Mine's always gone into sleep mode after an hour. I wouldn't worry too much about battery life. Even in sleep mode the battery drains (albeit very slowly). Most of the battery use is from page turns, not displaying the pages. The sleep mode is pretty much there to avoid accidentally pressing buttons if you forget to turn it off.
Have you ever done a reset on your Reader? Maybe somewhere you had an option checked for sleep in fifteen minutes but the reset took it back to an hour.
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