Bayshore Petroleum Corp.
TSX VENTURE : BSH

October 31, 2014 17:03 ET

Bayshore Petroleum Corp. Completes Annual General Meeting, Elects New Directors and Issues Stock Options

CALGARY, ALBERTA--(Marketwired - Oct. 31, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Bayshore Petroleum Corp. ("Bayshore" or the "Company") (TSX VENTURE:BSH) is pleased to announce that it has completed its annual and special meeting of shareholders ("AGM") approving as proposed the election of directors, amendment and approval of the stock option plan, and presentation of the annual audited financial statements and Management's Discussion and Analysis for the twelve month period ending December 31, 2012 and the twelve month period ending December 31, 2013. The Company did not hold an AGM in 2013, and thus obtained a Court Order enabling the Company to do so. Two new directors were elected: Mark Roth and the Honorable Bill McKnight. Mr. Roth is the current chief financial officer, and Bill McKnight is an independent director.

Mr. McKnight was born and raised in Saskatchewan. He has been a farmer, entrepreneur, and a public servant. Mr. McKnight was in public life from 1979 to 1993 serving as a Canadian Member of Parliament for Kindersley-Lloydminster. He served as minister in seven federal ministries: Labour, Canada Mortgage and Housing Corporation, Indian Affairs and Northern Development, Western Economic Diversification, National Defence (during the first Gulf War), Agriculture, and Energy, Mines and Resources. While a Member of Parliament he represented Canada at First Ministers' conferences, NATO, the General Agreement on Tariffs and Trade (GATT), and UN proceedings; negotiated the Husky Oil Bi-Provincial Upgrader and the $6-billion Hibernia Offshore Oil Project; served as the first minister of the Department of Western Economic Diversification; and negotiated land claims settlements in the Yukon, Northwest Territories, and Saskatchewan. Mr. McKnight was closely involved in the 1992 Saskatchewan Treaty Land Entitlement Framework Agreement, and served as the Treaty Commissioner for the Province of Saskatchewan from 2007 to 2012 with a mandate to assist Canada and the Federation of Saskatchewan Indian Nations with Treaty implementation. Since leaving public life in 1993, Mr. McKnight has been active in the private sector. He is founding board member and current chair of the Golden Opportunities Fund and director of several public and private companies. Mr. McKnight is the honorary Chief of the Muskeg Lake Cree Nation.

Subject to TSX Venture Exchange approval, the Company has issued 70,000 common stock options to a director of Bayshore at a strike price of $0.11. These options fully vest immediately and expire five years from the date they are granted.

About Bayshore Petroleum Corp.

Bayshore is a Calgary, Alberta-based corporation focused on the exploitation of technology that increases the productivity and profitability of heavy oil and bitumen. The Company's cold catalytic cracking process, and other technologies like desulphurization using the ultrasonic oxidation process, reduce upgrading and refining costs, reduce the need for diluent and other measures and costs in the transportation of oil, and expedite the end to end process of delivering fuels to the downstream user.

On behalf of the Board of Directors

BAYSHORE PETROLEUM CORP.

Peter Ho, President and CEO

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.

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