Business
Porto Energy Corp. Reports Results for First Quarter of Fiscal 2014
THE WOODLANDS, TX , Jan. 29, 2014 /CNW/ - Porto Energy Corp., (" Porto " or the " Comp...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, Jan. 29, 2014 /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 financial results for\n the quarter ended November 30, 2013. All amounts are stated in US\n dollars unless otherwise noted by C$ for Canadian dollars or € for\n Euros.\n\n\nSelected Recent Highlights \n\n\nDuring the first fiscal quarter ended November 30, 2013 the Company:\n\n\n\nLaunched a non-brokered private placement of up to 150 Units (the\n \"Offering\") of the Company at a price of CDN$10,000 per Unit to raise\n gross proceeds of up to CDN$1,500,000 on a reasonable commercial best\n efforts basis.\n\n\n\nSubsequent to quarter end, the Company announced:\n\n\n\nAgreement to terms under an arrangement with Norway-based TGS-NOPEC\n Geophysical Company ASA (OSLO: TGS) for the licensing and marketing of\n four sets of survey data including one 3D offshore survey spanning\n approximately 1,100 square kilometers, two 3D onshore surveys totaling\n 358 square kilometers, and one 24,000 square kilometer aeromagnetic\n survey which could bring in up to $1.5 million net to Porto.\n\n\n\n\"We are optimistic that future seismic data sales as a result of the\n pending TGS-NOPEC agreement will provide us with sufficient working\n capital in the near term to continue our marketing efforts with\n interested parties that we are currently in discussions with,\" said\n Joseph Ash, President and CEO of Porto Energy Corp. \"We are actively\n working to conserve capital in an effort to provide enough time to\n bring these current investment opportunities to a successful\n conclusion.\"\n\n\nFinancial Review\n\n\nThree Months Ended November 30, 2013 compared with the Three Months\n Ended November 30, 2012\n\n\nRevenues\n\n\nRevenue during the three months ended November 30, 2013, was $25\n compared with $410 for the corresponding period ended November 30,\n 2012. Revenue consists primarily of interest income from cash on hand. \n The Company has not yet established commercial oil and gas production\n from its Concessions and as a result, its sources of revenue are not of\n a recurring consistent nature.\n\n\nGeneral and Administrative Expense (\"G&A\")\n\n\nG&A expense decreased by $628,675 from $1,209,774 for th...