Bayshore Petroleum Corp.
TSX VENTURE : BSH

July 28, 2015 17:24 ET

Bayshore Petroleum Initiates Bitumen Upgrading Program Using Catalyst-Based Technology

CALGARY, ALBERTA--(Marketwired - July 28, 2015) -

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) announces it has started a development program with partners that combines research and a commercial application to upgrade Alberta bitumen at surface and in-situ. The objective of this program is to prove and demonstrate technologies which upgrade bitumen using a proprietary catalyst and other process mechanisms not associated with traditional upgrading and refining technology.

At the conclusion of the first phase of the development program, it is anticipated that the upgraded bitumen will meet pipeline specifications without the need for diluents usually required for transportation and sale of bitumen. Several chemical, mechanical, and electrical technologies will be utilized in the program including elements of the CCC technology. Bayshore is the exclusive marketing agent of this technology in this research and in the commercial applications that shall follow. Bayshore will also employ licenced technology from International Ultrasonic Technologies Inc., which in the past has used ultrasonic technology to partially upgrade heavy oil. The research will be conducted by Company technical experts in a non arms-length private company that has received approval and funding from National Research Council of Canada.

Initially, there will be two phases of research which will include (1) laboratory verification that the combined technologies are working together to achieve the improvements to increase API and meet basic pipeline specifications, and (2) down-hole (in-situ) programs experimenting with lower temperature thermal recovery schemes. Both phases, when successful, will impact on the efficiency of field oilsand and heavy oil production and transportation, since these technologies are focused on reducing the viscosity and density of the produced bitumen both in-situ and at the wellhead. Bayshore will work closely with its partners after successful testing to construct and operate a full upgrader plant that produces diesel fuel from low API bitumen and heavy oil.

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. Cold Catalytic Cracking ("CCC") enables the upgrading of heavy crude oil and bitumen directly into diesel. This technology, and other technologies such as desulphurization using ultrasonic oxidation, increase the sales price quality adjustment, reduce the need for diluent and other costs in the transportation of heavy oil or bitumen, 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.

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Contact Information

  • Bayshore Head Office:
    1050 - 1122 4th Street S.W.
    Calgary, Alberta, T2R 1M1
    +1 403 265 8820
    +1 403 290 6565 (FAX)
    ccc@bayshorepetroleum.com