|By Marketwired .||
|February 1, 2013 11:00 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 02/01/13 -- Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE:BSH) is pleased to announce it has entered into a 30 year agreement in Beijing with China Foreign Economic Cooperation Centre to license the catalytic upgrading technology to convert heavy oil into light oil in Canada. Bayshore will now commit using this technology to construct a 350 Barrel heavy oil facility in the Meota, Saskatchewan area. The signing of the agreement was presided by the chairman of China Petroleum and Chemical Industry Federation, Mr. Li Yong Wu, a former minister of China Petroleum and Chemical Department and current independent director of PetroChina. Heavy oil currently produced in the Meota area will be processed directly into diesel-quality light oil as fuel products or as diluents. Both commodities are in high demand in the region. The pilot upgrader is expected to be in operation by late summer or early fall due to its simple design. More information related to this project will be released as the project progress.
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".
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.
Bayshore Petroleum Corp.
President and Chief Executive Officer