Statements, Management Discussion and Analysis (“Mda”) and Oil Gas Disclosure, and Departure of Director Bayshore Announces Private Placement Financing, Partial Upgrading Commercial Projects
PRESS RELEASE
BAYSHORE PETROLEUM CORP FILES DECEMBER 31, 2016 AUDITED FINANCIAL
STATEMENTS, MANAGEMENT DISCUSSION AND ANALYSIS (“MDA”) AND OIL GAS
DISCLOSURE, AND DEPARTURE OF DIRECTOR
BAYSHORE ANNOUNCES PRIVATE PLACEMENT FINANCING,
PARTIAL UPGRADING COMMERCIAL PROJECTS
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
CALGARY, May 2, 2017 – Bayshore Petroleum Corp. (“Bayshore” or the “Co mpany”)
(BSH/TSX Venture Exchange) 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 Honourable 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 Oct ober 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 upgrad ing 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 th ese 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.
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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
Bayshore Head Office:
PHONE +1403 265 8820
FAX +1403 290 6565
14 – 3515 27th Street N.E.
Calgary, Alberta, T1Y 5E4
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 pr oduction, 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.