Mr. David Sealock reports

SUNSHINE OILSANDS LTD. ANNOUNCES SALE OF NON-CORE ASSETS AND APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER

On July 17, 2014, Sunshine Oilsands Ltd. entered into a petroleum, natural gas and general rights conveyance agreement for the sale of certain non-core oil sands assets, which relate to, among other things, land, petroleum and natural gas rights, to a third party industry partner, for total consideration of $20-million (which is equivalent to approximately $144.4-million (Hong Kong) 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 Dec. 31, 2013. The disposal was completed on July 21, 2014, and the proceeds from the disposal will be added to the corporation's general working capital. The divestiture of the assets will place the corporation in a positive cash position. The percentage ratios under Chapter 14 of the Hong Kong listing rules in respect of the disposal are less than 5 per cent.

Appointment of interim chief financial officer

The corporation also announces that Men Qiping has been appointed as interim chief financial officer of the corporation with effect from July 21, 2014. Mr. Men holds a bachelor of engineering degree from Harbin University of Technology in Harbin, China, and an MBA from Dalian University of Technology in Dalian, China. Mr. Men also obtained his bachelor of applied business administration designation in accounting from Southern Alberta Institute of Technology in Calgary, Alta., and is a certified public accountant and a certified general accountant. Most recently, Mr. Men was the vice-president of Goldenkey Oil Inc., a private oil and gas company based in Calgary, Alta. Prior thereto, Mr. Men was the chief financial officer and vice-president of each of Anterra Energy Inc. and Sahara Energy Ltd., which are both publicly traded, junior oil and gas companies listed on the TSX Venture Exchange and based in Calgary, Alta.