TSX - V: STO
CALGARY, Nov. 6 /CNW/ - Shelton Canada Corp. (TSX Venture: STO) reports a
twentyfold increase in the company's third quarter results, compared to the
same period one year ago. Shelton's unaudited financial and operational
results for the three and nine months ended August 31, 2007, show that the
acquisition of Zhoda (2001) Corporation in August for approximately
$4.9 million gave the company a dramatic boost. Third quarter production
increased by 2151% while revenues rose by 2552% compared to the prior year.
Zhoda owns a 45% interest in Kashtan Petroleum Inc., a limited liability
company, which operates a joint venture in Ukraine's Lelyaki oil fields with a
current net production of approximately 275 bbls of light oil per day.
"The substantial increase in production and revenues for the nine month
period compared to last year includes only one month of production from the
Lelyaki field within the third quarter." said Mr. Potoczny, President and CEO
of Shelton Canada. "The strong financial performance in Q3 supports the
company in its current development program in Ukraine."
Shelton together with its joint venture partner, Ukrnafta, is currently
completing the drilling of a joint venture well on the newly acquired Lelyaki
field in Ukraine and the results should be available within the next couple of
Three month Three month Nine month Nine month
period ended period ended period ended period ended
Aug. 31, 2007 Aug. 31, 2006 Aug. 31, 2007 Aug. 31, 2006
Revenue net of
royalties $ 528,075 $ 20,693 $ 574,548 $ 72,314
Expenses $ 487,806 $ 2,222,704 $ 972,214 $ 2,528,341
Net loss before
income tax ($ 34,940) ($ 2,202,011) ($ 472,875) ($ 2,456,027)
Production 8,714 BOE 405 BOE 9,342 BOE 1,219 BOE
Shelton stock trades on the TSX Venture Exchange under the trading symbol
STO. A copy of Shelton's MD&A and quarterly financial statements can be viewed
electronically on SEDAR at www.sedar.com.
About Shelton Canada Corp.
Shelton Canada Corp. is an internationally focused junior oil and gas
exploration and development company, headquartered in Calgary, Alberta and
listed on the TSX Venture Exchange. Shelton's primary operations are in
Ukraine. The company's five-year goal is to work strategically with its
regional partners to become the leader in oil and gas production from
Ukraine's resource-rich Azov and Black Sea hydrocarbon basins. A 50-percent
Joint Investment Agreement (J.I.A.) with Chernomorneftegas, a leading Crimean
oil and gas company, gives Shelton the opportunity to develop concessions in
the offshore properties of Biryuchya and North Kerchenskaya. A strategic
partnership with Ukrnafta, Ukraine's largest oil and gas company, provides
Shelton with 45 per cent participation in the Kashtan Petroleum Joint Venture
and operations in the Lelyaki oil field.
Except for statements of historical fact relating to the company, this
news release contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information in this news release
is characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate," "estimate," and other similar words, or statements
that certain events or conditions "may" "will" or "could" occur. There are
uncertainties inherent in forward-looking information, including factors
beyond Shelton Canada Corp.'s control, and no assurance can be given that such
events will occur on time or at all. Shelton Canada Corp. undertakes no
obligation to update forward-looking information if circumstances or
management's estimates or opinions should change, except as required by law.
The reader is cautioned not to place undue reliance on forward-looking
statements. The risks and uncertainties set forth above are not exhaustive.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: on Shelton Canada Corp., visit
www.sheltoncdn.com; For general inquiries and investor information: Hedlin
Lauder Investor Relations Ltd., Toll Free: 1-800-299-7823, Office: (403)
232-6251, Email: email@example.com