BSH Bayshore Petroleum Corp

Bayshore Petroleum Corp. (TSX VENTURE:BSH) ("Bayshore" or the "Corporation") is
pleased to announce it has entered into a Memorandum of Understanding with a
private oil/gas company operating in Saskatchewan pursuant to which Bayshore
will construct a small-scale heavy oil upgrading facility utilizing a
proprietary cold catalytic cracking ("CCC") process. The pilot project, to be
located in the Meota area of Saskatchewan, is expected to initially process and
upgrade 350 barrels of heavy oil (10 degrees API) per day from the Meota field
into diesel-quality oil, synthetic gas and coke. The upgrader will be
constructed to permit input capacity expansion to 1,000 barrels of heavy oil per
day in conjunction with the field development plan. Under the proposed
arrangement, Bayshore will purchase the heavy oil directly from the private
oil/gas company and/or other sources in the area. The upgrader is expected to
demonstrate the commercial viability of the CCC process following successful
laboratory tests conducted by Bayshore using heavy crude obtained from the area.
In the laboratory tests the CCC process yielded vehicle-quality diesel in a
normal pressure and low temperature environment using a proprietary catalyst.
Further laboratory tests are required to determine the pilot plant's operating
parameters and flow processes. 


In addition, under the same Memorandum of Understanding, Bayshore will have an
option until July 31, 2013, to purchase up to 50% of the exploratory/development
heavy oil acreage in Meota area owned by the private company at a price
agreeable to both parties. Total acreage in the area owned by the private
company is 9,600 acres. 


The Memorandum of Understanding contemplates the execution of formal agreements
following further negotiation and finalization of terms and conditions. 


Bayshore is a Calgary, Alberta based corporation engaged in the exploration,
development and production of petroleum and natural gas. The Common Shares are
listed on the TSX Venture Exchange under the trading symbol "BSH". 


Cautionary Statements

Statements in this press release may contain forward-looking information
including expectations of future production, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income taxes,
regulatory changes, and other components of cash flow and earnings. The reader
is cautioned that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the company. These risks include, but are not limited to, the risks associated
with the mining industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to, operational risks in
exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and expenses.
The reader is cautioned not to place undue reliance on this forward-looking
information. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Bayshore Petroleum Corp.
Peter Ho
President and Chief Executive Officer
(403) 265-8820

Grafico Azioni Bayshore Petroleum (TSXV:BSH)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Bayshore Petroleum (TSXV:BSH)
Storico
Da Giu 2023 a Giu 2024