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CALGARY, Alberta, May 11, 2020 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (TSV: BSH) is pleased to announce that its wholly owned subsidiary Bayshore Oil Technology Corp. has collaborated with industry partners to successfully merge technologies and test a new, innovative tailings remediation process within an experimental, in-house environment.
For that past three years, Bayshore has been pursing a partial heavy oil/bitumen upgrade technology with the objective of transforming heavy oil into a higher quality oil which would be more suitable for delivery through the Canadian oil pipeline system. Amid the current low oil price environment and negative impact of the COVID-19 pandemic on the economies around the world, activities of our partial heavy oil/bitumen upgrade project have been substantially curtailed. Recently, the Company has conducted research into how its partial upgrade technology can be utilized to remediate oil sands tailings.
Using a specialized filtration and separation process, raw oil sands tailings obtained from an oil sands operator in Alberta and containing oily fluid (water + bitumen) and suspended fines, have been put through a process that has successfully separated water, bitumen and tailing solids. The system was operated at an ambient environment condition with no heat or pressure involved. Raw oil and tailings were fed at a rate of 20m3 per day through a processing unit. A primary objective of the process is to have the resulting separated water meet all environmental requirements for water recycling industrial usage.
The initial test of the process has met Company expectations. Further tests and analysis are on going and results will be updated to shareholders accordingly.
For further information, please contact:
Peter Ho, Chief Executive Officer and Director
peter.ho@bayshorepetroleum.com
+1 (403) 630 4355
Lance Mierendorf, Chief Financial Officer
lance.mierendorf@bayshorepetroleum.com
+1 (403) 680 8773
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. 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.
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Bayshore Head Office:
PHONE +1 403 265 8820
FAX +1 403 290 6565
info@bayshorepetroleum.com
340-600 Crowfoot Crescent NW
Calgary, Alberta, T3G 0B4
