Bayshore Petroleum Corp. Announces Closing of Recapitalization and Reconstitution of Management

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE U.S./

Symbol: BSH: TSX Venture

CALGARY, Sept. 6, 2011 /CNW/ - Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") announced today that it has sold an aggregate of 6,242,813 units ("Units") for gross proceeds of $1,092,492.28 to Excel Holdings Ltd. and certain designees pursuant to Bayshore's previously announced subscription agreement dated June 16, 2011.

Each Unit consists of one common share (the "Common Share") in the capital of the Corporation and one (1) Common Share purchase warrant (a "Warrant").  Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20.  The Common Shares and Warrants are subject to a hold period which expires on January 7, 2012.  The Warrants expire on September 6, 2014.

An additional $407,507.80, representing the subscription price for 2,328,616 Units, remains in escrow.  Upon the satisfaction of certain conditions on or before November 9, 2011, including the completion of the TSX Venture Exchange's review of the applicable subscriber's Personal Information Form, it is anticipated that such funds will be used to subscribe for an additional 2,328,616 Units.

Concurrently with closing, Alan M. Tang and Mark Woolstencroft resigned as directors of Bayshore and were replaced by Peter Ho and C.F Cheng.  Mr. Tang also resigned as President and Chief Executive Officer of Bayshore and has been replaced in such capacity by Mr. Ho.

Cautionary Statements

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

SOURCE Bayshore Petroleum Corp.

For further information:

Peter Ho, President and Chief Executive Officer of Bayshore Petroleum Corp. at Phone: (403) 630-4355

Profil de l'entreprise

Bayshore Petroleum Corp.

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