Bayshore Petroleum Corp. (BSH:CA) announces that it has filed, under its issuer company profile on www.sedar.com its December 31, 2016, annual audited financial statements, its Management’s Discussion and Analysis, and its annual disclosure forms (F1-F3) under National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, section 2.1. Please refer to these documents for full details on Company operations and results in fiscal 2016.
Bayshore announces that the Honorable Bill McKnight has resigned as a director of Bayshore effective immediately. Mr. McKnight has resigned to focus on personal retirement interests. Originally elected as a director on October 24, 2014, Mr. McKnight has made valuable contributions to the Company and Bayshore wishes him the best in the future.
Bayshore is also pleased to announce 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 new partial upgrading commercial projects and 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.
The Company is pleased to announce the commencement of partial upgrading projects in Alberta. Bayshore has been holding discussions with several E&P and mid-stream companies operating in Alberta and Saskatchewan regarding the implementation of Cold Catalytic Cracking (“CCC”) technology to partially upgrade produced medium to heavy crude oil to a lower viscosity, pipeline acceptable crude oil. Potentially two E&P companies and a mid-stream company have chosen to launch test operations using CCC, and Bayshore is launching operations with one of these companies in May 2017. The above announced financing will be used to initiate the CCC partial upgrading operations, and as a result the Company anticipates positive cash flow from partial upgrading operations alone.
The Company envisions future progress by step to include CCC catalyst manufacturing, partial upgrading used by E&P and midstream operators, and full upgrading to ultra-low sulphur diesel.
On behalf of the Board of Directors
BAYSHORE PETROLEUM CORP.
Peter Ho, Chairman and CEO
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