Bayshore Petroleum Corp.

June 07, 2007 18:07 ET

Bayshore Petroleum Corp. Completes Qualifying Transaction

CALGARY, ALBERTA--(Marketwire - June 7, 2007) - Bayshore Petroleum Corp (TSX VENTURE:BSH.P) ("Bayshore" or the "Company"), a capital pool company, is pleased to announce that it has completed its qualifying transaction by completing the acquisition of 1074532 Alberta Ltd. ("1074532") from Watt Energy Limited Partnership III effective June 7, 2007. In addition, the Company has completed its previously announced non-brokered private placement.

An aggregate of 1,920,000 common shares of Bayshore were issued in connection with the Qualifying Transaction as partial consideration for the purchase of all of the issued and outstanding shares of 1074532. In addition 1,320,000 common shares of Bayshore were issued in connection with the corresponding private placement. These shares will be subject to a four-month hold period.

This transaction has been approved by the TSX Venture Exchange as a qualifying transaction for Bayshore. Final approval of the qualifying transaction is expected from the TSX Venture Exchange upon submission of final documentation in a form acceptable to the TSX Venture Exchange. The resulting issuer will initially have 6,890,000 shares outstanding (basic), and 7,240,000 on a fully diluted basis. The resulting issuer will continue under its existing name and trading symbol of "BSH" on the TSX Venture Exchange.

About Bayshore

Bayshore is an early stage oil and gas company with lands and assets in central Alberta.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Bayshore Petroleum Corp.
    Alan M. Tang
    President and CEO
    (403) 269-2880
    (403) 269-2897 (FAX)
    Bayshore Petroleum Corp.
    950, 550 - 6th Avenue SW
    Calgary, AB T2P 0S2