinopec, China Investment
Corporation, Bank of China, China Life and Orient Group, as well as North American Institutions
such as EIG and Retail
Pure play focused on Insitu Oil Sands
Canada Holds the 3rd Largest Oil Reserves in World – Represents ~52% of the World’s
Investible and Accessible Oil Reserves
Canada’s Oil Sands Have Attracted Significant Investment due to its Low Geopolitical Risk,
Stable Fiscal Regime and Welcoming Investment Policies
Oil Sands are Expected to be a Major Contributor to Global Oil Supply – ~4.2 Million Barrels
per Day of Production Expected by 2025
The Alberta Government has initiated the “Lower Athabasca Regional Plan 2012” that would see
Sunshine and other oil sands lease holders releasing land and leases for current and future
environmental management. Release criteria and compensation to be determined.
3
Highlights
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
Founded in Alberta in 2007
Dual Listing in Hong Kong and Toronto(1)
Shares Outstanding(1): 2,823,880,881
C$ HK$
Market Cap: 0.9 billion 7.6 billion
Enterprise Value(2): 0.7 billion 5.2 billion
PV10 P+P: 0.9 billion 7.1 billion
PV10 Best Estimate
Contingent Resources: 6.9 billion 53 billion
Value Opportunity: C$/sh HK$/sh
PV10(3) Recoverable
Resource2.75 21.51
Current Trading Price(4) 0.40 3.30
Price/NAV 14.5%
4
Corporate Profile
Notes
1. Stock price and shares outstanding can be found on the Stock Exchange of Hong Kong Limited website: www.hkex.com.hk 2012 or
on the Toronto Stock Exchange website: www.tmx.com SUO
2. Enterprise Value = Market Capitalization + Debt – Cash
3. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 All figures are denominated in C$ millions; Recoverable
Resources defined as 2P Reserves + Best Estimate Contingent Resources
4. As Jan 3, 2013 – Closing Price (HKD Exchange rate of 7.8565)
Ownership of Major Shareholders
CDN $200 million syndicated credit facility closed on
October 11, 2012.
Oversubscribed and increased by an additional
CDN$75 million
The co-lead institutions that arranged the credit facility
were Alberta Treasury Branches and Bank of China,
supported by Bank of America, HSBC, Morgan Stanley,
Scotiabank, Toronto-Dominion, UBS and Industrial
Commercial Bank of China
CDN $200 Million Syndicated Credit Facility
EIG Management Company
Cross-Strait Common Development Fund
China Life Insurance
Bank of China
China Investment Corporation
Sinopec
Orient International Resources
Other
3%3%
6%7%
8.5%
8.5%
10%
54%
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 5
Resource Base Provides Significant Growth Opportunity
Notes
1. With the exception of shared formations which represent 0.7% of total land holdings
~70 Billion Barrels of Total Oil in Place;
1.2 MM acres;
P+P Reserves 445 million bbls
+Best Estimate Contingent 4.96 billion bbls
Production Capacity of >1MM bbls per day
~100% Ownership in All Leases (1)
High Growth Portfolio of Assets Composed
of Clastic and Carbonate Oil Sands
Assets Located Close to Several High
Profile International Oil Companies
Sunshine’s Oil Sands Leases Represent ~7% of Granted
Leases in the Athabasca Oil Sands Region
Cc
Ch
T
Su
Sy
B
Cp
I
Ce H
A
Sh
Cn
K
Plans to Develop at Prudent Pace
Reflecting a Strong Balance Sheet
Currently Less Than One Year From First
Steam on First Commercial Development
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
1.3 1.3
2.2
3.1
5.0
107,840
1,000,640 1,000,640
1,085,747
1,156,377 1,189,762
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
0
1
2
3
4
5
6
2007 2008 2009 2010 2011 2012
Best Estimate Contingent 2P Reserves Land Position
6
Recoverable Resources
(Bn bbl) (1)
Source Sunshine Oilsands Ltd.
Recent Developments
Acres (2)
Track Record of Building Scale
Note
1. Recoverable resource defined as 2P Reserves + Best Estimate Contingent Resources
2. 1 Hectare = 2.47105381 acres; we currently hold 467,969 hectares of leases (including all Oil Sands Leases
and PNG Licenses)
First 10,000 bbl/d SAGD phase at West Ells approved and under construction
Filed regulatory application for a
10,000 bbl/d SAGD phase at Thickwood
Filed regulatory application for a
10,000 bbl/d SAGD phase at Legend Lake
Progressing alliance / joint venture arrangements with Sinopec/China Investment Corp and others
Progressing carbonate development plans for commercial applications
Updated Reserve/Resource Report (May 31, 2012)
West Ells under construction as at June 30, 2012Procurement of long lead equipment 100% completeSecondary equipment >90% complete
Operational Accomplishments
Pursuing cold flow developments at Muskwa, Harper, Goffer, Godin and others
Project Area Environmental Impact Assessments for
West Ells, Legend Lake & Thickwood are underway, and
detailed baseline environmental data collection is
expected to be complete by Q4 2012
Planning two commercial applications to be filed in 2013 to expand capacity to an estimate of 300,000 bbl/d
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
0
2000
4000
6000
8000
10000
12000
2009 2010 2011 2012Low Best High
0
50
100
150
200
250
300
350
400
450
500
2009 2010 2011 2012
7
Reserves and Resources Progression
MM
P+P Reserves Progression
Contingent Resource Progression
CAGR* = 40%(Best Estimate Contingent)
MM/Bbl
Notes
1. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012
2. As at Jan 3, 2013 – Closing Price (HKD Exchange rate of 7.8565)
CAGR* = 101%(2P Resources)
*CAGR calculated from 2010 to 2012
*CAGR calculated from 2009 to 2012
Reserves and Resources
PV10(1) PV10/sh(2)
1P Reserves 80 million C$312 million C$0.11
2P Reserves 445 million C$918 million C$0.33
3P Reserves 603 million C$1.6 billion C$0.57
Low Estimate
Contingent Resource1.9 billion C$2.5 billion C$0.89
Best Estimate
Contingent Resource5.0 billion C$6.9 billion C$2.43
High Estimate
Contingent Resource11.4 billion C$19.1 billion C$6.74
2P+ Best Estimate
Contingent Resource5.4 billion C$7.8 billion
C$2.75
HK$21.51
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 8
Hold ~70 Billion Barrels of Total Petroleum-Initially-in-Place
Property / Asset Type First Steam *
Ultimate
Capacity *
(bbl/d)
Total Petroleum-
Initially-in-Place (1)
(MMbbl) (MMbbl) PV10 (C$MM)(2)
West Ells 2013 120,000 1,981 796 2,248
Thickwood 2015 70,000 1,403 504 756
Legend Lake 2016 110,000 1,505 598 855
Other Clastics 200,000 17,806 2,152 2,163
Total Clastics 400,000 22,695 4,050 6,022
Harper Carbonates 200,000 10,556 371 140
Other Carbonates 400,000 35,574 974 1,599
Total Carbonates 2017 600,000 46,130 1,345 1,739
Muskwa Cold FlowCurrently
Producing70 5 14
Total Combined 1,100,000 68,894 5,400 7,775
Summary of Our Asset Portfolio(1)
Base Case Clastic Assets * Management Estimates for First Steam and CapacityNote
1. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 All figures are denominated in C$ millions; Recoverable Resources
defined as 2P Reserves + Best Estimate Contingent Resources
2. Pre-Tax PV10% incorporate GLJ’s April 2012 commodity price forecast s and D&M’s April 2012 commodity price forecast
Recoverable Resources
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 9
2012 Reserves and Resource Assessment
Note
• Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 . All “Pre Tax PV10” figures are in C$ millions;
• Pre-Tax PV10% incorporate GLJ’s April 2012 commodity price forecasts and D&M’s April 2012 commodity price forecast
• All Reserves and Resources are in MMbbls
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 10
Clastic and Carbonate Combined Capacity
Note: Recoverable Resources defined as 2P Reserves + Best Estimate Contingent Resources as per GLJ and D&M May 31 2012
The above “Combined Capacity and Production Curves” are defined as follows:
•Sunshine has identified development potential for an estimated 1,100,000 bopd production capacity by 2026, each project type is identified as either accelerated base case clastics, other additional clastics or carbonates. The
colored segments show the production capacity of the assets;
•The Base Case Clastics at West Ells, Legend Lake and Thickwood are based on accelerated corporate development plan to reach production capacity of an estimated 300,000 bopd by 2025;
•Additional Clastic Development Assets are based on the Competent Persons best estimate contingent resource development plans, with an additional production capacity potential of 190,000 bopd by 2026;
•The Carbonate unconstrained development plan reaches production capacity of an estimated 580,000 bopd by 2025.
Carb
on
ate
sA
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Cla
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Assets
Accele
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d
Base C
lasti
c
Assets
Pro
du
ctio
n C
ap
acity (
bo
pd
)
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
$(3,000)
$(2,000)
$(1,000)
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Accelerated ~1,000,000 BPD Cash Flow
Combined Cash Flow Forecast – Full Development Plan
11
Millions
Years
Notes
1. Assumes a US$/C$ exchange rate of 0.98
2. Crown royalties are based on net revenue royalty on a post-payout basis, including an average sustaining capital cost of
C$8.75/bbl
3. GLJ April 1, 2012 price deck used
4. Heavy oil difference18.5%
Assumptions:WTI - US$ $ 90.00
Natural gas - AECO CAD$ $ 5.10
Cash flow netbacks - $/bbl:
- pre-payout $ 41.37
- post-payout $ 29.72
Capital expenditures ($/boe/d):
Clastics $ 33,766
Carbonates $ 35,608
Sustaining Capital (per bbl) $ 10.19
Peak daily production (boe/d):
West Ells, Thickwood & Legend Lake 200,000
Other Clastics 195,000
Carbonates 581,336
976,336
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 12
West Ells, Thickwood & Legend Lake Base Case
Delineation Drilling & Regulatory Preparation ConstructionRegulatory Approval First Steam
Capacity 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
SAGD Facilities bbl/d
West Ells A1 5,000
West Ells A2 5,000
West Ells A3 30,000
West Ells C1 30,000
West Ells C2 30,000
West Ells B 20,000
Thickwood A1 10,000
Thickwood A2 30,000
Thickwood B 30,000
Legend Lake A1 20,000
Legend Lake A2 30,000
Legend Lake B1 30,000
Legend Lake B2 30,000
Total 300,000
Project Schedule (Base Case Clastic Assets) – 300,000 bbl/d Installed Capacity by 2025 (1)
1. “Base Case Clastic Assets” defined as West Ells, Thickwood and Legend Lake
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 13
West Ells, Thickwood & Legend Lake – Base Case & Accelerated
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
Source Sunshine Oilsands Ltd. (as of July 2012)
10+m Net Continuous
Bitumen
20m Net Continuous
BitumenSAGD Facility
14
West Ells Development
15+m Net Continuous
Bitumen
Source Sunshine Oilsands Ltd.
West Ells Initial Development Area796 million barrels of 2P + Best
Estimate Contingent Resources
~24,000 acres capable of 120,000
bbl/d production rate
Regulatory approval received and
construction commenced on 10,000
bbl/d project
First steam expected mid-year 2013
Using a 5th generation SAGD plant
design
Close to other oil sands leases
including Athabasca / CNPC Dover
Steam Chief and key operators
employed – developing
Commissioning, Start Up &
Operation Procedures completed
Engineering, Design, Equipment
procurement & fabrication on
schedule
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 15
Steam Generator Building
Boiler Feed Water Pump Building
Co-generation Building
Evaporator Building
Fuel Gas
Building
Water Building’s
South Inlet Building
North Inlet Building
Motor Control Centre Building
Produced Water Exchange Building West Tank Building
East Tank Building
FWKO 1 & 2 Building’s
Treater Building
West Ells Development
Site office complex in place
Sunshine’s first horizontal SAGD
producer was finished on December
10th
The Heat Recovery Steam Generator
(HRSG) was delivered to site
Free Water Knockouts (FWKOs) are
onsite
Approximately 1800 piles have been
installed out of 5500
Evaporator tower block poured and
ready for standing of the Evaporator
Tower
Project on time and on budget
Project schedule/spend on track
SAGD Well Pairs: 10 surface
casing sections, 4 intermediate
casing sections and 2 horizontal
sections have been drilled
7 out of 11 Observation wells
have been drilled
Procured >90% of the secondary
equipment
Engineering Schematic
West Ells SAGD Facility
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 16
Thickwood Development
Source Sunshine Oilsands Ltd.
Source Sunshine Oilsands Ltd.
10+m Net Continuous
Bitumen
20m Net Continuous
BitumenSAGD Facility
Thickwood Initial Development Area
R18W4M
T90
T91
15m Net Continuous
Bitumen
2P + Best Estimate Contingent
Resources: ~504 MMbbl
~19,600 acres capable of
70,000 bbl/d production rate
Approximately 90 km from Fort
McMurray and 40 km from
West Ells
Application to construct an
initial 10,000 bbl/d facility at
Thickwood submitted on 31
October 2011
Complete regulatory approval
expected prior to Q2 2013
First steam expected mid-year
2015
SAGD plant design similar to
West Ells
Front End Engineering Design
(FEED) initiated with AMEC-
BDR
Sunshine Oilsands Ltd. ConfidentialJanuary 2013R18W4M
T96
17
Legend Lake Development
Source Sunshine Oilsands Ltd.
Source Sunshine Oilsands Ltd.
10m Net Continuous
Bitumen
20m Net Continuous
BitumenSAGD Facility
Legend Lake Initial Development Area
15m Net Continuous
Bitumen
2P + Best Estimate Contingent
Resources: ~598 MMbbl
~21,500 acres capable of
110,000 bbl/d production rate
Application to construct an initial
10,000 bbl/d facility at Legend
Lake was submitted on 25
November 2011
Complete regulatory approval
expected in Q2 2013
First steam expected early 2016
SAGD plant design similar to
West Ells
Design Base Memorandum
(DBM) initiated
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 18
Other Clastics
Property
Total PIIP
(MMbbls)
Best Estimate
Contingent
Resources
(MMbbls)
Pelican Lake* 1,561 908
Opportunity 2,905 167
Muskwa/Godin 1,624 251
Harper 8,711 751
Portage* 2,493 46
East Long Lake 178 30
TOTAL 17,472 2,153
* Pelican Lake and Portage resources are from the Grand Rapids formation while
development of all other clastic properties is from the Wabiskaw/McMurray formations
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 19
Tremendous Upside Potential from Our Carbonate Properties
Source Sunshine Oilsands Ltd.
Property Formation
Total PIIP
(MMbbls)
Contingent Resources (MMbbls)
Low Est Best Est High Est
Harper Grosmont 10,556 0 371 1,356
Ells Leduc Leduc 921 0 158 336
Goffer Nisku 4,777 0 215 1,018
MuskwaWabamun
/Nisku22,925 0 180 1,183
PortageGrosmont
/Nisku6,070 300 421 1,358
Saleski Grosmont 596 0 0 125
South
ThickwoodGrosmont 287 0 0 57
TOTAL 46,132 300 1,345 5,433
Sunshine carbonate leases cover key formations: Grosmont, Leduc, Nisku, Wabamun, Blueridge and Ireton
Sunshine’s carbonate development plan has been created forecasting 580,000 bbl/d production capacity from Sunshine’s carbonate assets
Preparing for submission of pilot application, currently selecting pilot location and defining execution plan
Carbonate Bitumen Bearing Formations
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 20
Current Carbonate Bitumen Pilots
Sunshine Oilsands Harper CSS Pilot
Total Carbonate Resource Estimate for all
formations is over 500 Billion bbls
Location of Carbonate Pilots
There are currently 4 carbonate pilots in various stages of operation
Sunshine’s carbonate development plan created
580,000 bbl/d production forecast from Sunshine’s carbonate assets
Working on selection and location of regulatory pilot applications
Athabasca Leduc TAGD Pilot
Shell Upper Ireton Horizontal Heater Pilot
Laricina/OSUM Saleski Grosmont SAGD Pilot
UNOCAL Buffalo Creek Grosmont SAGD Pilot
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 21
Cold Flow Assets
Location of Potential Cold Flow Assets
HarperLower Viscosities with Cold Flow Potential Identified in the
Wabiskaw
Further Production Testing Required
GofferLight Oil Keg River Formation Potential Identified
Further Exploration Drilling and Production Testing Required
Muskwa NorthLower Viscosities with Cold Flow Potential Identified offsetting
Woodenhouse Development
Further Exploration Drilling and Production Testing Required
Extension of Muskwa Cold Flow Development in the Wabiskaw
MuskwaCurrent Heavy Oil Production and Field Development in the
Wabiskaw
Optimization of Production and Cost Base
Godin/GoodlowFurther Exploration Drilling and Production Testing Required
Extension of Muskwa Cold Flow Development in the Wabiskaw
PortageFurther Exploration Drilling and Production Testing Required
Offsets Pelican Lake Cold Flow Oil Development in the Wabiskaw
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
Muskwa is in “Active Area” for
Cold flow heavy oil development
Reservoir
Zone: Wabiskaw
Depth: ~325-350 meters
Development: CHOPS
75 km North of Pelican Lake
2012 Activity
Conducting single well
enhanced production
techniques for improved
recovery
Future Development
Strat well drilling to expand
delineation potential
Leverage industry
infrastructure as it is built
22
Muskwa and Area Development
CNRL Oil Sands
CNRL
Woodenhouse
CNRL Livock/
Woodenhouse
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 23
Management and Directors
Management Team
John Zahary, M.Phil, P.EngPresident and CEO
Robert Pearce, BASc, MBACFO and Senior VP Finance
David Sealock, BA, RETExecutive VP, Corporate Operations
Tony Sabelli, CETSenior VP, Operations
Laura Sullivan, P.EngSenior VP, Engineering and Geosciences
Dong LiuSenior VP, Hong Kong and Canada
Dr. Songbo Cong, PhD, P.EngVP, Facilities Engineering
Daniel DugasVP, Field Operations
Jason HancherukVP, Land and Regulatory Affairs
Christine Profili, CAController
Al Stark, BComm, CGATreasurer
Board of Directors
Michael J. Hibberd, BA, MBA, LLBExecutive, Co-Chairman
Songning Shen, BSc, MSc, P.GeolExecutive, Co-Chairman
Raymond Fong, P. EngIndependent Non-Executive Director
Robert Herdman, FCAIndependent Non-Executive Director
Haotian Li, MBA, BA Sc. EngineeringBank of China Group Investment Limited
Anton T.A. Liu, MBA EconomicsChina Life Insurance Co. Ltd.
Mike Seth, BA Sc, P.EngIndependent Non-Executive Director
Gerald Stevenson, BSc, MSc, P.EngIndependent Non-Executive Director
Hok Ming Tseung, Postgraduate of Int’l Econmics &
TradeOrient Holdings International Group
Greg Turnbull, BA, LLB, Q.C.McCarthy Tètrault LLP
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
One of the largest holders of Oil Sands Leases in the Athabasca Region with 1.2 million acres and
~70 Billion Barrels of Total Petroleum-Initially-in-Place
We are a Major Developer of Oil Sands Resources, targeting 300,000 bbl/d Production from our
first three project areas and >1 million bbl/d Capability
Our Management and Technical Teams Have Extensive Experience in Oil Sands Project
Development and Execution to Production
We are Supported by Several Prominent Asian Entities such as Sinopec, China Investment
Corporation, Bank of China, China Life and Orient Group, as well as North American Institutions
such as EIG and Retail
Pure play focused on Insitu Oil Sands
Canada Holds the 3rd Largest Oil Reserves in World – Represents ~52% of the World’s
Investible and Accessible Oil Reserves
Canada’s Oil Sands Have Attracted Significant Investment due to its Low Geopolitical Risk,
Stable Fiscal Regime and Welcoming Investment Policies
Oil Sands are Expected to be a Major Contributor to Global Oil Supply – ~4.2 Million Barrels
per Day of Production Expected by 2025
24
Highlights
www.sunshineoilsands.com
AUDITORS Deloitte & Touche LLP
LEGAL COUNSEL McCarthy Tetrault LLP (Canada)
Freshfields Bruckhaus Deringer (HK)
EVALUATION ENGINEERS GLJ Petroleum Consultants Limited
DeGolyer and McNaughton Canada Limited
REGISTRAR & TRANSFER AGENT Alliance Trust Company (Canada)
Computershare Hong Kong Investor
Services Limited (HK)
INVESTOR CONTACTS John Zahary, President & CEO
David Sealock, Executive VP,
Corporate Operations
Suite 1020, 903, 8 Avenue SW, Calgary, Alberta, Canada T2P 0P7
403.984.1450 403.455.7674
Sunshine Oilsands Ltd. ConfidentialJanuary 2013
Appendix
26
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 27
Oil Sands Region Map Canada’s resource industry features a
unique combination of characteristics that
make it very attractive to international
energy consumers
Large reserves base with significant
growth opportunities
Regulated and safe work environment
creates low political and fiscal risk
Close proximity to growing
undersupplied global demand markets
International investment in Canada’s oil
sands to-date has been significant, and
this trend is expected to continueEdmonton
Calgary
COLD LAKE
ATHABASCA
PEACE RIVER
WABISKAW-
MCMURRAY
DEPOSIT
CLEARWATER
DEPOSIT
Fort
McMurray
Canada
United States650 Km0 Km
Source Canadian Association of Petroleum Producers
Canada’s Oil Sands are a Natural Fit for Global Energy Demand
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 28
Canada’s oil reserves represent ~52% of the world’s investible and accessible reserves
Aside from Saudi Arabia and Venezuela, Canada holds the largest oil reserves in the world
Relative to other resource rich global supply regions, Canada offers a high degree of geopolitical security and a significantly more attractive fiscal regime
Distribution of Global Oil Reserves
State
Owned
78%
Investible and
Accessible
22%
Source Canadian Association of Petroleum Producers
Canada’s Oil
Sands 52%
Other Investible
/ Accessible
Reserves 48%
260
211175
137115 102 92
60 46 37 30 25 20 19
0
50
100
150
200
250
300
Bn bbl
Ranking of World Oil Reserves
Source Oil & Gas Journal (December 2010)
Oil Sands Represent
~97% of Canada’s
Total Reserves
Canada’s Oil Sands Hold the 3rd Largest Oil Reserves Globally,
Representing ~52% of Total Investible/Accessible Reserves
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 29
40
50
60
70
80
90
0
1
2
3
4
5
2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Mining Oil SandsWestern Canadian Conventional Oil Production
In Situ Oil Sands Oil Sands % of Total Production
(%)
Demand for global oil resources is
expected to reach ~112 MMbbl/d
by 2035
Conventional supply is in decline,
and global production is expected
to transition towards non-
conventional sources
As a result of its tremendous
growth trajectory, Canada’s oil
sands will play a major role in
meeting the needs of the world’s
growing crude demandChina / India
OECD ex. North America Non-OECD ex. China / IndiaNorth America
MMbbl/d
Western Canadian Oil Production Forecast
Source EIA International Energy Outlook 2011 and CAPP Crude Oil Forecast June 2012 excludes pentanes/condensates
MMbbl/d 2011A 2020E CAGR
Conventional 1.26 1.43 1%
Mining Oil Sands 0.77 1.33 6%
In Situ Oil Sands 0.84 1.84 9%
Total Oil Sands 1.62 3.17 8%
Total 2.88 4.59 5%
Source Canadian Association of Petroleum Producers
Crude Oil Production Forecast June 2012
MMbbl/d
22 22 23 23 24 23
23 25 25 26 26 27
2730 30 32 35 37
1116 19 22 23 25
0
20
40
60
80
100
120
2009 2015 2020 2025 2030 2035
8493 98 103
108 112
Primary Global Oil Demand by Region
Canada’s Oil Sands Can Meet the Needs of Undersupplied
Growing Demand Markets in Asia and Other Key Regions
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 30
Proposed Pipeline Expansions
Source: CAPP Crude Oil Forecast, Markets & Pipeline Expansions – June 2012
Source: TransCanada – Grand Rapids Pipeline project
Sunshine Facility
Sunshine Legend Lake
Sunshine West Ells
Enbridge Edmonton Terminal
Sunshine Thickwood
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 31
Asian demand relatively close to Canadian supply
Canada’s
Oil Sands
United States
Canada
Japan
Korea
China
PersianGulf
South America
Source Canadian Association of Petroleum Producers
7.818.8
USA
8.1
28.3
China
Supply Demand
1.9 MMbbl/d Mid East
Competitive Proximity to Major Global Crude Demand Markets
Canada is located within close proximity to the world’s largest crude demand region – the United States
The Canadian Government is highly supportive of expanding its export markets
Initiatives are underway to export crude to Asia from Canada’s west coast
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 32
Our 100% Non-Partnered Oil Sands Position Offers Strategic
Value at a Time of Increasing Global Interest in the Region
4.0
10.1
2.1 1.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2009 2010 2011 2012
Operators, owners and buyers from all
over the world have invested billions of
dollars over the last several years to
gain access to Canada’s oil sands
As a result, a large portion of the
acreage in the Athabasca region has
been acquired
Therefore, those holding large, high-
quality non-partnered lands in the
region are significantly advantaged
Our 100% (1) owned oil sands position
is of considerable strategic value
We own ~7% of all granted
leases in the Athabasca oil sands
region
Source Publicly Disclosed Press Releases
Evolution of Lease Positions in the Athabasca Region
Recent Canadian Oil Sands M&A Activity
(C$ Bn)
YTD
Asian acquirors have
been extremely active
in Canada’s oil sands.
2005 Current
Oil Sands Mineral Rights
Source GeoScout December 2011
Notes
1. With the exception of shared formations which represent 0.7% of total land holdings
Other AcquirorsAsian Acquirors
CNOOC/Nexen deal of $15.1B
not included in 2012
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 33
Projects Company Porosity
Bitumen
Saturation
Reservoir
Depth (m)
SOR (1)
(bbl/bbl)
Production
Per Well (bbl/d)
West Ells (2) 31% 76% 255 2.7 808
Thickwood (2) 32% 73% 190 3.6 653
Legend Lake (2) 32% 69% 430 2.9 604
Great Divide (3) 32% 85% 400 3.6 414
Christina Lake (3) 35% 81% 400 2.2 945
Hangingstone (3) 33% 80% 350 3.5 525
MacKay River (3) 34% 74% 137 2.5 657
Christina Lake (3) 31% 77% 370 2.4 906
Surmount (3) 32% 78% 375 2.6 813
Foster Creek (3) 33% 85% 450 2.6 795
Firebag (3) 34% 78% 300 3.2 1,689
Reservoir Parameters Compare Favorably to those of Several
Producing Oil Sands Project Areas
Source All information from IHS Inc. systems data or Energy Resources Conservation Board published In Situ Progress reports
Notes1. Production and SOR inputs based on analysis of public data up to December 2010 (average steady state performance since inception), except for our properties that are based on internal development models including plant build SORs and
expected well peak production rates2. Management development plans, including plant build SORs and expected well peak production rates 3. Production and SOR inputs based on analysis of IHS Inc. public industry data up to December 2010 (average steady state performance since inception). Project data based on ERCB’s published In Situ Progress reports
Comparison of Sunshine’s Clastic Reservoir Characteristics to Producing Project Areas
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 34
Land, Reserves and Resources
0
200
400
600
800
1,000
1,200
1,400
1,600
thousand a
cre
sOil Sands Lease Holdings
0
500
1,000
1,500
2,000
2,500
3,000
mm
bbls
2P Reserves - Oil Sands & Heavy Oil
0
2,000
4,000
6,000
8,000
10,000
12,000
mbbls
2P Reserves & Best Estimate Contingent Resources Oil Sands & Heavy Oil
2P Reserves 2C Resources 2C Bitumen Carbonates
Source: Company Reports and RBCCM Research Report 12 Nov 2012
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 35
Comparative Industry Valuations
$1.48$1.39
$1.31$1.20
$0.40
$0.21 $0.17
$0.00
$0.40
$0.80
$1.20
$1.60
$2.00
EV
/bb
l
Oil Sands & Heavy Oil EV/bbl$6.64
Source: Company Reports and RBCCM Research Report 12 Nov 2012
0.24
0.00
1.00
2.00
3.00
4.00
5.00
Sunshin
e
Ath
abasca
Ivanhoe
ME
G
Bla
ckpearl
connacher
South
ern
P
acific
Suncor
Imperial O
il
Cenovus
Canadia
n O
il S
ands
C$/bblEv per contingent resource
Developers Producers Senior producers
avg = C$3.41/bbl
avg = C$1.35/bbl
avg = C$0.52/bbl
Source: Company Reports and Morgan Stanley Research 14 Nov 2012
0%
10%
20%
30%
40%
50%
60%
70%
80%
Pri
ce/N
AV
Price / NAV Multiples
Price/Base NAV Price/Unrisked NAV
Source: Company Reports and RBCCM Research Report 12 Nov 2012
Sunshine Oilsands Ltd. ConfidentialJanuary 2013 36
Our Oil Sands Assets will Benefit from Favourable Economics
Supplemented by Strong Project Execution
15.24 23.61
30.76 1.69
1.69
1.69
4.76
7.09
9.41
6.25
6.25
6.25
2.16
6.01
11.09
1.38
1.38
1.38
7.75
9.63
11.51
10.78
14.35
17.92
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
50.00 70.00 90.00
(C$/bbl unless noted – Illustrative Netback at West Ells (2011 Dollars))
Our oil sands project economics will
benefit from the following:
Strong oil prices
Narrow heavy to light oil differentials
Low natural gas prices
Favorable royalty / fiscal regime
Based on our current operating
projections, we expect that our Clastic
oil sands assets will be cash flow
positive at WTI oil prices as low as
US$50/bblNotes
1. Assumes a US$/C$ exchange rate of 0.98
2. Carbon emissions based on 25 kilograms of carbon dioxide emitted per barrel of steam, and the costs of carbon is
assumed to be C$25.00 per tonne of carbon dioxide emitted
3. Fuel operating costs assume a plant build SOR of 2.70x. The natural gas required to produce one barrel of steam
is assumed to be 0.407 Mcf/bbl of steam (or 1.099 Mcf/bbl of bitumen). We also plan to inject non-condensable
gas at a rate of 0.219 Mcf/bbl of bitumen produced. The 0.219 of bitumen intensity is inclusive of minor additions
related to plant fuel and fuel for re-pressurisation of compressor units. Total natural gas required to extract one
barrel of bitumen is 1.318 Mcf/bbl. Henry Hub natural gas price assumption based on a 13.8:1 US$ WTI to US$
Henry Hub price based on Gilbert Laustsen Jung Associates Ltd. (“GLJ”) November 2011 commodity price
forecast, which assumes an AECO price discount of US$0.66 per MMbtu to Henry Hub. Fuel gas used at the
SAGD project site is priced at 98% of the AECO Canadian dollar price
4. Non-fuel operating costs include a fixed portion composed of labour, property taxes, insurance, shutdown and
maintenance operating costs. Variable non-fuel component includes well workovers and chemicals
5. Crown royalties are based on net revenue royalty on a post-payout basis, including an average sustaining capital
cost of C$8.75/bbl
6. Condensate price is based on a 2.0% premium over Edmonton Par price with an additional premium of $4.73/bbl at
the project site, which is inclusive of transportation costs. One barrel of the dilbit (defined as a blend of bitumen and
condensate) is composed of 30% condensate and 70% bitumen (or 0.43 barrel of condensate per barrel of
bitumen)
7. Edmonton Par differential of C$0.86 discount to WTI, and a heavy oil discount of 19.5% (to Edmonton Par) for
Lloydminster heavy oil at Hardisty. Also assumes a blend quality differential of C$1.16 per barrel representing the
differential between Ells Legend Lake bitumen blend and Bow River at Hardisty
Cash Operating Netback Carbon Emissions (2)
Fuel Opex (3) Non-Fuel Opex (4)
Post-Payout Royalties (5) Transportation
Diluent (6) Differential and Other (1) (7)
Source GLJ Report, November 2011 for pricing forecast, Sunshine estimates for operating assumptions,
2011 Constant Dollars
US$90 WTI
US$70 WTI
US$50 WTI
C$91.84 (1)
C$71.43 (1)
C$51.02 (1)
Cash Flow
Positive at
US$50/bbl Oil
Prices
Illustrative Long-Term Netbacks per Barrel
www.sunshineoilsands.com
Suite 1020
903, 8 Avenue SW
Calgary, Alberta, Canada
T2P 0P7
403.984.1450
403.455.7674