|By Marketwired .||
|February 11, 2014 05:15 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/11/14 -- Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE:BSH) is pleased to announce it has entered into a Letter of Intent ("LOI") with International Ultrasonic Technologies Inc., a private technology company based in Carstairs, Alberta, Canada (www.internationalultrasonics.com), which owns 9 U.S. patents and equivalent worldwide patents related to the use of ultrasonic wave in conjunction with a catalyst to desulphurize hydrocarbons. The process involves passing a hydrocarbon stream through an ultrasonic wave chamber with an added proprietary catalyst to separate sulphur from the hydrocarbon in an economic manner. The traditional method of reducing sulphur content of hydrocarbon streams using hydrogen is expensive and energy intensive. The patented ultrasonic wave process with catalyst is much more efficient and does not require high temperature, high pressure or hydrogen. The patented process has been field tested in different countries and successfully reduced sulphur content of different processed petroleum products including natural gas liquids (NGL), gasoline, kerosene and diesel to less than 20 parts per million, which meets the ultra low sulphur transportation fuel standards of many countries. Bayshore believes this technology has the potential to provide additional benefit to its planned heavy-to-light oil cold catalytic cracking technology worldwide, and will contribute to upgrading raw, heavy and sour crude oil directly into light, sweet product fuel.
Under the terms of the LOI, Bayshore has until July 31, 2014 to enter into a binding agreement to secure the exclusive license to the ultrasonic technology in Canada. The LOI also contemplates Bayshore obtaining a 2-year option to acquire further exclusive rights to this technology in other countries. The LOI contemplates the execution of a formal agreement once terms and conditions are finalized.
Bayshore is a Calgary, Alberta based corporation engaged in the technology expansion applicable to heavy oil and other unconventional oil resources. 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.
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Bayshore Petroleum Corp.
Chief Executive Officer and President