Bayshore Petroleum Corp. Announces Iraq Heavy Oil Upgrader Proposal

Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") (TSX VENTURE:BSH) is
pleased to announce that it has entered into a Letter of Intent with
International Enhanced Petroleum Services (EPS), a private UAE company with its
registered office located in the Jebel Ali Free Zone, UAE and operating in Iraq,
to construct a pilot heavy oil upgrading facility utilizing a proprietary cold
catalytic cracking (CCC) process. The pilot plant, to be located in Iraq, will
initially process 1,000 barrels of bitumen per day using refinery Residual
Bottom Bitumen (RBB) as feed and will upgrade that feed into diesel-quality
product oil, synthetic gas and coke. The project upgrading capacity is intended
to be installed in one of Iraq's refineries. Currently, the RBB are mixed with
Iraq's light premium crude and exported. An upgrader of RBB will significantly
enhance Iraq's refinery capability by converting their low value waste RBB into
high value diesel oil and will also help its refineries to handle ever
increasing heavy / light crude mix feedstock. Bayshore and EPS will procure RBB
supply directly from the refinery and the 1,000 barrels per day pilot plant is
intended to demonstrate the commercial viability of bitumen upgrading into
diesel light oil in Iraq and Middle East area. Current Iraqi refining capacity
is 640,000 Bopd and there are plans to increase this capacity to 960,000 Bopd in
the next few years to meet domestic product demand. A large capacity upgrader in
the future will also provide further heavy crude and fuel oil refining capacity
to Iraq and open up potential heavy oil exploration/development in the country. 


The Letter of Intent contemplates the execution of a formal agreement once terms
and conditions of the relationship are finalized. 


Bayshore is a Calgary, Alberta based corporation engaged in new technology
development in the heavy oil industry. The Common Shares are listed on the TSX
Venture Exchange under the trading symbol "BSH". 


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. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Peter Ho
President and Chief Executive Officer
Bayshore Petroleum Corp.
(403) 265-8820

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