Business
Porto Energy Corp. Reports Results for Fiscal Year End 2012
THE WOODLANDS, TX, Dec. 14, 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, Dec. 14, 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 its financial results for\n the year ended August 31, 2012. All amounts are stated in US dollars\n unless otherwise noted by C$ for Canadian dollars or € for Euros.\n\n\nSelected Recent Highlights\n\n\nIn 2012 the Company:\n\n\nCompleted processing of 1,100 km2 3-D seismic acquisition data over the Cabo Mondego-2 and São Pedro de\n Muel-2 concessions offshore Portugal;\n\nConcluded a definitive agreement with Sorgenia International B.V.,\n Netherlands (\"Sorgenia\"), and Rohöl-Aufsuchungs Aktiengesellschaft,\n Austria (\"RAG\") to jointly evaluate the unconventional resource\n potential of the Lower Jurassic (Lias) stratigraphic interval within a\n portion of Porto's concessions in Portugal;\n\nSecured a working interest in two new concessions onshore Portugal.  The\n Zambujal and Peniche concessions cover approximately 315,000 and 96,000\n acres, respectively, increasing the Company's best estimate P50 risked\n prospective resources by approximately 72.0 mmboe giving the Company a\n total of approximately 484 mmboe best estimate P50 risked prospective\n resources based on NSAI's independent assessment and supplement to\n their report dated March 23, 2012 with an effective date of March 31,\n 2012;\n\nEntered into a definitive farmout agreement, through its wholly-owned\n subsidiary Mohave Oil and Gas Corporation, with Petróleos de Portugal -\n Petrogal (\"Galp\"). Galp will pay the Company approximately US$4.3\n million and their proportionate share of the cost of a Presalt well to\n earn 50% of the Company's rights in the Aljuabarrota-3 concession,\n comprising approximately 300,000 acres, onshore Portugal; and\n\nSpudding of the ALC-1 well with Galp carrying Porto for 50% of the well\n costs, The well reached reached a total measured depth of 3,240 meters\n and encountered a 300 metre gas column trapped below salt, but did not\n find sufficient reservoir sands to be a commercial success.\n\n\nFinancial Review\n\n\nYear Ended August 31, 2012 as compared to the Year Ended August 31, 2011\n\n\nRevenues\n\n\nRevenue during the year ended August 31, 2012, was $21,732 compared with\n $49,73...