Announcement of Results for the Third Quarter Ended September 30, 2015 and an Update on West Ells Progress

HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Nov. 15, 2015) - Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKSE:2012) today announced its financial results for the third quarter ended September 30, 2015. The Corporation's consolidated financial statements, notes to the consolidated financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and with The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (www.hkexnews.hk) and are available on the Corporation's website (www.sunshineoilsands.com). All figures are in Canadian dollars unless otherwise stated.

MESSAGE TO SHAREHOLDERS

In the third quarter of 2015, Sunshine continued to focus on financing initiatives and on West Ells construction and achieved progress in the following areas:

• Achieved first steam injection in two well pairs on September 22, 2015;
• Substantially completed construction activities on site;
• Substantially commissioned systems for central processing plant and well pad;
• Completed all down hole equipment, installation and surface tie ins; and
• Commenced start-up of plant and well pad operations.

Sunshine currently expects first oil in December 2015.

Sunshine's Capital Raising and Joint Ventures Activities

During the third quarter of 2015, the Company issued 111,214,210 Class "A" common shares through a partial closing of a private placement under a specific mandate approved by independent shareholders at a special general meeting of shareholders (the "SGM") held on July 20, 2015. On August 20, 2015, the 111,214,210 Class "A" common shares were issued at a price of HK$0.75 per share (approximately CDN$0.13 per share) for gross proceeds of HK$ 83.4 million or approximately CDN$ 14.1 million. The remaining 413,520,000 shares (HK$ 310.1 million or approximately CDN$ 53.5 million at September 30, 2015) approved under the specific mandate are to be closed in one or more tranches with the last tranche closing no later than December 2, 2015.

The remaining 413,520,000 shares were subscribed by Prime Union Enterprises Limited ("Prime Union"). Prime Union is a company directly wholly owned by Mr. Kwok Ping Sun who is a substantial shareholder and the Executive Chairman of the Company.

On September 30, 2015, the Company issued 100,000,000 Class "A" common shares under a general mandate through a private placement at a price of HK$0.50 per share (approximately CDN$0.09 per share) for gross proceeds of HK$ 50 million or approximately CDN$ 8.6 million.

Sunshine has been positively examining opportunities, by various means and through various channels, to secure additional debt capital to fund Phase 2 expansion of West Ells.

Summary of Financial Figures

As at September 30, 2015 and December 31, 2014, the Corporation notes the following selected balance sheet figures:

For the third quarter of 2015, the Corporation had a net loss of $30.4 million compared to $1.3 million for the same period in 2014, representing a net loss per share of $0.01 for the 2015 period and $0.00 for the 2014 period.

2015 Outlook

As at the date of this announcement, construction of the West Ells facilities is substantially complete and first oil is currently expected in December 2015. Sunshine is fully committed to advancing its corporate initiatives to ensure that West Ells achieves a smooth startup of the Phase 1 facilities and achievement of nameplate capacity of 5,000 bbls/day.

ABOUT SUNSHINE OILSANDS LTD.

The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012 and on the Toronto Stock Exchange from November 16, 2012 to September 30, 2015, when it chose to voluntarily delist. 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 oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation is currently focused on executing milestone undertakings in the West Ells project area.

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 at 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, 2014 and risk factors described in other documents that the Corporation files 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 on the Corporation's website at www.sunshineoilsands.com.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun, Mr. Hong Luo and Dr. Qi Jiang as executive directors; Mr. Michael John Hibberd, Mr. Hok Ming Tseung, Mr. Chen Jianzhong and Mr. Jin Hu as non-executive directors; and Mr. Raymond Shengti Fong, Mr. Robert John Herdman, Mr. Gerald Franklin Stevenson and Mr. Zhefei Song as independent non-executive directors.

Contact

Sunshine Oilsands Ltd.
Mr. Hong Luo
Chief Executive Officer Chief Executive Officer
Tel: (1) (403) 930-5677

Sunshine Oilsands Ltd.
Mr. Qi Jiang
President and Chief Operating Officer
Tel: (1) (587) 390-0606

Email: investorrelations@sunshineoilsands.com
Website: www.sunshineoilsands.com