January 19, 2009London – United Kingdom

London Oil Sands Forum 2009

This presentation contains “forward-looking statements” including estimates of future plans and operations, cash flows, the estimated amounts and timing of capital expenditures, the assumptions upon which estimates are based and related sensitivity analyses, and other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimated” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. Forward-looking statements are based on the estimates and opinions of the Corporation’s management at the time the statements are made.

The Corporation assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.

Disclaimer

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Corporate Overview Investment Summary People Project Portfolio Assets Differentiating Factors

Agenda

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All financial information is in Canadian dollars unless stated otherwise.All references to production, resources and capital expenditures are associated with Sunshine Oilsands Ltd.’s 1,000,640 acres of land (1,563.5 sections).

Sunshine Oilsands Ltd. was established in February 2007 and is a Calgary based company focused on the development of its 1,000,640 acres of oil sands leases in the Athabasca oilsands region

Share Capital Basic shares outstanding 49.0MM Fully diluted shares outstanding 56.6MM

581 shareholders (no shareholder owns greater than 10%) 7.6 million options outstanding Management owns 17% of the basic shares and 26% of the fully diluted shares

Total capital raised to date is $95 million $61.2 million invested to date in land acquisitions

Established a committed $35 million syndicated credit facility Canadian Imperial Bank of Commerce $10MM – July/08 Royal Bank of Canada $10MM – July/08 Bank of Montreal $10MM – Sept/08 Alberta Treasury Branch $5MM – Oct/08

22 full time personnel and 10 consultants

Corporate Overview

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Strong Management Team & Board of Directors Extensive energy experience with a proven track record of executing large oil sands projects with companies

that include Rally Energy Corp., Deer Creek Energy Limited, Connacher Oil & Gas Ltd. and Flint Energy Services Ltd.

Key divisional management in place to support all aspects of commercial development

Significant Size and Quality Resource Base 100% ownership of one of the largest oil sands land holdings – 1,000,640 acres (1,563.5 sections), with

the exception of 8 sections in Township 89 GLJ Petroleum Consultants Ltd. evaluation on 392 sections based on 58 core holes estimates 8.9 billion

barrels of Petroleum Initially In Place (PIIP) and 1.3 billion (best case gross lease recoverable resources), 2.4 billion (high case gross lease recoverable resources)

Diverse portfolio of assets held within three distinct business groups – conventional heavy oil, cretaceous sandstones and carbonates

Three Initial Areas Identified for Commercial Development Commercial projects identified in West Ells and Thickwood – West Ells 10,000 bbl/d application to be filed

in Q1 2009 and the Thickwood 10,000 bbl/d application to follow in Q4 2010 Production capacity of 130,000 bbl/d from 50 sections in the West Ells and Thickwood areas Potential conventional heavy oil production at Muskwa by year end 2009 – provides short line of sight to

cash flow

Pure Oil Sands Investment Opportunity with Significant Growth Prospects Pilot in Harper to explore carbonate in situ response and recovery potential Tremendous reserve upside potential through future delineation programs

Investment Summary

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John Kowal, B.Comm., MBA – Co-CEO +20 years experience Previously CFO for Total E&P Canada and Deer Creek Energy

Doug Brown, B.Sc., P.Eng. – Co-CEO and Chief Operating Officer +20 years experience Previously VP of Operations & Engineering with Rally Energy Corp. and VP Corporate Development and Planning with Flint Energy

Services

Tom Rouse, B.Comm., CMA – Chief Financial Officer +20 years experience Previously CFO for Patch International and Great Plains Exploration

Dr. Songbo Cong, PhD, P.Eng. – Vice President, Facilities Engineering +20 years experience Previously Principal Project Engineer with Honeywell International and Aspen Technology

Dan Dugas – Vice President, Field Operations +25 years of experience Previously Operations Supervisor for EnCana, Foster Creek and Amoco BP, Wolf Lake

Jason Hancheruk, RPFT – Vice President, Regulatory, Environmental and Stakeholder Affairs +7 years experience in oil sands regulatory approvals Previously involved in projects for Chevron, Shell, JACOS, Nexen

Gordon Sanders – Vice President, Drilling and Construction +35 years experience in drilling, completions and construction Previously with First Calgary Petroleum, Ecumed, Centurion, Rally Energy, Mobil Oil, HCO Energy, Morgan Hydrocarbons, Ledge

Resources

David Sealock, BA – Vice President, Corporate Operations +20 years experience Previously VP of Corporate Services with MegaWest Energy and management positions with Total E&P Canada and Deer Creek

Energy Al Stark, B.Comm., CGA – Controller

+18 years experience Previously Finance Director for Rally Energy Corp. and VP, Finance with Ziff Energy Group

Management Team

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Michael J. Hibberd, BA, MBA, LLB Co-Chairman of Sunshine Oilsands Ltd. Chairman and Co-CEO of Sunshine Oilsands from February 2007 to October 6, 2008 Chairman of Heritage Oil Corp and Heritage Oil Ltd, and director of six other public companies

Songning Shen, M.Sc., P.Geol Co-Chairman of Sunshine Oilsands Ltd. President and Co-CEO of Sunshine Oilsands from February 2007 to October 6, 2008 Extensive knowledge of Alberta oil sands, former exploration manager with Connacher Oil &

Gas and senior consultant to Koch Canada Exploration Kevin Flaherty, MBA

Chairman and CEO of Celtic Minerals Director of Carpathian Gold Inc., Linear Gold Corp.

Raymond Fong, P.Eng. Director of Stealth Ventures and Abenteuer Resources Corp.

Zhijun Qin, M.Sc. CEO of GPT Group

Mike Seth, BA Sc. President of Seth Consultants Ltd. Previously Chairman of McDaniel & Associates Consultants Ltd.

Greg Turnbull, BA, LLB Regional Managing Partner (Calgary) with McCarthy Tétrault LLP Director of several public oil and gas companies

Board of Directors

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Project Portfolio

8Time

Prod

uctio

n

Technology: HorizontalAPI: 14-16Steam: NoDiluents: NoPricing: LLB - 5%Depth: 400mOther:

Water flooding at later stages to sustain recovery

4-10% recovery on Primary

30% recovery on Enhanced

Short time line to cash flow

Controllable capital and lifting costs

Conventional Heavy Oil

CretaceousSandstone

Carbonate

Technology: SAGD API: 8-10Steam: YesDiluents: YesPricing: LLB - 5% (Blended)

- 40% (Hot)Depth: 220m-250mOther:

40-50% Recovery

Reliable, Predictable

Reservoir conformance maturing & predisposed to optimization

Technology: CSS or SAGDAPI: 9-12Steam: YesDiluents: YesPricing: LLB - 15% (Blended)

- 50% (Hot)Depth: 550mOther:

Potential 30% Recovery

Knowledge base and emerging technologies growing

Tech

nolo

gy E

volu

tion

Sunshine’s project portfolio falls into three business groupings

Assets

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West Ells

Ells

Harper

Muskwa

Portage/Pelican Lake

Thickwood

GLJ resource estimate (based on only 392 sections and 58 core holes)

• 8.9 Billion PIIP• 2.4 Billion recoverable (high case)• 1.3 Billion recoverable (best case)

1,000,640 Acres (1,563.5 Sections)

• Six (6) Primary Areas• 100% ownership and operatorship

Area participants include Shell, Husky, CNRL, Total, Athabasca, Suncor, Chevron and Imperial

Assets: GLJ Resource Summary

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Area (Contingent + Prospective)

2008 Program# of Core

WellsPIIP

Total (mstb)

Formation

Cretaceous

Type

Carbonate

Gross Lease(mstb)

Best Case

Resources

High Case

Present Value (10%) (Best Case) (MM$) (*)

Present Value (10%) (High Case) (MM$) (*)

Ells 22 2,943,040 2,943,040 711,982 884,223 $1,166 $1,751

Harper 4 2,199,818 280,587 1,919,231 - 536,087 - $542

Thickwood 24 2,070,144 1,828,725 241,419 398,143 572,940 $544 $846

Saleski 4 761,974 320,937 441,037 - 123,129 - $44

East Long Lake 4 162,355 162,355 34,472 69,789 $118 $288

Crew Lake 0 320,982 320,982 - 19,086 - $51

Portage 0 66,870 66,870 - 13,308 - $15

Pelican 0 383,797 383,797 107,008 165,031 $219 $432

Muskwa 0 n/a n/a n/a n/a n/a n/a n/a

Goffer 0 n/a n/a n/a n/a n/a n/a n/a

TOTAL 58 8,908,980 6,307,293 2,601,687 1,251,605 2,383,593 $2,046 $3,968

Evaluated by GLJ as at April 30, 2008 based on 392 sections and 58 core holes

Does not include recent Ells land purchase estimated to contain 83.4 million bbls best estimate contingent and $210 million NAV10% at July 1/08 GLJ metrics

Does not include any value attribution to conventional heavy oil lands

(*) Before Tax

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Conventional heavy oil production potential in Muskwa and Portage/Pelican Lake project areas

Potential short line of sight to cash flow in 2009 at Muskwa

Evaluations of Muskwa and Portage / Pelican Lake not included in GLJ assessments

Conventional Heavy Oil Projects

Operator EnCana CNRL BroncoProducing Now Now NowDepth (meters) 400 - 500 400 - 500 400 - 500Gravity (API) 14-16 14-16 14-16Process Horizontal Horizontal HorizontalPeak Production (bbl/d) 23,250 35,500 1,935

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

bbls

/day

Forecast - Primary Production

High Case, Management, bbl/d

GLJ High Case, Rate Estimated, bbl/day

Capex $141.3 MillionBarrels 15.2 MillionF&D $9.30

Capex $88.8 MillionBarrels 10.7 MillionF&D $8.30

Capex $84.5 MillionBarrels 5.3 MillionF&D $15.94

Muskwa Primary Production Scenarios

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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

bbls

/day

Forecast – Primary and Enhanced Production

Oil Production, bbl/d

Primary Development

Project Phase

Estimated Period

Expected Heavy Oil Production(bbl/d)

Cumulative Capital Cost

2010Phase 1 1,800 $31,000,000Phase 2 2011 3,100 $49,000,000Phase 3 2012 3,800 $68,290,000Phase 4 2013 - 2017 4,000 $127,149,000Phase 5 2017 - 2025 1,900 $141,290,000

Enhanced Development

Project Phase

Estimated Period

Expected Heavy Oil Production(bbl/d)

CumulativeCapital Cost

Phase 1 2017 2,900 $111,155,000Phase 2 2018 4,160 $111,655,000Phase 3 2019 4,861 $221,905,000Phase 4 2020 - 2030 5,695 $316,905,000

Phase 5 2031 - 2034 2,000 $318,905,000

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Total Capital for Primary & Enhanced $460,195,000

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Drilling and seismic programs identified in West Ells and Thickwood

West Ells Phase 1-10,000 bbl/d application filed by Q1 2009

Thickwood Phase 1-10,000 bbl/d application filed by Q4 2010

Targeted to realize 130,000 bbl/d upon full development of two commercial areas consisting of 50 sections

Staggered construction phases at each area to manage labour shortages and maximize production efficiencies

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Projects Company Net Pay(m) Porosity Bitumen

Saturation

Reservoir Depth

(m)Facies

West Ells Sunshine 15-22 34% 78% 250 Deltaic Sands

Thickwood Sunshine 12-20 31% 73% 220 Deltaic Sands

Great Divide Connacher 15-21 32% 85% 400 Channel SandsChristina

Lake EnCana 25 35% 81% 400 Channel Sands

Hangingstone Jacos 15-24 33% 80% 350 Channel Sands

Mackay River Petro-Canada 15-35 34% 74% 137 Channel Sands

Joslyn Total 15-25 33% 80% 110 Channel Sands

Ells River Chevron 15-30 33% 78% 220 Deltaic Sands

Dover 1 AOSC 15-24 34% 78% 250 Deltaic Sands

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Deltaic Sands can be cleaner and more continuous than Channel Sands

Deltaic Sands Channel Sands

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More than 60% of the world’s oil reserves are held in carbonate reservoirs (1)

Bitumen and heavy oil have been successfully recovered from carbonates around the world

Canada holds the largest global carbonate opportunity

Total resources of 440 Billion PIIP (2)

26.4% of Alberta bitumen is deposited in carbonate reservoirs (3)

Sunshine’s management team was responsible for Rally Energy’s Issaran field start-up, commissioning and operations

Selected Heavy Oil Carbonates ProjectsCountry Canada Oman Egypt SyriaOperator UNOCAL PDO (Shell) Rally TanganyikaProducing 1970's-80's Now Now NowDepth (meters) 200-500 500 200-600 600-1400Gravity (API) 5 - 9 16 10 -12 17 - 19Process Various TAGOGD CSS CSSSteam to Oil Ratio 8x - 14x 4x 4x NAPeak Production (bbl/d) 630 30,000 10,000 TBARecoverable bbls (bnbbl) 38 0.3 0.2 TBA(1) Source: Schlumberger Market Analysis 2007, BP Statistical Review 2007

(2) Alberta Energy and Utilities Board

(3) Alberta Research Council

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$385 million for first 10,000 bbl/d, which includes infrastructure costs $55 million in one time costs dedicated to access road and co-gen

10,000 bbl/d SAGD design 12 well pairs 800 meter horizontal length 100 meter spacing Optimal injection pressure 2000 kpa SOR 3.3 Production rates: 800 bbl/d per well pair Management estimated operating cost of $25.10 per bbl (assumes a natural

gas price of $10.00/mcf)

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012DBM Application Submission Regulatory ApprovalDetailed EngineeringProcurementShop FabricationSite CivilRoad Alignment with CPP Spur Road LOC Submitted Spur Road LOC Approved, Permits Received Spur Road ConstructionFacility CivilFacility MechanicalFacility ElectricalCommissioning

Two initial project areas encompassing 50 sections West Ells Thickwood

Distance between facilities is 18 miles

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

West Ells Phase 1 ApplicationWest Ells Phase 1 Materials and ConstructionWest Ells Phase 1 First Oil Thickwood Phase 1 ApplicationThickwood Phase 1 Materials and ConstructionThickwood Phase 1 First Oil West Ells Phase 2 ApplicationWest Ells Phase 2 Materials and ConstructionWest Ells Phase 2 First Oil Thickwood Phase 2 ApplicationThickwood Phase 2 Materials and ConstructionThickwood Phase 2 First Oil West Ells Phase 3 ApplicationWest Ells Phase 3 Materials and ConstructionWest Ells Phase 3 First Oil Thickwood Phase 3 ApplicationThickwood Phase 3 Materials and ConstructionThickwood Phase 3 First Oil

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Project Phase Estimated First Oil

Expected Bitumen Production(bbl/d)

Capital Expenditures

(Millions)

Initial Cumulative Capital Expenditures

(Millions)West Ells Phase 1 2012 10,000 $385 $385Thickwood Phase 1 2014 10,000 $375 $760West Ells Phase 2 2015 30,000 $620 $1,380Thickwood Phase 2 2017 30,000 $620 $2.000West Ells Phase 3 2018 25,000 $620 $2,620Thickwood Phase 3 2020 25,000 $620 $3,240

Total 130,000 $3,240 $3,240

Capital (M

illions)

Time

Full cycle capital efficiency = $25,000 per bbl/d

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Bbl

s pe

r day

, Ann

ualiz

ed T

herm

al

Thickwood Phase 3

West Ells Phase 3

Thickwood Phase 2

West Ells Phase 2

Thickwood Phase 1

West Ells Phase 1

Cumulative Capital Profile

Engineering BDR

Proven Track Record “Fast and Good” Proven Design Operational Builds

Environmental Millennium Environmental

Management Solutions (MEMS) Sector Leader for Environmental

Approval Applications for oil sands Juniors

Successfully Progressed and Defended Numerous oil sands Recovery Projects

Turnkey Preparation and Delivery

Core Analysis Loring Tarcore Labs Ltd.

Patented core analysis process

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Assets One of the largest land holdings in the Athabasca Region (1,000,640 acres) Portfolio consists of three asset groupings

conventional heavy oil - short line of sight to cash flow Cretaceous - high value, medium term SAGD assets Carbonates - substantial long term value assets

People Proven track record of execution with other successful companies (Rally Energy, Deer Creek,

Connacher, Flint) Divisional leaders in place Proven operations experience with sandstone and carbonate reservoirs

Capital Structure Broad shareholder base No controlling shareholder (all shareholders <10%) Efficient and transparent structure with managed dilution

Resources Tremendous upside potential GLJ evaluations predicated on only 58 core holes resulting in 8.9 billion bbls (PIIP)

Production Growth Large Production potential Potential to realize 130,000 bbls/day production identified on only 50 sections

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Sunshine Oilsands Ltd. Suite 1400, 700-4th Avenue, SWCalgary, Alberta, CanadaT2P 3J4

Tel: +1 (403) 984-1450Fax: +1 (403) 455-7674Doug Brown: +1 (403) 984-1438John Kowal: +1 (403) 984-1439Email: dbrown@sunshineoilsands.com

jkowal@sunshineoilsands.comWebsite: www.sunshineoilsands.com

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