CALGARY, ALBERTA -- (Marketwire) -- 12/12/12 -- Bayshore Petroleum Corp. (TSX VENTURE: BSH) ("Bayshore" or the "Corporation") in conjunction with CCC CanSino Corp., a private Canadian corporation ("CanSino"), is pleased to announce that it has initiated negotiations with the China Foreign Economic Cooperation Centre ("CFECC") in Beijing, China, respecting the technology transfer required for Bayshore's announced heavy oil to diesel fuel on-site upgrader project in the Meota area of Saskatchewan. The technology transfer will include: (1) CFECC testing the Meota heavy oil supplied by Bayshore and its partner to confirm that that oil can be converted to diesel quality light oil using CFECC's proprietary catalyst and process; (2) CFECC calibrating CFECC's pilot prototype plant in Beijing to obtain the optimum operating parameters for the Meota application and processing capacity of up to 1,000 barrels of heavy oil per day; (3) CFECC designing, engineering and constructing the modular field equipment for the small-scale heavy oil upgrading facility for Bayshore; and (4) negotiation of a license from CFECC to use the proprietary catalyst and upgrading technology in heavy oil production in Canada. The technology transfer is subject to the negotiation of terms and conditions and the execution of a formal agreement between Bayshore, CanSino and CFECC to be concluded and signed in Beijing before January 31, 2013.
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
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