Bayshore Petroleum Corp.

June 01, 2012 16:00 ET

Bayshore Petroleum Commences Drilling of Exploratory Well and Enters into Memorandum of Understand with CanSino Corp.

CALGARY, ALBERTA--(Marketwire - June 1, 2012) - Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE:BSH) is pleased to announce today it has commenced drilling of an exploratory well, Bayshore Radville 8-5-6-17W2, in Radville, Saskatchewan. The 1,935 meter exploratory well is expected to encounter Midale, Forbisher, Bakken, Torquay and Birdbear formations. Prospective zones will be tested for hydrocarbon potential. It is anticipated it will take 10 days to reach the target depth and another 3 days for formation tests. A second well in section 4 has been licensed and, depending on the results of the first well, will be drilled after the completion of the first well. Bayshore currently owns 100 percent of sections 4 & 5 in the area.

Bayshore is also pleased to announce it has entered into a Memorandum of Understand with CCC CanSino Corp. ("CanSino"), a Canadian private research & development company in Calgary, for a 10 year license agreement to utilize CanSino's proprietary catalyst in the oilsand upgrading application. The proprietary catalyst and the upgrading technology, which is patent pending and laboratory tested using Athabasca oil sands, is capable of upgrading bitumen oilsands directly into diesel quality light oil and high heating value synthetic gas. The process is conducted at normal pressure in a low temperature environment and leaves only clean residue sand, in addition to the light oil and synthetic gas, after the upgrading process. The scalability to commercial application and a pilot oil sand processing test in Alberta are being investigated by CanSino and Bayshore.

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.

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 release.

Contact Information

  • Bayshore Petroleum Corp.
    Peter Ho
    President and Chief Executive Officer
    403 265-8820