|By Marketwired .||
|June 10, 2014 05:00 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/10/14 -- Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE: BSH) is pleased to announce that a pilot test of heavy oil upgrading using the Cold Catalytic Cracking Process (CCC) has been successfully implemented in Beijing's Laboratory Centre. The pilot plant, which has a capacity of more than 2,000 tons annually, has been operated continuously and completed all the necessary tests using the Extra Heavy Oil (10 API) imported from Meota Oil Field, Saskatchewan, Canada by Bayshore. The test was witnessed by Chairman of China Petroleum and Chemical Industry Association, Mr. Li Yongwu and the results were consistent with the laboratory test and product recovery. The pilot test demonstrated scale up of the CCC technology is viable and industrial test can be achieved.
Bayshore Petroleum Corp. is now working closely with the Laboratory Centre and Saskatchewan companies and research institute to implement a similar pilot scale demo plant in Canada. Bayshore believes the success of the pilot test is revolutionary and as quoted by the inventor Mr. Cao Zhide, "We anticipate the technology to be industrialized worldwide very soon and we are glad to implement the first commercial plant in Canada with our Canadian partner."
Bayshore is a Calgary, Alberta based corporation engaged in new technology development in the heavy oil industry. 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.
President and Chief Executive Officer