Exploration & Production | People | People-Resignation

Sunshine Chairman Assumes CEO Position

Share Print Bookmark    |    Tuesday,September 02,2014

The Board of Directors of Sunshine Oilsands Ltd. has accepted the resignation of Mr. David Sealock as Interim President and CEO, effective immediately.

As Executive Chairman of Sunshine, Mr. Michael Hibberd has assumed direct responsibility for all CEO tasks and functions. The Board of Directors warmly thanks Mr. Sealock for his significant contribution to managing Sunshine through challenges associated with the West Ells project suspension and the demands related to securing sufficient financing to re- commence West Ells construction.

By letter dated September 1, 2014 in Calgary, Mr. Sealock advised the Board of Directors that he wished to pursue other opportunities and submitted a resignation letter requesting that it be recognized as effective immediately. After acknowledging thanks for Mr. Sealock’s contributions, noting that he will be sincerely missed and wishing him all the best in his future endeavors, the board accepted the resignation, effective immediately.

In connection with future executive hiring plans, Mr. Hibberd advised as follows: "An executive search firm has now been formally retained to assist the Board of Directors in identifying and selecting a qualified candidate for the permanent President and CEO position. Until that occurs, I have assumed direct responsibility for ensuring that all CEO tasks and functions are addressed."

Mr. Sealock has been with Sunshine since 2008 and has served in the role of Interim President and CEO since December 10, 2013. The Board of Directors confirms that there are no matters that need to be brought to the attention of shareholders in connection with this resignation. Mr. Sealock’s resignation letter also confirms that there are no matters that he wishes to bring to the attention of shareholders.

His letter notes the following: “Sunshine is in a very strong position to complete the West Ells project based on deliverables achieved during the last nine months. Sunshine has an effective and committed management team. The strength and determination of the team has been particularly evident in the last nine months in the team’s unwavering willingness to work together to address major challenges to preserve Sunshine’s ability to continue with its growth and development objectives. Sunshine’s management team can be expected to achieve smooth and efficient construction of the West Ells project.”

Appointment of Senior Vice President, Engineering

The Board of Directors is pleased to announce that Mr. Songbo Cong has been appointed Senior Vice President, Engineering, effective immediately. Mr. Cong has been the Corporation’s Vice President, Special Projects since June, 2013. Previously, he was Sunshine’s Vice President, Facilities Engineering from January 2008 to June 2013 and served as a director from May 2007 to December 2007. Prior to his employment with Sunshine, Mr. Cong was a principle engineer of Honeywell from January 2005 to January 2008, group manager and advisor of Aspentech Ltd. from June 2000 to December 2004 and application engineer of Matrikon from June 1999 to June 2000. Mr. Cong also worked for Sinopec as an application engineer in petrochemical engineering from 1988 to 1993.

Mr. Cong holds a Ph.D degree in chemical engineering from China University of Petroleum, M.Sc. degree and B.Sc. degree in process instrumentation and control.