CALGARY, ALBERTA--(Marketwire - July 20, 2012) - Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE:BSH) is pleased to announce on July 12, 2012 it has partially completed its exploratory well Radville 8-5-6-17W2 (100% working interest). Three identified prospective zones were perforated and swabbed test. One potential Mississippian zone has encountered light hydrocarbon in a 4 meter porous interval. Preliminary perforation and swab test operation were conducted for a short period of time and recovered only load fluid and light oil.
There is another zone which is prospective and is subject to more detailed engineering and log interpretation and will be tested later on. As these zones are all newly unexplored formations in the area, the well is currently suspended waiting for in depth geological review and proper stimulation design and pressure / production testing.
In addition, the Corporation has entered into a Secured Loan Agreement with a Director of the Corporation pursuant to which the Corporation may borrow up to $500,000 for a term of six months at an undisclosed interest rate. These funds will be used to continue work on the Corporation's Saskatchewan oil and gas properties and for other corporate purposes. The Corporation may repay the debt at any time without penalty. The lender has been granted a security interest in the personal property of the Corporation.
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.
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