Business
Porto Energy Corp. Announces Expiry of Letter of Intent for Farm-In on Selected Portuguese Concessions
THE WOODLANDS, TX, May 1, 2012 /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, May 1, 2012 /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 that the non-binding\n Letter of Intent (\"LOI\") with an undisclosed party (the \"Partner\")\n previously disclosed on March 6, 2012, whereby the Partner would farm\n in to Porto's rights on certain of the Company's concessions onshore\n Portugal, including the pre-salt potential on the Aljubarrota-3\n concession, has expired without entry into a definitive agreement.\n\n\n\"Deteriorating market conditions following the signing of the\n non-binding LOI made it very challenging to reach a definitive\n agreement that would be in the best interests of all parties,\" said\n Joseph Ash, President and CEO of Porto Energy Corp. \"On that basis, we\n mutually agreed to allow the LOI to expire without completing and\n signing a definitive agreement. Porto remains committed to using the\n Duetag rig stacked on our location to test the pre-salt opportunity. \n We have secured our drilling location and all the necessary permits and\n equipment to restart drilling before July 1, 2012. Although I am\n disappointed that we could not close the deal on the LOI, Porto is in\n discussions with several companies that are conducting their due\n diligence and seeking approvals to enter into an agreement to test the\n pre-salt.  We are continuing with those discussions.\"\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 five concessions\n in Portugal's Lusitanian Basin totaling 1,444,152 net acres or 5,844 km2. Through its exploration efforts to date, the Company has identified\n seven major exploration trends over its concessions including\n unconventional oil and gas resource plays as well as conventional oil\n and gas targets. 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\nCautio...