Bayshore Petroleum Corp.

November 25, 2008 18:30 ET

Bayshore Petroleum Corp. Re-Filing of Financial Statements and MD&A

CALGARY, ALBERTA--(Marketwire - Nov. 25, 2008) - Bayshore Petroleum Corp. ("Bayshore" or the "Company") (TSX VENTURE:BSH), as a result of a continuous disclosure review by the Alberta Securities Commission ("ASC"), is issuing the following press release to clarify the Company's disclosure.

The ASC advised the Company that it had reviewed its disclosure records, as available to the public at, and provided the Company with certain comments in respect of its consolidated financial statements for the year ended December 31, 2007 ("Annual Financial Statements") as well as the corresponding management's discussion and analysis ("MD&A") for such financial period. The errors relate to cash flow statements, future income tax and allocation of purchase price with respect to its qualifying transactions.

Management believes that the errors highlighted in the continuous disclosure review will not have any impact on the Company's abilities to access capital resources. The Company has implemented certain internal controls over disclosure and financial reporting that are more comprehensive than they were at the time of the Company's qualifying transaction as it was a capital pool Company at that time.

The Company is presently working with its auditors to quantify the errors in its financial statements and expects to issue an additional press release in this regard on or prior to December 1, 2008. In addition the Company expects to be in a position to re-file the amended and restated Financial Statements and the MD&A for the year ended December 31, 2007 on or before December 10, 2008.

The Company advises that the amended and restated Financial Statements to certain line item disclosures, dollar amounts and amendments involved with adding certain disclosure necessary to address requirements of the CICA Handbook.

With respect to the MD&A for the corresponding periods, the amendment and restatement of the MD&A for each of the applicable periods involved revisions necessary to more properly address the requirements of National Instrument 51-102 Continuous Disclosure Obligations.

In addition, after discussion with ASC, the Company will also file a Business Acquisition Report ("BAR") in respect to its Qualifying Transaction which closed on June 7, 2007.

The amended and restated financial statements, MD&A and BAR report will be available at

On behalf of the Board of Directors,

Alan M. Tang, President

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Bayshore Petroleum Corp.
    Alan M. Tang
    (403) 269-2823