Business
Porto Energy announces expiration of phase two option in joint venture with Sorgenia and RAG
THE WOODLANDS, TX, April 5, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Company ")...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nTHE WOODLANDS, TX, April 5, 2013 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\") (TSXV:PEC), a company focused on oil and gas exploration, appraisal\n and development in Portugal, today announced its joint venture\n partners, Sorgenia International B.V., Netherlands (\"Sorgenia\"), and\n Rohöl-Aufsuchungs Aktiengesellschaft, Austria (\"RAG\"), collectively\n (the \"Farm-In Parties\") have chosen to not elect to proceed into the\n second phase of the work program as defined under the terms of the\n original Farm-Out Agreement dated, February 29, 2012.  As a result, the\n Farm-In Parties' acreage interest reverts back to Porto.\n\n\n\"A decision was made to discontinue the negotiations and to allow the\n term to elect into phase two to expire unexercised,\" said Joseph Ash,\n President and CEO of Porto. \"We are confident that this was the right\n course of action for our shareholders over the longer-term and we\n continue to aggressively market our extensive portfolio of Portuguese\n assets, spanning both our onshore and offshore holdings.\"\n\n\nA formal farm-out process for the Company's offshore concessions has\n been initiated and it anticipates commencing a similar farm-out process\n for its unconventional onshore Lias acreage within the next few weeks. \n\n\nAbout Porto Energy Corp.\n\n\nPorto Energy Corp. is an international oil and gas company engaged in\n the exploration of crude oil and natural gas in Portugal, including the\n appraisal of a gas discovery.  Through its wholly owned subsidiary,\n Mohave Oil And Gas Corporation (a Texas corporation with branch offices\n in Portugal), the Company holds working interests in seven concessions\n in Portugal's Lusitanian Basin totaling 1.3 million net acres. Through\n its exploration efforts to date, the Company has identified seven major\n exploration trends over its concessions and generated more than 45\n prospects and leads. Porto Energy's shares trade on the TSX Venture\n Exchange under the ticker symbol \"PEC\". For more information on Porto\n Energy visit www.portoenergy.com.\n\n\nCautionary Statements\n\n\nThis press release contains certain forward-looking statements.  These\n statements relate to future events or the Company's future\n performance.  All statements other than statements of historical fact\n are forw...