CALGARY, Alberta, May 31, 2017 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX-V: BSH ) announces that it is engaged in a test program with Imaginea Energy Corp (“Imaginea”) to validate the Cold Catalytic Cracking (“CCC”) upgrading technology. CCC is capable of partial upgrading (to lighter oil), and full upgrading (to diesel fuel). It does so without hydrogen, pressure vessels, and using less heat and energy than conventional processes. Its greenhouse gas footprint is smaller as well. Imaginea is evaluating the technology to potentially use in its commercial operations, but it also may recommend CCC be funded by the Imaginea XL Accelerator Fund, so that this upgrading technology might be adopted by oil and gas industry in general.
Imaginea is a unique leading edge energy producer dedicated ultimately to the production of clean hydrocarbons. The Imaginea XL Accelerator has been funded expressly for the purpose of funding “disruptive” technologies that have the potential to dramatically restructure and improve operations in conventional oil and gas industry. CCC can potentially become a disruptive technology in upgrading/refining medium or heavy crude oil and bitumen in Canada and globally, and so Imaginea is assessing its technical and economic performance in partial and full upgrading of medium and heavy crude oil. Meetings and assessment are ongoing, with a goal to complete initial evaluations in the next two to four weeks. Assuming a successful conclusion, the parties will pursue commercial agreements to implement the technology.
On May 2, 2017, Bayshore announced a non-brokered private placement financing consisting of up to 24 million common shares priced at $0.05 per share for gross proceeds of $1.2 million, less any commissions or finders fees paid. Proceeds from the financing are to be applied to Bayshore’s work with Imaginea, with other energy companies, and to general working capital. There is a hold period of four months after issuance during which the shares cannot be traded, and the placement is subject to approval of the TSX Venture Exchange.
On behalf of the Board of Directors
| BAYSHORE PETROLEUM CORP. | IMAGINEA ENERGY CORP. | ||
| "Peter Ho" | “Suzanne West” | ||
| Chairman and CEO | CEO | ||
| Bayshore Head Office: | Imaginea Head Office: | ||
| PHONE +1403 265 8820 | PHONE +587 794 4301 | ||
| FAX +1403 290 6565 | info@imagineaenergy.com | ||
| ccc@bayshorepetroleum.com | Jamieson Place, 2621 – 308 4 th Avenue S.W. | ||
| 14 – 3515 27 th Street N.E. | Calgary, Alberta, T2P 0H7 | ||
| Calgary, Alberta, T1Y 5E4, Canada | Canada |
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. This press release may also contain forward-looking or subjective information regarding technology, processes, and the oil and gas industry. 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 and oil and gas 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, technology and technology implementation, 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.
Completion of a transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Bayshore should be considered highly speculative.
