Shannon Sells Working Interest in Eastern Canada Oil & Gas Properties
Market Wire, September, 2006
Shannon International Inc. (OTCBB: SHIR) ("SHIR" or "the Company") wishes to announce that the Company has entered into a working interest agreement with Maxim Resources Inc., ("Maxim"), to sell a 50% working interest in all the rights, title and interest in Prince Edward Island Oil and Gas Permits Numbered 02-01, 04-01 and 04-04 along with geophysical data.
In exchange for the working interest in the Blocks, Maxim has agreed to pay $320,000 to SHIR, payable by a current payment of $50,000 and the conversion of an accrued loan with a current balance of $270,000 to this working interest. Maxim has now earned the 50% working interest.
The licensed blocks are comprised of about 376,000 acres primarily onshore in Prince Edward Island. To date over $7.5 million has been spent in identifying large oil and gas structures to be drilled and developed.
ABOUT SHANNON
Shannon strategically grows its business by finding, evaluating, and creating value. The company has established a significant interest in oil and gas permits in the central Maritime Basin on the East Coast of Canada, primarily onshore in the Province of Prince Edward Island. In addition to its resource assets, Shannon owns controlling interest in Logical Sequence Incorporated, Nova Scotia based developer of the LynXphere® line of management software for the retail automotive dealership market.
FORWARD LOOKING STATEMENTS
Except for the Historical Information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially. These forward- looking statements speak only as of the date hereof and SHIR disclaims any intent or obligation to update the forward-looking statements.
Contacts: Shannon International Inc. Bill Clements President (902) 481-7225 x 1002 (902) 481-7224 (FAX) Email: bclements@shannon-intl.com Shannon International Inc. Dennis Brovarone Secretary (303) 466-4092 (303) 466-4826 (FAX) Email: dbrovarone@aol.com
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