CALGARY, Alberta, April 26, 2019 (GLOBE NEWSWIRE) -- Bayshore, the TSX Venture Exchange (TSX: BHS) listed technology focused oil and gas company, is pleased to announce the Company’s audited financial statements and accompanying management discussion & analysis for the year ended December 31, 2018 were filed on April 15, 2019 and are available online at www.sedar.com. The main highlights of 2018 were as follows:
Corporate
- Mr. Po Kwong (Ivan) Chan was appointed Director and Chairman of the board.
- Ms. Ellen Yu and Mr. Alex Falconer were elected to the Board of Directors as independent board members and were appointed as members of the audit committee.
- Mr. Lance Mierendorf was appointed as Chief Financial Officer.
- The Company’s shares ceased trading on May 4, 2018 due to the late annual filing of the 2017 annual audited financial statements. The Company resolved all issues raised by the TSX Venture Exchange as a result of a continued listing review and the Company’s shares were reinstated for trading on January 3, 2019.
- At the 2018 annual general meeting held on August 7, 2018, shareholders approved a private placement which resulted in Morag Investments Ltd., a company owned and controlled by the Chairman of Bayshore, owning more than 50% of the outstanding shares of the Company.
Financial
- On December 28, 2018, the Company completed a private placement, initially announced on June 29, 2018, raising gross proceeds of $750,000.
- The Company secured debt financing totalling $650,000 from the Chairman of Bayshore.
- Net loss for 2018 was $82,409 (2017 - net loss of $122,352), inclusive of a one-time, non-recurring charge for the derecognition of liabilities of $526.259.
- Cash on hand at December 31, 2018 was $820,705 (2017 - $51,842).
- Working capital at December 31, 2018 was $426,794 (2017 - $923,740 deficit).
Operational
- Activities were limited to administration and business development with a focus on collaborating with industry partners to implement a partial heavy oil/bitumen upgrade project (“Pilot Partial Upgrade Project”).
- Board and management continue to focus on securing funding to advance the Company’s heavy oil partial upgrade initiative.
During April 2019, the Company moved into a new corporate office located at Bay 127, 5655 – 10th Avenue NE, Calgary, Canada. The registered and mailing office remains unchanged at 340, 600 Crowfoot Crescent NW, Calgary, Canada.
Peter Ho, CEO, commented:
“The Company continues to focus its efforts and resources on collaborating with industry partners including technology holders, potential investors and suppliers of heavy oil, to implement a heavy oil Pilot Partial Upgrade Project in northern Saskatchewan. Lab and desktop testing of the technology process by the technology owner (who is independent of Bayshore) is ongoing and the Company is designing field infrastructure at a proposed field site ideally located near a heavy oil producing asset. Agreements on the various aspects of the pilot project including ownership of assets and structure of the investment are progressing and the Company anticipates that the commissioning of a Pilot Partial Upgrade Project will take place in 2019."
For further information, please contact:
Peter Ho, Chief Executive Officer and Director
peter.ho@bayshorepetroleum.com
+1 (403) 630 4355
Lance Mierendorf, Chief Financial Officer
lance.mierendorf@bayshorepetroleum.com
+1 (403) 680 8773
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Bayshore Head Office:
PHONE +1 403 265 8820
FAX +1 403 290 6565
info@bayshorepetroleum.com
340-600 Crowfoot Crescent NW
Calgary, Alberta, T3G 0B4