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Headquartered in Calgary, Alberta 

Largest non‐partnered land position in the Athabasca region 

Focused on            3 initiatives: 

Conventional Heavy Oil 

Cretaceous Sandstone  

Carbonates 

Controls 7% of Athabasca region issued oil sands leases 

43.8 billion barrels of petroleum    initially in place 

2.2 billion barrels best case contin‐gent resource with a PV10% value of CDN $3.1 billion 

70 million barrels of 3P reserves with a PV10% value of CDN $209 million 

2010/11 Winter Drilling will in‐crease recoverable resource estimates 

94.9 million com‐mon shares out‐standing 

Experienced and reputable senior management team with a proven track record  

March 2011 

CORPORATE OVERVIEWCORPORATE OVERVIEWCORPORATE OVERVIEW   

Sunshine Oilsands 

The Athabasca Oil Sands region in Canada is destined to become one of the most significant oil producing regions in the world.

Sunshine holds the largest non-partnered land base with 100% ownership and control of leases covering 1,153,600 acres (4,600+ sq km), representing approximately 7% of all of the lease area granted in the Athabasca region in Alberta, Canada.

Sunshine controls substantial commercial potential. Management currently estimates production potential of 200,000 bbl/d from cretaceous sand-stones with additional upside in excess of 600,000 bbl/d from carbonates.

Sunshine’s strategically targeted land lease acquisitions have established a diversified international scale oil sands portfolio balancing long-lived development plans with near-term cash flow.

SHORT TERM - Conventional Heavy Oil: Short line of sight to production and cash flow. Vertical and horizontal well production has commenced. Primary production potential of 3,000 bbl/d, with an opportunity for secondary recovery enhancement.

MEDIUM TO LONG TERM - Cretaceous Sandstone: High value, large production profile oil sands assets; first application submitted and regula-tory process underway for a 10,000 bbl/d development in West Ells. Second and third applications are expected to be made later in 2011 for 10,000 bbl/d projects. Management currently estimates production potential of 200,000 bbl/d from cretaceous sandstone.

LONG TERM - Carbonates: Substantial long-term oil sands growth assets. First pilot commenced in December 2010 and achieved success in

demonstrating carbonate oil mobility. Management estimates ultimate production potential in excess of 600,000 bbl/d on carbonate leases.

Project Map 

Project Details 

Well defined growth plans for oil sands development - No mining, no tailings ponds, efficient water usage, and a small environmental footprint.

Short line of sight to production and cash flow from the Muskwa conventional heavy oil project. Target 2011 exit rate of >1,750 bbl/d.

Experienced senior management team with a proven track record of efficiently executing project growth phases and creating significant value in past projects. Substantial management experience and success with all elements of regulatory application management.

Financial strength and flexibility. Sunshine has a cash balance of over $200 million with no debt. Common shares outstanding: 94.9 million basic and 116.8 million fully diluted. Page 1 

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This release contains certain forward-looking information and statements and contains assumptions, outlooks and estimates that management considers to be reasonable at this time, but there can be no assurance that this will be the case. Actual results will vary.

For more information please visit our website: www.sunshineoilsands.com

Sunshine’s Lease Areas—Management’s Estimated In‐Place Potential 

CORPORATE OVERVIEWCORPORATE OVERVIEWCORPORATE OVERVIEW   

Asset Overview 

Large, high quality resource base: Over 1.15 million acres in the prolific Athabasca oil sands region.

As at July 31, 2010, GLJ Petroleum Consultants, leading third party reserves engineers, have recognized 43.8 billion barrels of Petroleum Initially In Place, 2.2 billion barrels best estimate contingent resources (Pre-tax PV10% of CDN $3.1 billion) and 70 million barrels of 3P reserves (Pre-tax PV10% of CDN $209 million).

Significant resource additions are expected from the 2010/11 Winter Drilling Program.

Management currently estimates production potential of 200,000 bbl/d from cretaceous sandstone areas and additional up-side in excess of 600,000 bbl/d from the carbonates with production sustaining at these levels for decades without decline.

Alberta’s oil sands fiscal regime is generous by international stan-dards.

GLJ Reserves and Resources