Shannon International Inc.
OTC Bulletin Board : SHIR

Shannon International Inc.

October 11, 2006 08:51 ET

Shannon Renews Oil & Natural Gas Permits

HALIFAX, NOVA SCOTIA--(CCNMatthews - Oct. 11, 2006) - Shannon International Inc. (OTCBB:SHIR) ("Shannon" or "SHIR") is pleased to announce that SHIR has renewed its Oil and Natural Gas Permits with the Province of Prince Edward Island, Canada.

Shannon previously announced (September 25, 2006) that SHIR had entered into a 50% working interest agreement with Maxim Resources Inc. ("Maxim") of Vancouver, BC. SHIR was assisted by Maxim in the renewal of the permits.

Shannon has committed to a three year work plan for expenditures of at least CDN$750,000.00. The licensed blocks are comprised of about 376,000 acres primarily onshore in Prince Edward Island. To date, over CDN$7.5 million has been spent in identifying large oil and gas structures to be drilled and developed.

ABOUT SHANNON

Shannon strategically grows its business by finding, evaluating, and creating value. The company has established a significant interest in oil and gas permits on the East Coast of Canada, primarily onshore in the Province of Prince Edward Island. In addition to its resource assets, Shannon owns controlling interest in Logical Sequence Incorporated, Nova Scotia based developer of the LynXphere® line of automotive dealership management software.

FORWARD LOOKING STATEMENTS

Except for the Historical Information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially. These forward-looking statements speak only as of the date hereof and SHIR disclaims any intent or obligation to update the forward-looking statements.

Contact Information

  • Shannon International Inc.
    Bill Clements
    President
    (902) 481-7225 x 1002
    (902) 481-7224 (FAX)
    Email: bclements@shannon-intl.com
    or
    Shannon International Inc.
    Dennis Brovarone
    Secretary
    (303) 466-4092
    (303) 466-4826 (FAX)
    Email: dbrovarone@aol.com