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Bayshore Petroleum Corp
Symbol BSH
Shares Issued 26,804,528
Close 2015-08-31 C$ 0.12
Market Cap C$ 3,216,543
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Bayshore, E-T working on Poplar Creek definitive deal

2015-11-26 17:22 ET - News Release

Mr. Peter Ho reports

BAYSHORE PETROLEUM CORP. PROVIDES UPDATE ON INITIATIVES TO JOINTLY DEVELOP ATHABASCA OILSANDS PROPERTY AND PRODUCE COMMERCIAL DIESEL USING NEW TECHNOLOGIES

Bayshore Petroleum Corp. and E-T Energy Ltd. had entered into a memorandum of understanding and were conducting due diligence with the objective of producing diesel at E-T's Poplar Creek (Fort McMurray, Alta.) bitumen property. The original memorandum was terminated because the structure and content did not reflect the continuing discussion between the parties. The parties are continuing their discussions and efforts to reach a definitive agreement.

E-T wholly owns 3,200 hectares of bitumen rights at Poplar Creek. It currently holds Alberta Energy Regulator approval to produce 1,000 barrels per day from this land using its electrothermal dynamic stripping process (ET-DSP) technology. E-T's third party engineering report estimates that, as of Oct. 1, 2011, E-T's Poplar Creek property contained approximately 607 million barrels of bitumen in place.

E-T and Bayshore have conducted due diligence on each other's technology during September and October, 2015, and each party is satisfied with the results. In summary, the parties are satisfied that the ET-DSP technology used at Poplar Creek will heat and extract bitumen using far less energy, and emitting far fewer greenhouse gas emissions than semi-autogenous grinding mill (steam-to-oil ratio equivalent typically less than 1.0); and that the CCC catalytic partial upgrade technology deployed downhole will in fact further lower the heat/energy required to produce bitumen to surface. Once at surface, the partially upgraded bitumen can be transformed to ULS (ultralow-sulphur) diesel using CCC, which does not require high heat, hydrogen, water, pressures above ambient or any exotic additives. Rack diesel fuel pricing is currently approximately three times the pricing of bitumen produced in the Athabasca oil sands, and it is estimated that using these technologies can significantly reduce the costs of ULS diesel production, compared with traditionally deployed technologies. Therefore, Bayshore would like to further finance its operations and activities with E-T.

Accordingly, Bayshore is pleased to announce that, subject to TSX Venture Exchange approval, it is conducting a non-brokered private placement of securities consisting of five million common shares at 30 cents per share. The placement is expected to close on or before Dec. 18, 2015. Net proceeds will be approximately $1.5-million, less any commissions or finders' fees paid. According to exchange policy, there will be a hold period of four months during which the shares cannot be traded. Bayshore will use the net proceeds to finance working capital, continue its analysis and documentation on CCC catalyst used downhole to partially upgrade bitumen, and further pursue its collaboration with E-T.

We seek Safe Harbor.

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